Glyoxylic Acid Market Analysis - Global Industry Analysis, Trends, and Forecast 2022 - 2030
Market Insights
Glyoxylic Acid, also known as oxo-acetic acid, is
an organic compound which finds utility in various chemicals as a chemical
intermediate. Market Research Future (MRFR) has circulated a report which
assesses the global glyoxylic acid market for the assessment period 2017 to
2023. It reveals that the market is poised to expand at 5.27% CAGR over the
review period. It also estimates that the valuation of the market is set to
reach USD 849.1 Mn by 2023 up from USD 76.7 Mn in 2016.
The derivatives of the acid are likely to witness
rising applications which is poised to drive the growth of the Glyoxylic
Acid Market Analysis Share over the next couple of years. Rising demand
from the end-use industry verticals such as pharmaceutical and personal care
industries are expected to play the most crucial role in the development of the
market in the years to come. In addition, the application of vanillin in the
food & beverage industry is further expected to propel the expansion of the
glyoxylic acid market across the review period.
Top Players
Akema Fine Chemicals
Hubei Hongyuan Pharmaceutical Technology Co. Ltd
Stan Chemicals
WeylChem International GmbH
Zhonglan Industry Co
Haihang Industry Co. Ltd
Zhonghua Chemical
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Segmentation Analysis
The Global Glyoxylic Acid Market Analysis is majorly
segmented on the basis of derivatives, application and region. Based on
derivatives of glyoxylic acid the market is segmented into
p-hydroxyphenylglycine, DL-p—hydroxy phenylhydantoin, vanillin, 2- hydroxyl-
phosphine acetic acid, and others (diphenylacetic acid etc.). Based on
application the market segmented into personal care & cosmetics ingredient,
agrochemicals, pharmaceuticals, aromas, polymers, and others (electroless
copper plating, water purificant, etc) and based on region market is segmented
into North America, Europe, APAC, Latin America, and Middle East & Africa.
Regional Analysis
Based on geography, the global glyoxylic acid
market analysis is divided into five regions namely— North America, Europe,
Asia-pacific, Latin America and Middle East & Africa. Among the
aforementioned regions, Asia-Pacific market acquired more than half of the
market share in terms of value and volume.
Asia-Pacific Market for glyoxylic acid is divided
into China, Japan, and India among other Asian and Oceania countries.
Comparatively, China dominated the market for glyoxylic acid over other
countries in the region accounting for more than half of the consumption of
glyoxylic acid in the Asia-Pacific market with a value share of 61.0%. Some of
the substantial factors attributed to the market growth in China is the healthy
growth rate of cosmetic & personal care market. For instance, China
accounts for nearly 10% of revenue generated by the global personal care
industry, and is anticipated to exhibit growth rate of ~8% over the forecast
period, owing to the factors such as rapid urbanization, rise in disposable
income and changing lifestyle of people among others. Thus, the subsequent
demand for cosmetics will witness a substantial demand for personal care
ingredients, which in turn will witness demand for glyoxylic acid. Moreover,
the dominance of Chinese manufacturers in glyoxylic acid production accounts
for nearly 45% of the global production. Collectively, the above-mentioned
factors are attributed to the growth of Asia-Pacific market.
Regional dominance for consumption of glyoxylic
acid ranks the North America market as the second largest market for glyoxylic
acid globally in terms value and volume. However, in terms of growth the North
America market exhibit low CAGR. The impetus demand for glyoxylic acid in the
region is attributed towards the healthy growth rate of dermatology sector in
the U.S coupled with a per capita health expenditure of nearly USD 10,000.
Furthermore, the food flavor industry growth in North America can be further
attributed to the growth of glyoxylic acid in the region, with increasing
penetration of packaged foods in the region.
Though the Middle East & Africa Market
accounts for the smallest value, the glyoxylic acid market in the region is exhibited
to register second highest CAGR during the forecast period. This growth is
primarily attributed towards the emerging cosmetic & personal care market
in the region couple with migration of big cosmetic manufacturers in the
region. For instance, according to study, per capita spending on cosmetics and
personal care products in the Middle East countries such as Saudi Arabia, UAE,
and G.C.C. accounted for nearly USD 171, 335, and 240 respectively in 2015, and
it is expected to increase substantially over the forecast period. Also, the
female population in the Middle East accounts for nearly 49-50% of total Middle
East population coupled with high level of purchasing power, the woman
population in the Middle East region tend to spend hefty sum on cosmetic and
personal care products.
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