The Levulinic Acid Market is projected to reach USD 32.5 Million by 2021, at a CAGR of 14.0% between 2016 and 2021. This growth can be attributed to the increasing consumption of levulinic acid in pharmaceuticals and cosmetics.
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GF Biochemicals Ltd. (Italy) is the largest producer of levulinic acid in the world. The company is focusing on both, organic and inorganic business expansion strategies to strengthen its market position and consolidate its financial position in the levulinic acid market. The company is expected to increase its production capacity during the forecast period. In February 2016, the company acquired U.S.-based Segetis, which is one of the pioneer companies in the production of Levulinic acid in North America. It has advanced R&D capabilities with more than 250 patents worldwide. This will help the company to reinforce its position as a prominent supplier in the levulinic acid market.
Biofine International Inc. (U.S.) is
another major player in the levulinic acid market with high presence in North
America. The company is currently focusing on its pilot plant based in the U.S.
The company aims at penetrating the low volume market followed by increase in
the scale of production. Biofine is expected to start operations on its first
commercial plant in 2016-2017. This will enable the company to enter many
potential markets of levulinic acid and their derivatives, including
plasticizers, pharmaceuticals & cosmetics, among others.
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Among applications, the plasticizers
segment is expected to lead the levulinic acid market during the forecast
period
Based on application, the
plasticizers segment accounted for a major share of the levulinic acid market
in 2015. Plasticizers are organic esters that are used to provide more flexibility
to plastics, such as polyvinyl chloride (PVC). PVC is used in several
applications due to its low cost, durability, and versatility. Levulinic
acid-derived ketal esters can be a potential replacement of phthalate-based
plasticizers, which make majority of the world’s plasticizer market. With
increasing demand for renewable, phthalate-free plasticizers, particularly used
in children toys, as well as for products that are used by humans, the demand
for levulinic acid is expected to grow during the forecast period.
Based on technology, the levulinic acid market has
been segmented into acid hydrolysis and biofine process. Acid hydrolysis
production process is a technology used by most Chinese manufacturers, in which
the feedstock used is paper mill sludge, energy crops, among others. The
by-product in this technology is tar, which can be used for energy and power
generation. Biofine process is one of the key processes used in the European
levulinic acid market, which are designed by the BioFine Company.
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