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 report 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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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