Glyoxal Market Analysis, Regional Outlook, Competitive Market Share & Forecast, 2017-2024.oil & gas sector by 2024, as it plays vital role in increasing the viscosity of fracturing fluids as a crosslinker and in gas sweetening processes as sulfur scavenger.
Growth dynamics for oil recovery across the globe will in turn drive the glyoxal demand over the forecast timespan. The product holds robust potential as a replacement of aldehydes for instance, formaldehyde, glutaraldehyde and others. Moreover, the product will have substantial demand as a biocidal active ingredient in disinfection applications in the near future. It leads to effective solutions in the veterinary hygiene, when formulated with glutaraldehyde. Apart from the recognized uses, glyoxal holds strong potential for further innovations, which are still in the early stages of development.
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Glyoxal Market size is anticipated to grow with a high CAGR by 2024. As per the OECD guidelines 303A & 301C-E, glyoxal has been approved as environment-friendly for it its biodegradable characteristics. On account of the versatile characteristics exhibited by glyoxal, the market is certain to witness substantial growth for various applications. Growing demand for glyoxylic acid production will propel the glyoxal market growth. Glyoxylic acid, a vital derivative, has been widely used in several industries including: agrochemicals, pharmaceuticals, etc.
Based on the purity, glyoxal market can be classified into: pure grade with 40% or more concentration, and the raw grade with less than 40% concentration. The pure grade is expected to witness higher demand over the forecast period.
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Based on the application segments, global glyoxal market segmentation can be viewed as: textile, paper, oil & gas, leather, personal care, resin manufacturing and others. Increasing consumer spending in personal care and hygiene products such as moisturizers, sunscreen creams, etc. will boost the industry in the next 7 years. Resin manufacturing segment will also observe strong demand for glyoxal for its broad range of applicability. The chemical has been gaining wider acceptance in masking and crosslinking nucleophiles such as amides, sulfites, amino groups, hydroxy groups, etc. The product exhibits significant low moisture retention features, which is expected to drive the glyoxal market for paper applications by 2024.
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Based on the regions, the glyoxal market can be classified into: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific is expected to lead the overall glyoxal industry demand by 2024. The extreme pace of industrialization has been driving the manufacturing activities in the region, amidst the rising needs of sanitation. The chemical will have robust demand in Asia Pacific for its industrial usage as an odor agent, intermediate, solids separation agent, filler, and as a processing aid. The exponential growth in the regional personal care industry will further drive the demand for glyoxal in cosmetics applications for instance: sunscreen creams, moisturizers, lotions, etc. North America is likely to observe significant demand for glyoxal particularly in the end-use sectors including: pharmaceuticals, agrochemicals, packaged food, etc.
The overall glyoxal industry is anticipated to exhibit fragmented nature with significant share contribution by key market players including: BASF SE, Eastman Chemical, Silver Fern Chemical, Clariant, Huntsman Corp., Formosa Plastics Group, INEOS, Shell Chemicals, SINOPEC, etc. However, the industry marks significant initiatives by small scale manufacturers. Leading players such a ME Global B.V. and BASF SE exhibit high-level integration across the value chain with their involvement in the raw materials supply and the strong distribution channels. The manufacturers have been involved in capacity expansions and product innovations to strengthen their market share.
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