According to the latest market research study published , the levulinic acid market garnered $26. 35 million in 2021, and it is projected to generate $61. 04 million revenue in 2030, advancing at a rate of 9.
New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Levulinic Acid Market" - https://www.reportlinker.com/p06365043/?utm_source=GNW
78% in the coming years. The growing commercialization of bio-based production procedures and the increasing compound derivative demand across industries are the primary drivers for the industry.
Moreover, research and development in the personal care sector is projected to result in organic cosmetics and fragrance development. The creamy, whisky fragrance of levulinic acid results in its heavy usage in the manufacturing of perfumes. Along with this, it is used for conditioning the skin and regulating the pH of cosmetic products.
Massive Market Opportunities in China and India
Developing countries, such as India and China, have a massive levulinic acid and derivative production capacity. Moreover, the demand for sodium levulinate is rapidly increasing due to its rising application in food preservatives, to enhance the shelf life of products, and in cosmetics, as a skin conditioner.
Levulinic Acid Demand To Rise Fastest For Fuel Additive Production
In the coming years, the highest CAGR, of more than 10%, will be witnessed by the fuel additives application category. The low toxicity, stable flash point, high lubricity, and appreciable flow attributes make levulinic acid an important diesel and gasoline additive.
Ethyl levulinate, a derivative of the chemical, reduces the emission of sulfur from diesel. In this regard, the stringent regulations of governments for reducing the GHG emissions from on-road and non-road diesel engines drive the market.
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