Levulinic Acid Market - Growth, Trends, COVID-19 Impact and Forecast (2023-2028)

Levulinic acid markets by end-user (Cosmetics and personal care, pharmaceuticals, agrochemicals, polymers and plasticizers, fuels and fuel additives, fragrances and Other End-users) and by geography (Asia-Pacific, North America, Europe, South America, Middle East and Africa) 

Market profile

The levulinic acid market is expected to achieve healthy growth at a CAGR of over 4% during the forecast period (2021-2026).

The supply of industrial raw materials has been significantly affected by reduced production in various chemical and other industries as a result of COVID-19 in 2020. For example, growth in the personal care and cosmetics industries declined by around 4% in 2020 compared to 2019 as a result of these conditions. However, the pharmaceutical industry saw huge growth in 2020 due to an increase in health problems and diseases.

In the medium term, the main factor driving the growth of the market studied is the increasing use as an alternative to traditional fertilizers.

On the other hand, the impact of COVID-19 is expected to hamper market growth.

The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.