(MENAFN- P&S Intelligence) The burgeoning requirement for the derivatives of levulinic acid such as ethyl levulinate, hydroxymethylfurfural (HMF), sodium levulinate, diphenolic acid, methyltetrahydrofuran (MTHF), and succinic acid, on account of their ability to serve as additives in personal care products, food and beverages, and fuel, is pushing up the demand for the compound across the world. Moreover, the surging investments being made in research and development (R&D) projects for finding new applications for these derivatives are further boosting the demand for the compound.
Besides, the soaring usage of sodium levulinate as a skin conditioning agent in cosmetic products and as preservatives in various food items is also driving the demand for levulinic acid across the world. Furthermore, the levulinic acid market currently holds a huge potential for commercialization, which is also predicted to fuel its expansion in the coming years. This is because producers of the compound are making huge investments for harnessing the untapped potential of the industry.
Due to the above-mentioned factors, the demand for levulinic acid is growing rapidly, which is, in turn, driving the advancement of the global levulinic acid market. As a result, the market revenue is predicted to grow from $27.2 million in 2019 to $60.2 million by 2030. The market will also advance at a CAGR of 8.8% between 2020 and 2030. Food additives, agricultural products, pharmaceuticals, personal care products, fuel additives, and plasticizers are the major application areas of the compound.
Geographically, the levulinic acid market will exhibit the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the forecast of the market research organization, P&S Intelligence. This is attributed to the surging demand for the compound in the agriculture and personal care sectors in the region. Additionally, the expansion of the personal care sector, especially in the developing countries of APAC such as India and China, is also driving the growth of the market in this region.
Hence, it can be said without any hesitation that the demand for levulinic acid will surge in the forthcoming years, mainly because of the growing requirement for the various derivatives of the compound in several end-use industries such as personal care and food and beverages.
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