Chemical Companies Majorly Producing Levulinic Acid from Biofine Process

Currently, the global automotive industry is plagued by the issue of greenhouse gas (GHG) emissions, which are the key reasons behind air pollution, ozone depletion, global warming, and climate change. As a result, countries around the world have implemented stringent regulations to control the expulsion of GHGs into the atmosphere. Many of these regulations, including the Tier 4 Emissions Standards of the U.S., Euro VI regulations of the European Union (EU), and Bharat Stage VI (BS6) regulations of India, mandate the usage of cleaner fuels.

As a result of the widespread concerns regarding air pollution, P&S Intelligence expects the market for levulinic acid to grow from $27.2 million in 2019 to $60.2 million by 2030, at an 8.8% CAGR between 2020 and 2030 (forecast period). This is because the derivatives of this acid, particularly ethyl levulinate, is used as a fuel additive to lower the amount of sulphur emissions from diesel. Around the world, most commercial vehicles, including buses and trucks, run on diesel, which is why a reduction in their emissions has become paramount.

During the historical period (2014–2019), North America dominated the levulinic acid market, on account of the increasing demand for its derivatives for the manufacturing of agricultural chemicals, fuel additives, and personal care products. Currently, almost all of the rail freight and passenger traffic in Canada and the U.S. moves on diesel traction, which is why the need to reduce GHG emissions from this sector is quite strong in the region. Moreover, the countries are o home to a large trucking and logistics industry, which is also majorly fueled by diesel.

In the years to come, the demand for such chemicals will rise the fastest in the Asia-Pacific (APAC) region. This would be a result of the growing personal care and agriculture sectors in emerging economies, including India, Vietnam, Indonesia, Malaysia, Thailand, and China. Moreover, China and India are two of the most-polluted countries on earth, which is why the government here has implemented strict regulations for reducing the amount of GHG emissions from on-road and non-road engines.

Hence, with the expansion of the end-use industries, the demand for various derivatives of levulinic acid will increase.

Source: www.psmarketresearch.com

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