Glyoxylic Acid Market by Size, Top Players, Market Trends, Analysis – Forecast to 2023
“Glyoxylic Acid Market”
Glyoxylic Acid Market covers definition, classification, industry value, price, manufacturers, analytical view by Regions, Type and Application, Forecast to 2023.
Glyoxylic Acid Market Synopsis:
The use of glyoxylic acid as a chemical intermediate in various industries has motivated the market substantially. Market reports connected with the chemicals and materials industry have been made accessible by Market Research Future who publishes reports on other sectors that have been currently published along with a report on this industry.
The market is anticipated to gross revenue worth USD 849.1 million while developing at a 5.27% CAGR over the forecast period.
Top key Players:
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 and Zhonghua Chemical among others.
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.
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.
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.
The surging production of glyoxylic acid can be attributed to the rising demand to produce various downstream products which are used in a variety of end-use industries. Allantoin and vanillin are the major used types in these end-use industries such as the personal care & cosmetics industry which is growing at a phenomenal pace globally. Increasing demand for vanillin in the food & beverage industry which has high product consumption rate is expected to further fuel the market’s growth trajectory over the forecast period.
Geographically, the market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Asia-Pacific is the estimated to be the largest region in terms of consumption and production of glyoxylic acid. Asia Pacific market growth is attributed to higher consumption of glyoxylic acid in China market. Global glyoxylic acid production and consumption is concentrated in China owing to the aggregation of end use industries in the region. Chinese manufacturers such as Industry Co., Haihang Industry Co. Ltd are some of the major players in china having significant share in the global production capacity. Moreover, global players such as Akema Fine Chemicals owns production facilities in China. China is estimated to account for 45% of the global production and is expected to retain its dominance over the forecast period.
Asia Pacific is followed by North America and Europe in terms of consumption. North America and Europe are markets for glyoxylic acid is expected to grow at CAGRs of 4.30% and 4.50% respectively during the forecast period, in terms of consumption.