Rising Consumption in End-User Industries Expected to Expand Glyoxylic Acid Market
Increasing Applications in Different Industry Verticals Set to Boost Growth of Glyoxylic Acid Market
Market Synopsis:
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 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.
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Market Segmentation:
On the basis of derivatives, the global glyoxylic acid market has been segmented into vanillin, allantoin, DL-p-hydroxy phenylhydantoin, P-hydroxyphenylglycine, 2-hydroxyl-phosphine acetic acid, and others. Among these, the allantoin segment is expected to hold the most prominent share of the market over the next couple of years. The rising application of allantoin in skincare products is anticipated to dictate the growth of the segment across the evaluation period. In addition, the vanillin segment finds application in the food beverage industry, which is poised to drive its growth over the next couple of years.
On the basis of application, the glyoxylic acid market has been segmented into pharmaceuticals, personal care cosmetic ingredient, aroma, agrochemicals, and others. Among these, the personal care cosmetic ingredient segment and the pharmaceuticals segment are expected to collectively hold the major share of the market across the assessment period. However, the agrochemical segment accounts for a relatively smaller share of the market and is poised to exhibit sluggish growth pace over the next few years.
Regional Analysis:
The regional assessment of the global glyoxylic acid market spans across five key regions - North America, Asia Pacific (APAC), Latin America, Europe, and the Middle East Africa (MEA). Asia Pacific is expected to exhibit the highest consumption of glyoxylic acid in the forthcoming years. China is one of the most prominent country-level markets in the region and is likely to expand at a substantial rate over the next couple of years. The region houses some of the major key players who are set to benefit the growth of the market in the foreseeable future. Also, the region is poised to attract investments from global leaders for facility shifting and regional expansion. This, in turn, is anticipated to accelerate revenue creation for the players of the glyoxylic acid market over the next few years.
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Competitive Dashboard:
Arkema Fine Chemicals, Hubei Hongyuan Pharmaceutical Technology Co. Ltd, Stan Chemicals, WeylChem International GmbH, Zhonglan Industry Co, Haihang Industry Co. Ltd and Zhonghua Chemical are the important players participating in the global glyoxylic acid market over the next few years. These players have been studied for a share analysis of the market in this MRFR report. It has been further analyzed that the growth strategies to be adopted by the key players in the years to come include mergers acquisitions, partnerships, facility expansion, technological advancements, collaborations, etc. The industry leaders are also anticipated to increase their production capacities and focus on regional expansion for capitalizing on the growth potential being observed in the global glyoxylic acid market.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.
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