Market Research Future adds new report of “Global Glyoxylic Acid Market Research Report- Forecast to 2023” it contains Company information, geographical data and Table of Content
Synopsis of Glyoxylic Acid Market
Glyoxylic acid or oxo-acetic acid is an organic compound used as a chemical intermediate in various industries. It is one of the prominent C2-carboxylic acid compound after acetic acid, and oxalic acid. It is produced from catalytic oxidation of glyoxal. It is used in to produce various downstream products which are used in range of end use industries. The prominent derivatives of glyoxylic acid are allantoin, vanillin, P-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, 2-hydroxyl-phosphine acetic acid and others. Among all these derivatives, allantoin and vanillin are the most prominently used in several end use industries. Allantoin is used as a keratolitic ingredient in skin care products and is estimated to account highest market share in the global market by 2017 end. Allantoin segment is followed by vanillin market segment owing to its high use in food & beverage industry in aroma application. Furthermore, prominent glyoxylic acid applications are personal care & cosmetics, aromas, pharmaceutical, agrochemicals and others. Personal care & cosmetics and pharmaceutical are estimated to be the leading glyoxylic acid application accounting for more than 30% of the overall glyoxylic acid consumption in 2017. Agrochemicals is relatively smaller market segment accounting for niche share in the overall market. The segment is witnessing slower growth owing to presence of suitable alternatives in the market.
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The market is estimated to exhibit single digit CAGR of 5.27% over the forecast period, 2017-2023. The market growth is attributed to various market driven factors affecting the overall consumption in 2017-2023. Some of the major driving factors considered in the report are increasing production of allantoin, increasing demand for vanillin in food & beverage industry, and increasing production of various downstream products in different industries. Allantoin is a leading downstream product of glyoxylic acid and is estimated to witness higher consumption owing to increasing demand for keratolytic ingredients in skin care products. The growing allantoin demand is in turn estimated to boost market demand for glyoxylic acid. Moreover, increasing vanillin application in food & beverage industry is estimated to be another driving factor for the market. Increasing manufacturer’s focus on producing pure form of glyoxylic acid is a coherent trend in the market. The global glyoxylic acid market is anticipated to reach USD 849.1 Mn in 2023 end from USD 76.7 Mn in 2016.
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
- On the basis of Application, the global glyoxylic acid is segmented into— Personal Care & Cosmetic Ingredient, Pharmaceuticals, Aroma, and Agrochemicals
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- Global Glyoxylic Acid Market is projected to reach USD 849.1 million by 2023 with 5.44% CAGR during review period of 2017-2023
- Asia-Pacific accounted for largest share due to growing production of downstream products in China and India.
- Asia-Pacific accounted for the largest market share of 52.00% in 2014, with a market value of USD 306.7 Million and is projected to grow at the highest CAGR of 5.99% during the forecast period. North America was the second-largest market in 2014, valued at USD 118.0 Million in 2014; it is projected to grow at a CAGR of 4.50%.
- Based on derivatives, allantoin is the dominating segment owing to its increasing demand in the multi-billion dollar cosmetic industry.
- Based on Application, personal care & cosmetics ingredients market dominate as increasing consumer awareness about healthier skin-care and hair care products among youth population and increasing consumption of allantoin in suncare products and pharmaceuticals in turn drives the demand of glyoxylic acid in global market.
Key players of the global glyoxylic acid market are
- 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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Table of Contents
1 Report Prologue 12
2 Scope of The Report 14
2.1 Market Definition 14
2.2 Scope of The Study 14
2.2.1 Research Objectives 14
2.2.2 Assumptions 15
2.2.3 Limitations 15
2.3 Markets Structure 15
3 Research Methodology 16
3.1 Research Process 16
3.2 Primary Research 17
3.3 Secondary Research 17
3.4 Market Size Estimation 17
4 Market Dynamics 20
4.1 Introduction 20
4.2 Drivers 21
4.2.1 Growing demand of Allantoin in Cosmetics is estimated to drive the global glyoxylic acid market 21
4.2.2 Increasing demand of aromas and flavors in food industry boosting vanillin market growth 21
4.2.3 Increasing demand for the production of glyoxylic acid downstream products 22
4.3 Restraints 22
4.3.1 High price and relatively lower quality products owing to outmoded technology in the market 22
4.4 Trend 23
4.4.1 Increasing focus of producers towards providing pure glyoxylic acid to the high end customers 23
4.5 Opportunity 23
4.5.1 Agrochemicals and polymers applications are estimated to pose promising opportunity for the low grade glyoxylic acid manufacturers 23
5 Market Factor Analysis 24
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