The growing applications of levulinic acid derivatives, such as hydroxymethylfurfural (HMF), diphenolic acid, sodium levulinate, ethyl levulinate, methyltetrahydrofuran (MTHF), and succinic acid, as additives in food and beverages, fuel, and personal care products will accelerate the levulinic acid market growth at a CAGR of 8.8% between 2020 and 2030. According to P&S Intelligence, the market stood at $27.2 million in 2019, and it will reach $60.2 million by 2030. Moreover, the rising investments in research and development (R&D) to find novel applications for these compounds will boost their usage in the coming years.
The technology segment of the levulinic acid market is bifurcated into Biofine and acid hydrolysis. Of these, the Biofine category is expected to exhibit the faster growth in the forecast period due to the escalating awareness regarding the advantages of this process. The process allows for the utilization of an array of heterogeneous lignocellulosic resources for the production of several derivatives of the compound, including diphenolic acid, ethyl levulinate, methyl levulinate, and succinic acid. With time, more companies are expected to use the Biofine process due to the increasing awareness about its advantages.
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Globally, North America utilized the highest volume of levulinic acid in 2019, due to a surge in the demand for it in the production of n-butyl levulinate, a fuel additive. The compound is also applied in the production of agriculture and personal care products in Canada and the U.S. In the agrochemical sector, the acid finds usage as an additive in environment-friendly herbicides. With the escalating adoption of herbicides with renewable chemicals, the demand for the compound is projected to accelerate in the foreseeable future. Moreover, the growing focus on non-conventional fuels has led to the rising deployment of levulinic acid in the conversion of biomass into fuels.
Furthermore, the Asia-Pacific levulinic acid market is projected to demonstrate the fastest growth throughout the forecast period. This can be owed to the spurring demand for the compound from the personal care and agriculture sectors of developing countries, such as India, Thailand, Indonesia, and China. These industries mainly use ethyl levulinate as an ingredient in perfumes and fragrances. Other derivatives of the compound are used as additives in cosmetic products like lipsticks and makeup removers.
Thus, the expansion of the personal care and fuel additive sectors will broaden the application base of levulinic acid in the foreseeable future.
Read More: https://www.psmarketresearch.com/market-analysis/levulinic-acid-market
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