Levulinic Acid Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Levulinic Acid Industry Hit Worst due to Russia-Ukraine War Impact?
The global levulinic acid market size is anticipated to showcase substantial growth in the forthcoming years backed by increasing demand from the plastic and polymer industry. This information is published by Fortune Business Insights in its report, titled “Levulinic Acid Market, 2022-2029“. Product is used in the plastic industry to improve its less flexibility, especially in the PVC sector. It is also used in the manufacturing of cigarettes to improve nicotine binding. The rising number of smokers around the world and increasing use of plastic items are augmenting growth for the product.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Levulinic Acid Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Levulinic Acid Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
By application, the market for levulinic acid is segmented into pharmaceuticals, agriculture, food & beverages, cosmetics, and other applications. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report has details on all the latest technology available in the market for levulinic acid. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
Drivers & Restraints
Increasing Production of Personal Care Products to Aid Market Growth
The rising use of the acid and its salts for the production of beauty and personal care products is augmenting substantial levulinic acid market growth. For example, in 2020, a Voluntary Cosmetic Registration Program (VCRP) reported that approximately 130 Cosmetic formulations utilize this acid. In addition to this, sodium levulinate is further used in around 400 cosmetic formulations. The approval by the US Food and Drug Administration (FDA) is significantly helping product growth.
Also, the rising consumption of plastic across the world is gaining traction for product sales. The flexibility improving quality of the product is propelling the product sales in plastic industry.
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Widespread Demand for Plastics in the North America to Boost Market
North America is anticipated to hold the largest levulinic acid market share in the forthcoming years. This is due to the increased consumption of cosmetics in the regions. Moreover, large manufacturing bases of plastics and polymers in the region are substantially augmenting product development.
Asia Pacific is expected to be the fastest-growing market share in the forecast period. This is due to the increased consumption of personal care products in India. For example, an estimate by the Ministry of Economy and Industry expects the beauty and personal care industry to achieve USD 10 billion by 2021 in market value.
Key Players to Focus on Innovation to Facilitate Business Growth
Levulinic acid is an upcoming market that has serious potential for growth. Due to the nature of the market, the players of the market are fragmented all over the globe. There are only a few major companies in the competitive landscape that hold the majority share of the production capacity. These companies are investing in expanding the application of the product to aid market growth. The increasing demand from personal care and the plastic industry is encouraging substantial product innovation. In addition to this, prominent collaboration, partnerships, and acquisition are scattered throughout the market.
List of Key Players Profiled in the Market:
- Hebei Shijiazhuang Worldwide Furfural & Furfuryl Alcohol Funan Resin Co. Ltd
- Hebei Langfang Triple Well Chemicals Co
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