Levulinic acid market set to garner higher revenue globally

The Brainy Insights, a leading market research and analytics company, has released a report predicting a massive surge in the global levulinic acid market, valued at USD 85 million in 2022 and expected to reach USD 192.1 million by 2032.

Levulinic Acid Market The levulinic acid market is being driven by the increasing demand for drug preparation in the pharmaceutical industry, as global disease and infection rates increase. This is according to Avinash D, a spokesperson for Brainy Insights Pvt. Ltd. He commented, “Levulinic acid is used as an add-on in drug manufacturing, and the growing need for medications due to the high rate of infectious diseases is fueling levulinic acid market growth.” The demand for levulinic acid is also driven by its applications in the liquid detergents, fragrances, and agriculture industries. The levulinic acid market is classified into product type, application, and geography. According to report, product type is divided into potassium salt, calcium salt, magnesium salt, and others. The application segment is divided into pharmaceuticals, liquid detergents, fragrances, and others. Geographically, it is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to account for the largest market share in the levulinic acid market due to the increasing awareness of health and hygiene, along with the presence of major players in the region. Furthermore, the Asia Pacific is estimated to witness the highest CAGR during the forecast period due to the rapid industrial development in the region.

The overall levulinic acid market is being driven by the increasing demand for drug preparation in the pharmaceutical industry as global disease and infection rates increase, while also being driven by its applications in the liquid detergents, fragrances, and agriculture industries, with North America and Asia Pacific expected to account for the largest market share and highest CAGR respectively during the forecast period.

Individuals interested in learning more about the levulinic acid market can find Brainy Insights Pvt. Ltd.’s full report on their website.