San Francisco, California (PRWEB) March 26, 2014
Global levulinic acid market demand is expected to reach 3,820 tons by 2020, according to a new study by Grand View Research, Inc. Increasing application scope for levulinic acid, particularly in pharmaceuticals, pesticides, cosmetics and solvents is expected to spur demand growth over the next six years. High R&D spending, particularly to reduce costs to competitive levels is a critical dynamic for market participants, as substitution for synthetic products in potential applications such as fuel additives, polymers, bio-actives can only be achieved at low levulinic acid prices. As of 2013, levulinic acid has emerged as a niche platform chemical in application markets including Methyltetrahydrofuran (MTHF), DALA, ethyl levulinate and Diphenolic Acid, with potential addressable demand estimated to be over 25,000 kilo tons by 2020.
The report “Levulinic Acid Market Analysis and Segment Forecasts to 2020” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/levulinic-acid-market.
Key industry participants such as DuPont, Segetis and Biofine have already developed patented technologies for levulinic acid commercialization through renewable sources. These companies are presently scouting for potential partners to share risk and cost, while working on reducing product costs. Current levulinic acid costs between USD 5 to 8 per kilo, with a target price of less than USD 1 per kilo, it is expected that the reduced price will open a host of opportunities including energy, transportation, green chemicals and specialty polymers.
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Further Key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global levulinic acid market on the basis of application and region:
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