The increasing sale of automobiles around the world is leading to the rising demand for petrol (gasoline) and diesel. This is why exploration and production (E&P) activities, which include extracting, transporting, and refining crude oil, are increasing at a rapid pace. Even after refining, gasoline and diesel are not used on their own, but a number of fuel additives are mixed in them to improve their attributes, as well as the performance of vehicles’ engines and fuel pipes.

 

According to P&S Intelligence, this factor would help in driving the levulinic acid market to $60.2 million by 2030, from $27.2 million in 2019, at an 8.8% CAGR during 2020–2030 (forecast period). This is because derivatives of levulinic acid, especially methyltetrahydrofuran (MTHF) and ethyl levulinate, are used as additives in gasoline and diesel, respectively. Fuel additives accomplish various objectives, such as stopping the engine from corrosion, preventing the deterioration of fuel, allowing the fuel to flow in cold weather, and removing carbon deposits from the engine and engine pipes.

 

Similarly, other derivatives of this compound, including sodium levulinate, hydroxymethylfurfural (HMF), diphenolic acid, and succinic acid, are used as additives in personal care products and food and beverages. For instance, sodium levulinate is used in cosmetics as a skin conditioning agent, as well as a preservative in food products, including meat. Developing countries are presently witnessing fast economic growth, which is leading to increasing disposable income. This is why people are spending more than ever on packaged and processed foods and cosmetics, thereby propelling the consumption of levulinic acid.

Get the sample copy of the report at: https://www.psmarketresearch.com/market-analysis/levulinic-acid-market/report-sample

The highest consumption of the acid and its derivatives is presently seen in North America, majorly owing to the rising requirement for bio-based chemicals for the manufacturing of agricultural products, fuel additives, and personal care products. For instance, levulinic acid is being increasingly used in bio-based herbicides and pesticides, due to the stringent environmental regulations imposed on the agricultural sector in the region. Moreover, ethyl levulinate is added to biofuels, the demand for which is growing in the continent on account of the rising awareness about the harms of using fossil fuels.