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According to the latest report by IMARC Group, titled "Levulinic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global levulinic acid market size reached US$ 27.6 Million in 2019. Levulinic acid is an organic compound that is manufactured by the degradation of cellulose. Classified as a keto acid, it is a white crystalline solid, which is mostly produced from carbohydrates, including glucose, sucrose and fructose, and bio-based materials, such as starch, wood and agricultural wastes. Completely soluble in water and polar organic solvents, it is widely used for maintaining the acidic balance of numerous solvents, pharmaceuticals and agrochemicals. It is also replacing petroleum-based products across numerous industries, such as chemical and biofuel. Apart from this, it is extensively utilized as a plant stimulator, fuel additive and as an additive in cigarettes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Levulinic Acid Market Trends:
The global market is driven by significant growth in the agriculture sector. Levulinic acid manufactured using biomass is used as a green alternative to sulfuric acid for the production of pesticides, fertilizers and herbicides. In line with this, the growing inclination toward organic farming and the increasing need to improve crop yield are facilitating the market growth. The market is further driven by the rising preference for levulinic acid as a substitute for phthalate plasticizers in the manufacturing of polyvinyl chloride (PVC) products. The acid is comparatively less toxic than the traditionally used phthalate plasticizers that have been known to pose health concerns among users. This, along with the increasing demand for PVC products across numerous industry verticals, is creating a positive outlook for the market. The growing utilization of the acid in the personal care products as a preservative and a skin conditioning agent is acting as another major growth-inducing factor. Some of the other factors contributing to the market growth include the growing application of levulinic acid in the automotive, pharmaceuticals and biofuel industries and the continual research and development (R&D) activities conducted in the field of chemistry and biotechnology. On account of the aforementioned factors, the market is projected to reach a value of US$ 36.6 Million by 2025, registering a CAGR of 4.8% during 2020-2025.
Market Summary:
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