Global Levulinic Acid Market Segments Analysis, Future Opportunity, Current Challenges, Geographical Regions, Key Manufacturers and Industry Forecast to 2030

Derivatives of levulinic acid, such as diphenolic acid, succinic acid, methyltetrahydrofuran (MTHF), hydroxymethylfurfural (HMF), sodium levulinate, and ethyl levulinate, are being increasingly used in the personal care, fuel, and food and beverages industries. For example, personal care product manufacturers are increasingly using sodium levulinate as a skin conditioning agent in cosmetics. Thus, the booming food and beverage, personal care products, and fuel sectors will accelerate the consumption of levulinic acid in the upcoming years.

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Additionally, the rapid commercialization of bio-based production methods will drive the levulinic acid market at a CAGR of 8.8% during 2020–2030. According to P&S Intelligence, the market revenue is projected to rise from $27.2 million in 2019 to $60.2 million by 2030. As the market is still in its nascent stage, it holds immense potential, as this acid and its derivatives help in reducing manufacturing costs and achieving economies of scale. Hence, the surging focus of market players on commercialization will attract more manufacturers to the industry.

The application segment of the levulinic acid market is categorized into food additives, fuel additives, agricultural products, personal care products, plasticizers, pharmaceuticals, and others. Among these, the fuel additives category is expected to generate the highest revenue throughout the forecast period. Ethyl levulinate, an ester of the acid, holds immense potential to be used as a blend substance in diesel formulations because it helps in reducing sulfur emissions from this fuel.

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Whereas, the Asia-Pacific (APAC) region is expected to register the fastest growth in the levulinic acid market during the forecast period due to the expanding agriculture and personal care industries in emerging economies, such as China, Indonesia, Thailand, and India. The personal care sector uses ethyl levulinate in the production of perfumes and fragrances. Additionally, the acid serves as a key ingredient in lipsticks and makeup removers.

Thus, the burgeoning demand for fuels, personal care products, food items, and drinks and increasing commercialization of bio-based production methods will boost the usage of levulinic acid globally.

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