- Rise in the demand from the pharmaceutical industry is expected to help in boosting the growth in the levulinic acid market
- Surge in efforts of players on the development of levulinic acid from biomass at lower costs is likely to bolster the market in the near future
WILMINGTON, Del., Aug. 30, 2022 /PRNewswire/ -- The pharmaceuticals application segment of the global levulinic acid market is expected to expand at remarkable pace and reach a revenue of US$ 8.6 Mn by the end of 2027, according to a research report by Transparency Market Research (TMR). Hence, this segment is expected to play important role in boosting the market value of the levulinic acid market during the forecast period of 2019 to 2027.
The research report by TMR offers panoramic view of the global levulinic acid market. Hence, readers are enlightened on varied market aspects including the growth opportunities, drivers, restraints, and leading growth frontiers for levulinic acid market. This aside, the study sheds light on the scope for demand analysis of levulinic acid market in the near future together with key focus on the emerging trends of the levulinic acid market.
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Levulinic Acid Market: Key Findings
- Levulinic acid is gaining traction in the pharmaceutical industry owing to its increased application in anti-allergic agents, anti-inflammatory medications, transdermal patches, and mineral supplements. This aside, it is also utilized in several drugs including calcium levulinate and indomethacin, notes a TMR study on the levulinic acid market. Over the period of past few years, there has been increase in efforts across the pharmaceutical industry in order to develop novel, bio-based medicines. This factor is prognosticated to propel the levulinic acid market in the near future.
- Companies operating in the global levulinic acid market are focusing on the R&D projects that can help them understand technological gaps in order to achieve low-cost manufacturing of levulinic acid from biomass. Moreover, players are concentrating on advancements in their capabilities in production-related technological developments.
- Enterprises in the levulinic acid market are using latest manufacturing technologies in order to cater to the rising product demand from varied end-user industries including the chemical and fuel industries across the globe. For instance, furfuryl alcohol is being utilized by the market players for direct production of levulinic acid from biomass, note analysts of a TMR report on the global levulinic acid market.
- Leading players in the levulinic acid market are investing heavily in order to develop technologies that can help them in decreasing the production costs. Such efforts are expected to result into the prominent growth prospects for levulinic acid market during the forecast period. Moreover, the potential uses of oligomers and levulinic esters for transport fuels are expected to drive the growth in the market for levulinic acid in the years to come.
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Levulinic Acid Market: Growth Boosters
- The expansion of the pharmaceutical industry is leading to revenue-generation opportunities in the levulinic acid market
- Surge in the product use in the food and beverage industry is creating prominent growth avenues in the market
Levulinic Acid Market: Regional Analysis
- The market is expected to gain profitable prospects in North America owing to many factors including rise in the product demand from the regional food & beverages and pharmaceutical industries. Furthermore, the rapid growth of the personal care and cosmetics industries in the region is likely to boost the demand for levulinic acid in North America during the forecast period.
- The market in Asia Pacific is expected to expand at significant pace during the forecast period owing to the expansion of the food and beverages industry, where levulinic acid is being used as a flavoring agent
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Levulinic Acid Market: Key Players
Some of the key players profiled in the report are:
- Biofine Technology LLC
- GFBiochemicals Ltd.
- Godavari Biorefineries Ltd
- Tokyo Chemical Industry Co., Ltd.
Levulinic Acid Market Segmentation
Application
- Agriculture
- Plasticizers
- Cosmetics
- Food & Beverages
- Pharmaceuticals
- Others (including Fuels & Fuel Additives, Resins & Coatings, Anti-freezing Agents, and Textile)
Regions Covered
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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