Glyoxal Market 2023: Segmented By Application (Paper, Cross-Linking Polymer, Sulfur Scavenger, Wood Hardening and Others), by End Use (Oil & Gas, Paper Packaging, Leather, Textiles, Cosmetics, Furniture and Others) and by Region Forecast till 2023
Glyoxal is known for its cross linking abilities. Additionally, this application includes usage as a cross-linking agent linked with cellulose in order to avoid cellulosic swelling. The other characteristic of this compound is owing to its low moisture retention. With these reasons, Glyoxal is used in various industries including oil & gas, paper packaging, leather, textiles, cosmetics, furniture.
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Some of the prominent factors that increase the growth of Glyoxal Market are rapid industrialization, rising middle class population and their spending, and construction industry. Rapid urbanization and increasing construction activities in order to house the expanding population are predicted to increase the market for Glyoxal in the forecast period. Moreover, rising middle class population and their spending to enhance their standards of living is likely to propel the market in the forecast period.
Some of the prominent players in the Global Glyoxal Market are BASF SE (Germany), Silver Fern Chemical Inc. (The U.S.), Eastman Chemical Company (The U.S.), The Dow Chemical Company (The U.S.), Huntsman Corporation (The U.S.), Formosa Plastics Corporation (Taiwan), Royal Dutch Shell plc (The Netherlands), Amzole India Private Limited (India), Hubei Hongyuan Pharmaceutical Technology Co., Ltd (China), Zhonglan Industry Co., Ltd (China), and among others.
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The Global Glyoxal Market is segmented on the basis of application, end use industry and region. Based on the application, the market is segmented into paper, cross-linking polymer, sulfur scavenger, wood hardening, and others. Based on the end use industry, the market is segmented into oil & gas, paper packaging, leather, textiles, cosmetics, furniture. Among the end use segment, oil & gas industry has share in the Global Glyoxal Market in the forecast period owing to their efficient solution for sulfur scavenging applications.
The growth in the Glyoxal Market can attributed to wide utilization of cross linking polymer characteristic which is a major application in textiles, furniture and paper packaging industry. In textile industry, cross linking characteristic leads to obtain wrinkle free textile material whereas in paper packaging it is used for its low moisture retention characteristic. This moisture retention characteristic is also used for wood hardening. This cross linking characteristic is the major driver in the Glyoxal Market for the forecast period. Additionally, the cross linking characteristic is utilized in cosmetics to better the viscosity of the emulsions and in leather industry it is used to protect the leather quality.
The global market is segmented into Asia Pacific, North America, Europe Latin America, and the Middle East & Africa. Among these regions, Asia Pacific is the largest market accounted for Glyoxal production. Rapid growth in the usage of cross-linking polymers in the textile industry is anticipated to drive the market growth.
Increasing oil consumption in North America has consequently opened up the market and it is anticipated to increase in the forecast peiod for secondary petroleum products such as Glyoxal where this compound is used as a sulfur scavenging agent in the oil & gas industry. After the recent shale gas recovery, the import of raw materials is likely to reduce over the forecast period.
In the Middle East region, nations like the U.A.E, and Saudi Arabia has situated themselves as a travel and tourism industry focus. Also, there are new proposed developments extends in the forecast period. It is foreseen that as there is developing interest for Glyoxal in this area, setting up new capacities in the forecast period will guarantee development of Glyoxal Market in this region.
After the 2009 recession crisis, Latin American countries are picking up the market trend slowly. As a consequence of the crisis, domestic prices continue to rise in this region. People will be looking for economic stability and also consumer spending is least expected in the forecast period.
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