Levulinic Acid Market: Growth Trends and Future Outlook
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 restri...