Glyoxylic Acid Market
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Glyoxylic Acid Market: Akema Fine Chemicals, Hubei Hongyuan Pharmaceutical Technology Co. Ltd, Stan Chemicals, WeylChem International GmbH, Zhonglan Industry Co, Haihang Industry Co. Ltd and Zhonghua Chemical among others.
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Glyoxylic Acid Market was valued at USD 589.9 million in 2016 and is expected to grow at 5.44% CAGR to reach USD 849.1 million by the end of 2023. Glyoxylic acid consumption in the global market can be attributed to the considerable demand for its derivatives among its major end-use industries cosmetic & personal care, pharmaceuticals and food & beverages. For instance, allantoin is widely consumed in the cosmetic industry for manufacturing of skincare products, thus, the subsequent growth of personal care and cosmetic industry is anticipated to boost the demand for glyoxylic acid globally.
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Considering the urbanization rate in developing regions and the changing lifestyle of the consumers and increasing awareness towards healthcare and diseases has led to substantial spending on healthcare and personal care, which in turn is boosting demand for various cosmetic products. Glyoxylic acid being a key raw material in the manufacturing of various derivatives used in the latter cosmetic product is expected to drive the market for glyoxylic acid. Furthermore, the increasing consumption of synthetic flavors in the food & beverage industry for enhancing the aroma and taste has led to an impetus demand for glyoxylic acid globally.
The Global Glyoxylic Acid Market is segmented on the basis of derivatives, application and region. On the basis of derivatives, global Glyoxylic Acid Market is segmented into allantoin, vanillin, P-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, and 2-hydroxyl-phosphine acetic acid among others. Based on application, the global glyoxylic acid is segmented into— Personal Care & Cosmetic Ingredient, Pharmaceuticals, Aroma, and Agrochemicals among others.
The different types of glyoxylic acid derivatives discussed in the report viz., allantoin, vanillin, P-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, and 2-hydroxyl-phosphine acetic acid among others. Among all the derivatives, allantoin accounts for the largest share in the global Glyoxylic Acid Market, owing to the substantial demand for allantoin in the cosmetic industry as a key ingredient for manufacturing of skincare products. On the plus side, the skincare segment in the global personal care & cosmetics market accounts for the largest share, which in turn is propelling the demand for allantoin, adding substantial value to the global Glyoxylic Acid Market. Furthermore, the consumption of allantoin in the pharmaceuticals for the manufacturing of dermatologic products is anticipated to foster demand for Glyoxylic Acid Market. Based on the consumption of glyoxylic acid derivatives, vanillin accounts for the second-largest share with CAGR of 5.49% in the global market. The protuberant factors substantiating the growth of vanillin includes, the consumption of vanillin as an aroma enhancing and flavoring agent in the food & beverage industry.
- 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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Based on the major applications of global glyoxylic acid the market is segmented into — Personal Care & Cosmetic Ingredient, Pharmaceuticals, Aroma, and Agrochemicals among others. Among the major applications covered in the report, personal care & cosmetic ingredient accounts for the nearly one third of the overall consumption of glyoxylic acid globally, this can be attributed to the bolstering growth of personal care ingredients market in the developing regions mainly Asia-Pacific and Middle East & Africa. Consumption of glyoxylic derivatives in manufacturing of dermatological products ranks the pharmaceutical application and this is expected to gain market share of more than 25% in global Glyoxylic Acid Market.
Regionally, Asia-Pacific is the dominating market for glyoxylic acid owing to the various factors such as, the concentration of manufacturers in China, a healthy growing end-user industries of glyoxylic acid in the region namely, pharmaceutical, personal care and food & beverages among others. Asia-Pacific is followed by North America and Europe market.
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