Market Analysis
The global Glyoxylic Acid Market Analysis is likely to touch USD 849.1 million at a 5.27% CAGR between 2017- 2023, according to the recent Market Research Future (MRFR) report. Glyoxylic acid, or what is also known as oxo-acetic acid, simply put, is an organic compound that is utilized as chemical intermediates in different industries. This is a key C2-carboxylic acid compound following acetic acid oxalic acid. Glyoxylic acid is produced from the catalytic oxidation of glyoxal. This organic compound is used for producing various downstream products that are used in different end use industries such as agrochemicals, personal care and cosmetic ingredient, aroma, pharmaceuticals, and others. Some of its derivatives include 2-hydroxyl-phosphine acetic acid, P hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, allantoin, and vanillin.
Various factors are adding to the global glyoxylic acid market share. These factors, as per the new MRFR report, include increasing use of glyoxylic acid in different end use industries namely agrochemicals, personal care and cosmetics, and pharmaceuticals, increasing expenditure on health-related needs owing to changing sleeping habits, food habits, and changing lifestyle, increasing health consciousness, increasing demand for fungicides in the agrochemical industry for improving crop productivity and pest control, and increasing use of vanillin in the food and beverage industry. Allantoin, a derivative of glyoxylic acid is widely used in the personal care and cosmetics industry for its activeness in cell regeneration and skin-softening by the precipitating protein on skins.
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On the contrary, market consolidation in a few regions in the world and limited application are factors that may impede the global glyoxylic acid market growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global glyoxylic acid market based on derivatives and application.
By derivatives, the global glyoxylic acid market is segmented into 2-hydroxyl-phosphine acetic acid, P-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, allantoin, and vanillin. Of these, allantoin and vanillin will lead the market over the forecast period.
By application, the global glyoxylic acid market is segmented into agrochemicals, personal care and cosmetic ingredient, aroma, pharmaceuticals, and others. Of these, the personal care and cosmetic ingredient segment will dominate the market over the forecast period.
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Regional Analysis
Based on the region, the global glyoxylic acid market covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the APAC region will dominate the market over the forecast period for its increasing consumption in China due to the presence of various end use industries. Besides, this region is a leading consumer and producer of glyoxylic acid. The growth of personal care and cosmetics, pharmaceutical, and agrochemicals industry is also adding market growth in the region.
The global glyoxylic acid market in Europe and North America are likely to have a significant share during the forecast period. The presence of a well-established pharmaceutical personal care sector in these regions are adding market growth.
The global glyoxylic acid market in the MEA is predicted to have steady growth over the forecast period for the inaugurating new RD centers in different end use industries across the region.
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Key Players
Eminent players profiled in the global glyoxylic acid market report include Zhonghua Chemical, Haihang Industry Co. Ltd, WeylChem International GmbH, Zhonglan Industry Co, Akema Fine Chemicals, Stan Chemicals, Hubei Hongyuan Pharmaceutical Technology Co. Ltd, among others. Industry players have incorporated different strategies to create a footprint in the market and also cater to consumers surging needs such as acquisitions, mergers, partnerships, joint ventures, agreements, high expenditure on RD, market initiatives, clinical trials, new product launches, extensive RD activities, strategic alliances, contracts, and geographic expansions.
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