Scienza e Tecnologia
Increasing Research and Development to Underscore Growth in Levulinic Acid Market from 2019 to 2027: TMR
ALBANY, N.Y. , Aug. 19, 2020 /PRNewswire/ -- In the period 2019 to 2027, global levulinic acid market would grow at a rate of about 5%, compounded annually. This would lead the market to a higher valuation of about USD 41.2 million by the end of this period from about USD 26.2 million in 2018. It is pertinent to note here that a host of growth factors are keeping the market on an upward curve. Some of these are increased demand from agriculture segment and increased spending on medicines.
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The highly consolidated vendor landscape of global levulinic acid market witnesses intense competition. Top names in the market include Aurochemicals, GFBiochemicals Ltd., Biofine Technology LLC, Tokyo Chemical Industry Co. Ltd., and Godavari Biorefineries Ltd., among others. It is pertinent to note here that these five companies account for about 70% of total global levulinic acid market share.
Most prominent market players are directing investment towards strengthening their distribution network and improving their portfolio of products. Strategies such as entering joint ventures, merging with and acquiring other players, and developing new products are being deployed to get a better foothold in the market. In the past years, technology and innovation have played a notable role in improving players' market position.
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Chemicals and Materials
Tall Oil Fatty Acid Market - The global tall oil fatty acid market was valued at US$ 882.15 Mn in 2018 and is anticipated to expand at a CAGR of 4.2% during the forecast period. TOFA is obtained from crude tall oil, a by-product of the Kraft paper pulping process. Pine wood logs are the primary raw materials required for paper production; therefore, forestry products such as pine trees and other coniferous trees comprise the raw materials for crude tall oil and subsequently TOFA.
Sorbic Acid Market - In terms of value, the global sorbic acid market is anticipated to expand at a CAGR of ~5% from 2020 to 2030 and cross US$ 700 Mn by 2030. North America dominated the global sorbic acid market in terms of volume in 2019. It is estimated to be the leading region of the global sorbic acid market during the forecast period. The food & beverages industry is projected to offer lucrative opportunities to the sorbic acid market in the near future.
Phenylacetic Acid Market - In terms of application, the phenylacetic acid market can be divided into pharmaceuticals, pesticides, perfumes, and others. The pharmaceuticals segment dominates the phenylacetic acid market. The drugs produced by from the phenylacetic acid by the pharmaceutical companies play a fundamental role in improving the health, preventing health complications, and increasing the lifespan of individuals. Although the pharmaceutical industry is capital intensive and highly regulated, the phenylacetic acid industry is witnessing high demand for innovations that are anticipated to reduce life-threatening conditions and diseases.
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