Levulinic Acid Market To Hit Value 1.5 Million By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on July 5th, 2023 San Francisco, 05 July 2023: The ReportLevulinic Acid Market Size, Share & Trends Analysis Report By Process (Acid Hydrolysis, Bio Fine), By Application (Pharmaceuticals, Agriculture), By Region, And Segment Forecasts, 2023 - 2030 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 2023 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. Levulinic acid, also known as 4-oxopentanoic acid, is an organic compound that is classified as a keto acid. Its physical form is a white crystalline solid and is soluble in water, ethanol, and diethyl ether, but is insoluble in aliphatic hydrocarbons. In recent years, the need for sustainability has constantly driven the chemical industry towards exploring renewable chemistry and biotechnology to develop products from bio-based sources. These products are developed with the objective of using them as “platforms” for manufacturing a host of industrial and specialty chemicals to replace their synthetic counterparts. Request sample report of Levulinic Acid Market @https://www.grandviewresearch.com/industry-analysis/levulinic-acid-market/request/rs1 Levulinic Acid Market Report Highlights
Levulinic Acid Market Report Scope
Levulinic acid market is expected to be restrained by the threat of synthetic chemical alternatives. The market is marked by significant supply and demand gap due to which end users opt for synthetic alternatives of levulinic acid. Synthetic chemical alternatives are easily available and are present in more diverse forms in chemicals market, whereas levulinic acid is a bio-based product and its demand-supply gap does not have high penetration in developing economies. List of Key Players in the Leluvinic Acid Market
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