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Levulinic Acid Market Size To Reach $144.7 Million By 2030

The global levulinic acid market size is expected to reach USD 144.7 million by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.4% from 2024 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 Market Report Highlights

The acid hydrolysis process segment accounted for a revenue share of 67.1% in 2023 attributed to the efficiency and reliability of the acid hydrolysis process in producing levulinic acid.
The plasticizer application segment is projected to witness the fastest growth from 2024 to 2030. Plasticizers are substances added to materials to increase their plasticity, and levulinic acid serves this purpose effectively.
Asia Pacific levulinic acid market is anticipated to grow at a CAGR of 9.8% from 2024 to 2030 driven by the increasing demand for sustainable products and the expansion of various industries that utilize levulinic acid.
Levulinic acid producers operate through their manufacturing plants located in closely to raw material source. Moreover, companies involved in the production of levulinic acid and its raw materials are involved in the sales and distribution of the product via a large network of distributors spread across major consuming regions in North America, Asia Pacific, and Europe

Leluvinic Acid Market Segmentation

Grand View Research has segmented the global levulinic acid market based on process, application, and region:

Levulinic Acid Process Outlook (Volume, Kilo Tons, Revenue, USD Thousand, 2018 - 2030)