The global ethyl levulinate market is expected
to reach USD 11.8 million by 2022, according to a new report by Grand View
Research, Inc. The global industry is in its nascent stage and is characterized
by few industry participants. Presence of very few manufacturers gives a
competitive edge over new entrants. Industry participants as well as
governments have been extensively investing in R&D to develop novel
applications as well as cheaper raw materials. Potential applications such as
bio-diesel additive are expected to positively impact the market.
Prolonged
exposure to ethyl levulinate may cause dizziness, eye irritation, lung damage,
coma and behavioral changes. Such toxic effects are presumed to expose ethyl
levulinate industry to several regulations, thus constricting market growth and
development. Several R&D initiatives are being taken by government to come
up with cheaper raw material for ethyl levulinate production. This is projected
to create ample opportunities for this industry over the forecast period.
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Further key findings from the study suggest:
- Global ethyl levulinate market demand was 32.4 tons in 2014 and is expected to reach 49.1 tons by 2022, growing at a CAGR of 5.3% from 2015 to 2022
- Fragrances market is expected to witness the fastest growth at an estimated CAGR of 5.7% over the forecast period. This growth can be attributed towards rapid development of personal care industry particularly in emerging economies of Asia Pacific and Latin America. Recent advances by pharmaceutical industries that use fragrances to reduce stress and depression among people is also expected to assist the market over the forecast period.
- Asia Pacific emerged as the leading regional market and accounted for over 30% of the total market in 2014.Countries such as India and China are anticipated to lead their regional market over the next seven years. Rising urbanization along with dynamic lifestyle among consumers in the region is expected to create ample opportunities for ethyl levulinate.
- Changing consumption pattern among people in developing region such as Middle East & Africa and Central & South America is expected to assist the overall market over the next seven years.
- Major ethyl levulinate market participants include Sigma Aldrich, Alfa Aesar, Oakwood Products., Inc, Indukern F&F Ingredients Division, Tokyo Chemical Industry Co., Ltd, Axxence Aromatic and Ventos. The market is oligopolistic in nature and there is a high threat for new entrants to enter the market over the forecast period. Potential applications such as diesel miscible bio-fuel are expected to positively affect the market.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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