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Market Leader – Levulinic Acid Market
Levulinic acid is a bio-based platform chemical that has world’s most versatile building blocks for substituting oil-based products. Levulinic acid is majorly used in plasticizers, pharmaceuticals & cosmetics, and others. Major companies operating in the levulinic acid market are Biofine International Inc. (U.S.), Avantium (Netherlands), GF Biochemicals Ltd. (Italy), Langfang Triple Well Chemicals Co. Ltd (China), Simagchem Corporation (China), Hefei TNJ Chemical Industry Co., Ltd. (China), Great Chemicals Co. Ltd. (China), and Anhui Herman Impex Co. Ltd. (China), among others.
In recent times, several companies have adopted various strategies, such as expansions, mergers & acquisitions, new product launches, and partnerships to grow in the levulinic acid market. These companies are also investing in R&D activities to improve their sales and distribution network, enhance their market visibility, and strengthen their position in the levulinic acid market.
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.
Levulinic Acid Market by Application (Plasticizers, Pharmaceuticals & Cosmetics), Technology (Acid Hydrolysis, Biofine), and Region (North America, Europe, Asia-Pacific and Rest of the World) - Global Forecast to 2021
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