The Asia-Pacific region is expected to register the fastest growth in the levulinic acid market during the forecast period due to the expanding agriculture and personal care industries in emerging economies, such as China, Indonesia, Thailand, and India. The personal care sector uses ethyl levulinate in the production of perfumes and fragrances. Additionally, the acid serves as a key ingredient in lipsticks and makeup removers.

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Global Levulinic Acid
Market Revenue To
Reach $60.2 Million by
2030

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Factors, such as the increasing commercialization of bio-based production
methods and burgeoning demand for levulinic acid derivatives in various end-use
industries, are expected to propel the levulinic acid market at a CAGR of 8.8%
during the forecast period (2020–2030). According to P&S Intelligence, the
market was valued at $27.2 million in 2019, and it will generate $60.2 million
revenue by 2030. As the market is still at a nascent stage, it holds immense
potential for commercialization, owing to which the production cost will reduce
significantly.
The surging consumption of levulinic acid derivatives in end-use industries is one
of the major growth drivers of the market. High volumes of derivatives, such as
diphenolic acid, ethyl levulinate, hydroxymethylfurfural (HMF), succinic acid,
sodium levulinate, and methyltetrahydrofuran (MTHF), are being used as
additives in food and beverages, fuel, and personal care products. Further, the
mounting investments being made in research and development (R&D) projects
to discover new application areas of these derivatives will also propel the
demand for levulinic acid.
The technology segment of the levulinic acid market is divided into biofine and
acid hydrolysis. Of these, the biofine category is expected to demonstrate faster
growth during the forecast period because of the eco-friendly nature of biofine
process. Unlike the hydrolysis process, the biofine process uses microorganisms
to ferment monomers, which are used to produce levulinic acid. The increasing
awareness about the advantages of this process will, therefore, help the
category grow at a rapid pace in the coming years.
Presently, the levulinic acid market is consolidated due to the presence of very
few players, such as Avantium N.V., Heroy Chemical Industry Co. Ltd.,
GFBiochemicals Ltd., Vigon International Inc., Técnicas Reunidas S.A. (WALEVA
Pilot Plant), Hefei TNJ Chemical Industry Co. Ltd., Simagchem Corporation,
Shandong Xinhua Pharmaceutical I&E Co. Ltd., Tokyo Chemical Industry Co.
Ltd., and Haihang Industry Co. Ltd. Currently, the market players are entering
into agreements and joint ventures to gain a competitive edge.
Globally, the North American levulinic acid market generated the highest
revenue in 2019 due to the high-volume requirement for levulinic acid in the
production of fuel additive n-butyl levulinate in the region. Additionally, the
increasing adoption of the compound as an additive for eco-friendly herbicides in
the U.S. and Canada is a key contributor to the market growth. Moreover, the
burgeoning demand for personal care products will also fuel the demand for
levulinic acid in the region.
Whereas, the Asia-Pacific levulinic acid market is projected to exhibit the fastest
growth throughout the forecast period, primarily on account of the booming
agriculture and personal care sectors in China, India, Indonesia, and Thailand.

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Personal care product manufacturers use ethyl levulinate, a primary derivative of
levulinic acid, to produce fragrances and perfumes. In addition, the acid also
serves as an important ingredient in cosmetic products, such as makeup
removers and lipsticks.
Therefore, the expanding application base of derivatives and increasing
commercialization of bio-based production methods are the major catalysts of
the market growth worldwide.
Levulinic Acid Market Size Breakdown by Segment
By Technology
• Biofine
• Acid Hydrolysis
By Application
• Food Additives
• Pharmaceuticals
• Agricultural Products
• Personal Care Products
• Plasticizers
• Fuel Additives
• Others
By Region
• North America Levulinic Acid Market
o By technology
o By application
o By country – U.S. and Canada
• Europe Levulinic Acid Market
o By technology
o By application
o By country – Germany, France, Italy, U.K., and Rest of Europe
• Asia-Pacific (APAC) Levulinic Acid Market
o By technology
o By application
o By country – China, Japan, India, South Korea, and Rest of APAC
• Rest of World (RoW) Levulinic Acid Market
o By technology
o By application
o By country – Brazil, Mexico, and Others

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