The total value of the levulinic acid market $26.35 million in 2021, and it will rise at a growth rate of around 10% in the near future, to reach $61.04 million by the year 2030. The driving factors behind the growth of this industry is the increasing commercialization of bio-based methods of production, together with the growing demand for the derivatives of this compound in end-use sector.
In the personal care industry, R&D is expected to contribute in the growth of organic fragrances and cosmetics industry. Levulinic acid is used in perfumes due to its whiskey like aroma, and is also used in cosmetics for skin conditioning and regulating the pH. As the demand for organic products is growing, it is projected that the demand for this acid will grow in the future.
Countries like India and China use a substantial volume of this acid, as this is used for increasing the shelf life of food products, preservative for food items and, it also works as a skin conditioning agent in cosmetics, which is why, it has a significant production in these countries.
In the recent past, the acid hydrolysis category had the larger revenue share. This can be credited to the heavy usage of this acid in the making of levulinic acid and its derivatives. This category is also projected to grow rapidly in the near future because this process is helpful in allowing for the utilization of a wide variety of heterogeneous lignocellulosic feedstock.
APAC dominates the levulinic acid market, and is projected to grow at a rate of 10% In the coming years. This can be credited to the surging demand for this acid for making fuel additives, high-volumetric acceptance of bio-based products for various purposes, such as in drugs, agricultural, and personal-care products.
There is a heavy demand of this acid from the agriculture and personal care sector in China. This is used in the production of herbicides and pesticides, required in agriculture. This is why, China uses this acid for meeting its agricultural demands.
With the growth of the agriculture and personal care sector, the demand for levulinic will also grow rapidly in the near future.
