Why Is Levulinic Acid Majorly Produced via Bio-Based Methods?
Derivatives of levulinic acid, such as diphenolic acid, succinic acid, methyltetrahydrofuran (MTHF), hydroxymethylfurfural (HMF), sodium levulinate, and ethyl levulinate, are being increasingly used in the personal care, fuel, and food and beverages industries. For example, personal care product manufacturers are increasingly using sodium levulinate as a skin conditioning agent in cosmetics. Thus, the booming food and beverage, personal care products, and fuel sectors will accelerate the consumption of levulinic acid in the upcoming years. Additionally, the rapid commercialization of bio-based production methods will drive the levulinic acid market at a CAGR of 8.8% during 2020–2030. According to P&S Intelligence, the market revenue is projected to rise from $27.2 million in 2019 to $60.2 million by 2030. As the market is still in its nascent stage, it holds immense potential, as this acid and its derivatives help in reducing manufacturing costs and achieving economies of scale. H...