Ethyl Levulinate Market Analysis, Size, Growth, Share & Forecast to 2022 | Grand View Research Inc.
“Ethyl Levulinate Market Size Worth $11.8 Million By 2022 | CAGR: 3.6%”
The global ethyl levulinate market size is expected to reach USD 11.8 million by 2022, according to a new report by Grand View Research, Inc. The global industry is in its nascent stage and is characterized by few industry participants. Presence of very few manufacturers gives a competitive edge over new entrants. Industry participants as well as governments have been extensively investing in R&D to develop novel applications as well as cheaper raw materials. Potential applications such as bio-diesel additive are expected to positively impact the market. Current technological advancements show that ethyl levulinate can also be formed directly from furfuryl alcohol derived from biomass using eco-friendly solid catalysts. In addition, the technological initiatives are being taken to use this compound as a 100% biodegradable neat fuel in the near future. Such niche applications are anticipated to benefit the market over the forecast period. The increase in body spray and perfumes demand among the young age group on account of increasing personal grooming awareness across the globe and the rising significance of individual style statement which is driving the perfume industry growth.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/ethyl-levulinate-market The impact of COVID-19 pandemic is likely to influence the demand of ethyl levulinate market on account of lockdown in the many countries, decrease in the demand for lifestyle products during the pandemic outbreak and expected to surge its demand in the forecast period.
Further key findings from the report suggest: Global ethyl levulinate market demand was 32.4 tons in 2014 and is expected to reach 49.1 tons by 2022, growing at a CAGR of 5.3% from 2015 to 2022
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