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.
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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.
The Global Glyoxylic Acid Market is majorly segmented on the basis of derivatives, application and region. Based on derivatives of glyoxylic acid the market is segmented into p-hydroxyphenylglycine, DL-p—hydroxy phenylhydantoin, vanillin, 2- hydroxyl- phosphine acetic acid, and others (diphenylacetic acid etc.). Based on application the market segmented into personal care & cosmetics ingredient, agrochemicals, pharmaceuticals, aromas, polymers, and others (electroless copper plating, water purificant, etc) and based on region market is segmented into North America, Europe, APAC, Latin America, and Middle East & Africa.
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- Akema Fine Chemicals
- Hubei Hongyuan Pharmaceutical Technology Co. Ltd
- Stan Chemicals
- WeylChem International GmbH
- Zhonglan Industry Co
- Haihang Industry Co. Ltd
- Zhonghua Chemical
Based on geography, the global glyoxylic acid market is divided into five regions namely— North America, Europe, Asia-pacific, Latin America and Middle East & Africa. Among the aforementioned regions, Asia-Pacific market acquired more than half of the market share in terms of value and volume.
Asia-Pacific market for glyoxylic acid is divided into China, Japan, and India among other Asian and Oceania countries. Comparatively, China dominated the market for glyoxylic acid over other countries in the region accounting for more than half of the consumption of glyoxylic acid in the Asia-Pacific market with a value share of 61.0%. Some of the substantial factors attributed to the market growth in China is the healthy growth rate of cosmetic & personal care market. For instance, China accounts for nearly 10% of revenue generated by the global personal care industry, and is anticipated to exhibit growth rate of ~8% over the forecast period, owing to the factors such as rapid urbanization, rise in disposable income and changing lifestyle of people among others. Thus, the subsequent demand for cosmetics will witness a substantial demand for personal care ingredients, which in turn will witness demand for glyoxylic acid. Moreover, the dominance of Chinese manufacturers in glyoxylic acid production accounts for nearly 45% of the global production. Collectively, the above mentioned factors are attributed to the growth of Asia-Pacific market.
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Regional dominance for consumption of glyoxylic acid ranks the North America market as the second largest market for glyoxylic acid globally in terms value and volume. However, in terms of growth the North America market exhibit low CAGR. The impetus demand for glyoxylic acid in the region is attributed towards the healthy growth rate of dermatology sector in the U.S coupled with a per capita health expenditure of nearly USD 10,000. Furthermore, the food flavor industry growth in North America can be further attributed to the growth of glyoxylic acid in the region, with increasing penetration of packaged foods in the region.
Though the Middle East & Africa market accounts for the smallest value, the glyoxylic acid market in the region is exhibited to register second-highest CAGR during the forecast period. This growth is primarily attributed towards the emerging cosmetic & personal care market in the region couple with migration of big cosmetic manufacturers in the region. For instance, according to study, per capita spending on cosmetics and personal care products in the Middle East countries such as Saudi Arabia, UAE, and G.C.C. accounted for nearly USD 171, 335, and 240 respectively in 2015, and it is expected to increase substantially over the forecast period. Also, the female population in the Middle East accounts for nearly 49-50% of total Middle East population coupled with high level of purchasing power, the woman population in the Middle East region tend to spend hefty sum on cosmetic and personal care products. Also, proposed expansion of Korean cosmetics giant “AmorePacific” in the Middle East market by 2017 end is further anticipated to boost the demand for cosmetic ingredients, which in turn will offer lucrative opportunities in the glyoxylic acid market
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