Global Market Analysis Report of Chemicals and Materials Industry: Chemical Industry

Wednesday 10 June 2020

Over $30.0 Million Revenue Expected in Global Levulinic Acid Market in 2024

One of the major factors propelling the demand for levulinic acid is the large-scale commercialization of this chemical across the world. The commercialization of levulinic acid will lower its production costs and this will in turn lead to its large-scale production by many companies all around the world. The production of levulinic acid from various biomass products causes the formation of end-products such as formic acid, furfural acid, and lignin waste that can be used in various commercial applications.

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The other major factor responsible for the surging demand for levulinic acid is the rising usage of various levulinic acid derivatives, such as ethyl levulinate, hydroxymethylfurfural (HMF), diphenolic acid, sodium levulinate, and succinic acid, in a plethora of applications such as personal care products and cosmetics. Since the last few years, the demand for various bio-based materials such as organic fragrances and cosmetics has increased tremendously and this has boosted the utilization of levulinic acid derivatives like sodium levulinate, which is a sodium salt of levulinic acid, in the personal care industry.

Driven by the above-mentioned factors, the valuation of the levulinic acid market is set to rise from $26.3 million to $34.5 million from 2018 to 2024. The market is also expected to advance at a CAGR of 4.9% during 2019–2024 (forecast period). Levulinic acid is used in a wide array of applications, such as pharmaceuticals, food additives, personal care products, agricultural products, fuel additives, and plasticizers. Amongst these, fuel additives and associated applications recorded the highest usage of levulinic acid in 2018 and this trend is expected to continue during the forecast period as well.

Levulinic acid is commonly produced with the help of biofine and acid hydrolysis technologies. Of these, the biofine technology observed the highest adoption for the production of levulinic acid in 2018 and this trend is also predicted to continue during the forecast period, owing to the fact that the biofine technology allows the production of levulinic acid without the incorporation of any microorganisms for monomer fermentation. This technology also allows the use of heterogeneous lignocellulosic resources, which are very helpful for the production of various levulinic acid derivatives such as methyl levulinate, succinic acid, diphenolic acid, and ethyl levulinate.

Globally, North America observed the highest usage of levulinic acid in 2018. Furthermore, the levulinicacid market is expected to boom in the region during the forecast period. This is primarily ascribed to the rising need for this chemical in a wide array of applications such as cosmetics, agricultural products, and fuel additives, in the region. Additionally, the increasing implementation of strict regulations aimed at prohibiting the large-scale usage of pesticides and herbicides in North America, is expected to further boost the demand for bio-based products such as levulinic acid in the region in future.

Therefore, it can be said with full confidence that owing to the rising demand for bio-based products and the mushrooming usage of various levulinic acid derivatives in different applications, the demand for levulinic acid will surge throughout the world, in the coming years.

Manish Baghel 0

Tuesday 22 October 2019

Packaging Industry 06:08

How is Rising Demand for Products Contributing to Growth of Indian Coding & Marking Systems Market?

India has witnessed a significant progress in its economy since 1990s. This has resulted in the rising disposable income and purchasing power of the residents of the country, indicating a huge improvement in living standards. Therefore, people are now spending on a variety of products ranging from packaged foods, cosmetics to pharmaceuticals and luxury items. The demand for packaged foods, such as fruit juice, bottled water, and processed food has risen considerably, which has given a major boost to the food & beverage industry in the country. Similarly, the pharmaceutical industry is also witnessing a rise in the product demand and people are becoming aware about the contents of pharmaceutical products, which is necessitating the mentioning of the drug-related information on the package. Further, stringent regulations pertaining to pharmaceutical manufacturing make it mandatory for manufacturers to provide such information on the packaging of the drug. These, are therefore leading to a high demand for coding and marking systems in the country.

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These systems help provide product-related information, such as expiry and manufacturing dates, batch number, price, and other necessary information on the product packaging to end users. Coding and marking systems are extremely beneficial across various industries as they allow the identification and component tracking in different stages of production. These systems are deployed in healthcare, food & beverage, chemical, electrical & electronics, and automotive & aerospace. Among all, the highest demand for these systems was generated by the food & beverage industry during 2013–2017. This was due to the stringent regulatory guidelines in the country regarding proper labeling on the product packaging displaying nutrition facts, manufacturer’s details, manufacturing and expiry dates, and ingredient list. Further, the demand for these systems would continue to remain the highest in the coming years. In a P&S Intelligence study, the Indian coding and marking systems market is predicted to grow at a 9.0% CAGR in the near future.

Coding and marking systems are based on the following technologies: laser coding & marking, thermal ink jet, thermal transfer overprinting (TTO), drop on demand (DoD), continuous inkjet, print & apply labelers. During 2013–2017, among all the technologies, the highest deployed one was the continuous inkjet. This was attributed to the benefits offered by this technology, such as its ability to run for extended hours without requiring maintenance, high-speed printing, and ability to print characters on any material, and being cost-effective. These factors would continue to keep this technology the most in demand even in the coming years.

Due to their advantages, digital printing solutions are becoming the next-big-thing in the Indian market. These printing solutions are capable of printing millions of characters in just a liter of ink. Additionally, digital printing is time-efficient as the ink used in these, dries quickly, thereby saving time. The technology is evolving and manufacturers are focusing on developing digital coding and marking solutions to make the whole process quick, cost-effective, and efficient. This new shift in the coding and marking systems technology can be taken advantage of by manufacturers to generate higher revenues.

Manish Baghel 0