Glyoxylic Acid Market is Anticipated to Reach USD 849.1 million by 2023 with 5.44% CAGR during review period of 2017-2023 | Key Players Include Akema Fine Chemicals, WeylChem International GmbH, Haihang Industry Co. Ltd

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.

Key Players:

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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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.

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 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.

SegmentaL Analysis:

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.

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Key Findings:

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.
Regional Insights:

The region-wise analysis of the market covers regions such as Europe, Latin America, AsiaPacific, North America, Middle East, and Africa. The AsiaPacific region is estimated to be a key region in terms of production and consumption of glyoxylic acid. The Asia Pacific market’s development is credited to the developing consumption of glyoxylic acid in the China market. The global glyoxylic acid production and consumption are clustered in China due to the combination of end-use industries in the region. China is projected to control about 45% of the global production and is projected to hold its dominance over the forecast period. The North American and European regions trail the Asia Pacific region in terms of consumption rates. The North American and European are substantial markets for glyoxylic acid and is anticipated to increase at CAGRs of 4.30% and 4.50% correspondingly through the forecast period in terms of consumption.

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