What are Factors Expected to Fuel Progress of Levulinic Acid Market in North America in Future
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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).
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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.
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