The global levulinic acid market is expected to reach USD 151.5 million by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.2% from 2023 to 2030. The increasing application of levulinic acid, especially in pesticides, solvents, pharmaceuticals, and cosmetics industries is anticipated to boost growth in the coming years.
Over the past few years, the chemical industry has continually been striving towards attaining a sustainable growth, with a focus on the development of renewable biotechnological and bio-based products. The production technology for bio-based levulinic acid has been simplified by dehydration of biomass or carbohydrates with acid. Levulinic acid is being increasingly used as a substitute to its synthetic counterparts in industrial usage.
One of the major impacts of COVID-19 on the levulinic acid market has been a disruption in global supply chains. Many countries have implemented restrictions on travel and trade, which has made it difficult for companies to transport raw materials and finished products. This has led to delays in production and shipping, which have affected the availability of levulinic acid and increased its price.
Another impact of the pandemic on the levulinic acid market has been a decrease in demand from some industries. For example, the pharmaceutical industry has been focused on producing vaccines and treatments for COVID-19, which has led to a decrease in demand for other drugs, including those that use levulinic acid. Similarly, the biofuels industry has been affected by a decrease in demand for gasoline and other fossil fuels, which has reduced the demand for levulinic acid as a biofuel additive.
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Europe lead the market in the past years and is expected to expand at a CAGR of 8.9% over the forecast period owing to rise in demand for the product from end-use industries such as cosmetics, and pharmaceutical industries
Acid Hydrolysis is expected to expand at the fastest CAGR of 8.8% due to its usage in waste treatment
Plasticizer application is expected to register highest CAGR of 9.3% over the forecast period owing to its usage in plastics to increase their flexibility, durability, and other desirable properties
Levulinic acid producers operate through their manufacturing plants located in closely to raw material source. Moreover, companies involved in the production of levulinic acid and its raw materials are involved in the sales and distribution of the product via a large network of distributors spread across major consuming regions in North America, Asia Pacific, and Europe
Grand View Research has segmented the global levulinic acid market on the basis of process, application, and regions:
Leluvinic Acid Process Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
Leluvinic Acid Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
Leluvinic Acid Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
Central & South America
Middle East & Africa
List of Key Players in the Leluvinic Acid Market
Biofine Technology LLC
Hebei Langfang Triple Well Chemicals Co. Ltd
Hebei Shijiazhuang Worldwide Furfural & Furfuryl Alcohol Furan Resin Co. Ltd.
Jiangsu Yancheng China Flavor Chemicals Co. Ltd
Shijiazhuang Pharmaceutical Group Ouyi Pharmaceutical Co. Ltd
Shanghai Apple Flavor & Fragrance Co. Ltd
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