The global levulinic acid market size is expected to reach USD 83.83 billion by 2030, according to a new study by Polaris Market Research. The report “Levulinic Acid Market Share, Size, Trends, Industry Analysis Report, By Technology (Biofine, Acid Hydrolysis); By End-Use (Agricultural, Medical and Healthcare, Personal Care, Petrochemical, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing use of levuinic acid in the production of environmentally friendly and sustainable herbicides, cosmetics, and pharmaceutical products supports industry growth. The increasing trend toward the use of sustainable chemicals across diverse industries has increased the demand for levulinic acid in recent years. There has been a rising application of levulinic acid in polymers and plasticizers, and agricultural products.
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The increasing population, improving lifestyles, and increasing disposable income further boost the industry demand. The demand from the agricultural sector has increased on account of the greater need for high-quality crops, improved yields, and the use of sustainable products for maintaining soil and crop quality. Increasing environmental concerns and initiatives to reduce dependence on fossil fuels are factors expected to offer growth opportunities.
The COVID-19 outbreak has hampered the growth of the market due to reduced demand from industries such as transportation and agriculture. The global market experienced supply chain disruptions, limited availability of raw materials, and a lack of workforce. Lockdown in several parts of the world led to operational challenges, transportation delays, and limited manufacturing activities. Restrictions on the import and export of goods further hampered the industry growth during the pandemic.
Asia-Pacific is expected to experience significant growth during the forecast period. Growth in population and urbanization drives industry growth. Increasing consumer awareness regarding the use of natural and organic products and increasing demand for levulinic acid from agriculture and chemical industries supports the industry growth in the Asia Pacific. Growing environmental concerns and supportive government initiatives have further boosted the demand for levulinic acid in the region.
Levulinic Acid Market Report Highlights
Polaris Market Research has segmented the levulinic acid market report based on technology, application, end-use, and region:
Levulinic Acid, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Levulinic Acid, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Levulinic Acid, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Levulinic Acid, Regional Outlook (Revenue - USD Billion, 2018 - 2030)