North America Having the Highest Demand for Levulinic Acid
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.
The levulinic acid market is showing an upward shift and it will showcase a growth rate of 9% in the coming years and will reach a value of about 60 million by 2030. The surge in commercialization of the bio-based construction methods, accompanied by the rising need for the derivates of the compound in end-use business, is the main aspect that is pushing the levulinic acid industry forward.
The biofine process will showcase higher growth shortly in the levulinic acid market. This process is majorly accepted for making levulinic acid, since there is no use of microbes for the fermentation process of monomers, different from the hydrolysis procedure, because of which the Biofine process has gained a higher acceptance. With the snowballing consciousness regarding the benefits of the procedure, its embracing will increase quickly in the years to come.
North America has the highest demand for levulinic acid, which is largely due to the high requirement for the same for producing the fuel preservative n-butyl levulinate. The demand for this compound also has a strong growth in the agriculture and personal care sectors of Canada and the US; It is generally gaining popularity as a chemical for environment-friendly weedkillers. With the snowballing acceptance of herbicides along with renewable chemicals, the consumption of the compound will ramp up further in the near future.
The APAC levulinic acid market will demonstrate the fastest-growing usage of the compound, due to its growing demand in the personal care and agriculture sectors of developing countries like the Peoples’ Republic, Thailand, and Indonesia. Ethyl levulinate, a key derivative of levulinic acid, is extensively employed as an ingredient in scents and perfumes in this industry. Furthermore, the byproducts of the compound are utilized as ingredients in beautifying products, like lipsticks and makeup removers.
The Byproducts of the compound, like the methyl tetrahydrofuran, ethyl levulinate, hydroxymethylfurfural, succinic acid, sodium levulinate, and diphenolic acid, spectate a use of high volume because of their application as additives in personal care products, fuel, and food and beverages. With the growing funding in R&D, with the aim of finding new use for these products, the levulinic acid market will have a substantial amount of growth by the end of this decade.
The growing commercialization of bio-based and the need for the byproducts of the compound has a lot to do with the ever-increasing demand for levulinic acid.
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