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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.

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 levulinic acid 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 ye ...

News Release: Over $30.0 Million Revenue Expected in Global Levulinic Acid Market in 2024
Submitted on: June 10, 2020 11:37:41 AM
Submitted by: Manish Baghel
On behalf of: https://www.psmarketresearch.com/market-analysis/levulinic-acid-market
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