PUBLISHER: Grand View Research | PRODUCT CODE: 1268718
PUBLISHER: Grand View Research | PRODUCT CODE: 1268718
The global levulinic acid market is expected to reach USD 151.5 million by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.2% from 2020 to 2030. The increasing application of levulinic acid, especially in pesticides, solvents, pharmaceuticals, and cosmetics industries is anticipated to boost growth in the coming years.
Over the past few years, the chemical industry has continually been striving towards attaining a sustainable growth, with a focus on the development of renewable biotechnological and bio-based products. The production technology for bio-based levulinic acid has been simplified by dehydration of biomass or carbohydrates with acid. Levulinic acid is being increasingly used as a substitute to its synthetic counterparts in industrial usage.
One of the major impacts of COVID-19 on the levulinic acid market has been a disruption in global supply chains. Many countries have implemented restrictions on travel and trade, which has made it difficult for companies to transport raw materials and finished products. This has led to delays in production and shipping, which have affected the availability of levulinic acid and increased its price.
Another impact of the pandemic on the levulinic acid market has been a decrease in demand from some industries. For example, the pharmaceutical industry has been focused on producing vaccines and treatments for COVID-19, which has led to a decrease in demand for other drugs, including those that use levulinic acid. Similarly, the biofuels industry has been affected by a decrease in demand for gasoline and other fossil fuels, which has reduced the demand for levulinic acid as a biofuel additive.