The global Glyoxal Market size was USD 287.6 Million in 2021, and it is expected to grow at a revenue CAGR of 4.4% over the forecast period. The growing use of glyoxal in paint and other coatings is expected to drive the revenue growth of the market. Glyoxal is a chemical compound that is used to cure epoxy resins, which are used by construction companies to create solid adhesives and coatings due to their excellent resistance to chemicals and heat.
Glyoxal is mainly used to crosslink epoxy resins containing nitrogen atoms instead of oxygen, which boosts the demand for glyoxal. It is also found in wood adhesives and is used for the preparation of glyoxal-phenolic prepolymers in alkaline conditions to strengthen composites reinforced with sisal fibers. The main use of glyoxal is the production of formaldehyde, which has excellent bonding strength, low cost, and fast curing properties, contributing to revenue growth in the market.
The report highlights that the crosslinking segment is expected to register rapid revenue growth during the forecast period, as it increases the crystallinity of polymer networks to improve their mechanical strength. The online segment accounted for the largest revenue share over the forecast period, owing to the growing need for time and effort-saving. The cosmetics segment is expected to register a steady revenue growth rate during the forecast period, as glyoxal is used in face and neck cosmetic products and nail care products.
The Asia Pacific market is expected to account for the largest revenue share during the forecast period due to the increasing presence of major market players and increased demand for textiles, leather goods, and cosmetics. Companies profiled in the market report are BASF SE, Thermo Fisher Scientific, Inc., Dow, Silver Fern Chemical, Synthomer plc, Huntsman International LLC, Reliance Industries Limited, INEOS, Amzole India Pvt. Ltd, and Tokyo Chemical Industry Co. Ltd.
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The global glyoxal market has been segmented based on application, distribution channel, industry vertical, and region, and the report provides revenue and volume projections for each segment from 2019 to 2030.
In the glyoxal market, notable innovations include:
The increasing use of glyoxal as a formaldehyde substitute in wood adhesives and its use in the preparation of glyoxal-phenolic prepolymers in alkaline conditions for strengthening composites reinforced with sisal fibers. Additionally, glyoxal is being used to produce glycoluril-based amino crosslinking resins for powder coatings, liquid can coatings, and coil coatings in the crosslinking segment. These innovations are expected to drive revenue growth of the glyoxal market during the forecast period.
Some of the top companies operating in the glyoxal market include:
BASF SE, Thermo Fisher Scientific, Inc., Dow, Silver Fern Chemical, Synthomer plc, Huntsman International LLC, Reliance Industries Limited, INEOS, Amzole India Pvt. Ltd, and Tokyo Chemical Industry Co. Ltd. These companies are actively involved in the production, marketing, and distribution of glyoxal, and are expected to drive the growth of the market during the forecast period.
Drivers for the Glyoxal Market include:
The growing use of glyoxal in the production of paints and other coatings, as well as its use as a formaldehyde substitute in wood adhesives. Glyoxal is also widely used to crosslink materials in various industries, including textiles, oil gas, paper packaging, leather, cosmetics, and personal care products, which is expected to further drive the growth of the market. The market in Asia Pacific is expected to witness significant growth due to the increasing demand for textiles, leather goods, and cosmetics, as well as the presence of major market players in the region. Additionally, the increasing popularity of online distribution channels is also expected to contribute to the growth of the glyoxal market.
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