Understanding Impact of COVID-19 on Levulinic Acid Market

 

Companies Prefer Biomass over Conventional Resources to Produce Fuel

Ongoing depletion of fossil fuels and lack of alternatives to replace compounds produced by oil has fueled the demand for levulinic acid. Meanwhile, there is a growing awareness about biomass being used for the production of alternative fuels and several chemicals, such as bioethanol and levulinic acid, which are pervasively diminishing reliance on oil. Hence, manufacturers in the levulinic acid market are leveraging opportunities in countries of Asia Pacific and Latin America, since agribusiness is one of the key sources of revenue in these countries. Thus, abundance of biomass in these regions, especially Asia Pacific, has led to exponential growth of the region, as the levulinic acid market matures in the coming decade.

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In terms of application, the agriculture segment of the levulinic acid market is estimated to reach a production of ~1,300 tons by the end of 2022. Apart from agriculture, manufacturers are tapping into opportunities to manufacture chemical compounds used in the development of additives of fluids, oils, plastics, fragrances, etc.

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Advantages of Microalgae Support Production of Pharmaceutical Products

Different types of microalgae are being commercially used for the production of phycocolloids, and have potential for the production of nutraceuticals and pharmaceutical products. Sustainable use of macroalgal biomass for the production of cosmetics and thickening agents in food are bolstering credibility credentials of companies in the global landscape. Thus, the environment-friendly way of energetic valorization of food wastes has helped to increase the production of levulinic acid.

Awareness about the advantages of microalgae has created a stir in the pharmaceutical landscape. As such, the pharmaceuticals application segment of the in the levulinic acid market is projected for aggressive growth during the forecast period. The segment is anticipated to account for the second-highest revenue of ~US$ 8.6 Mn by 2027. On the other hand, manufacturers in the levulinic acid market are using the novel compound for the production of organic matter and materials such as soil fertilizers and pet food formulations. Regulatory support has been instrumental for the emergence of efficacious drug formulations involving levulinic acid.

Eco-conscious Cosmetics Formulators Benefit from Natural Preservatives

Levulinic acid is gaining prominence in the personal care & cosmetics industry. Moreover, cosmetics application segment is anticipated for exponential growth during the forecast period and is creating revenue opportunities for companies in the levulinic acid market. For instance, Troy Corporation - a manufacturer of performance materials, announced the launch of TroyCare™ LSB1 - an innovative preservative used in personal care and cosmetic products.

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In order to gain credibility in the global market landscape, personal care companies are increasing R&D to streamline their production activities so that their products gain the approval of regulatory authorities. They are increasing their production efficacy to develop preservatives that are based on natural ingredients to cater to specific needs of environmental-conscious consumers. Since more number of companies are becoming eco-conscious formulators, the trend of natural preservatives is gaining much appreciation by personal care companies.

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