Press release
Global Glyoxylic Acid Market Set to Reach USD 0.8 Billion by 2033 Forecast Report
The report delivers a deep understanding of the key aspects of the Glyoxylic Acid market, for instance, import and export dynamics, production and consumption rates, and consumer bases across the major market regions. Thus, the report concludes with the essential market statistics presented in a tabular format to help readers get a clear idea of the global market dynamics.
The global glyoxylic acid market is projected to experience substantial growth over the next decade, expanding from an estimated USD 0.5 billion in 2024 to USD 0.8 billion by 2033, at a compound annual growth rate (CAGR) of 6.00%. The demand for glyoxylic acid is being driven by its extensive use in the pharmaceutical, cosmetic, and agrochemical industries.
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Key Drivers of Market Growth
1. Pharmaceutical Industry Boom: The growing application of glyoxylic acid in the pharmaceutical sector is a significant factor propelling market growth. According to reports from the European Federation of Pharmaceutical Industries and Associations, North America accounted for 53.3% of global pharmaceutical revenues in 2023, while Europe contributed 22.7%. The demand for glyoxylic acid is expected to rise further due to the increasing prevalence of chronic diseases such as cancer, respiratory problems, and diabetes.
2. Skincare Product Demand: Glyoxylic acid's role as a moisturizer and exfoliant has made it a popular ingredient in skincare products. Its anti-aging and exfoliating properties have led to increased usage in treatments for hyperpigmentation, fine lines, and wrinkles. Recent product launches, such as L'Oréal Paris' Glyoxylic Bright Dark Circle Eye Serum, highlight the growing importance of glyoxylic acid in the cosmetic industry.
3. Agrochemical Applications: The technical grade of glyoxylic acid is extensively used in agrochemicals, supporting the growth of this market segment. India's position as a net exporter of agrochemicals, with exports reaching USD 5.5 billion in FY 2022-23, underscores the rising demand for glyoxylic acid in this industry.
Market Challenges
Despite the positive growth outlook, the glyoxylic acid market faces challenges related to the high cost of raw materials. The price fluctuations of glyoxylic acid, influenced by seasonal demand and stock levels, have been a significant restraint. For instance, the price in the United States was USD 1,645 per metric ton in June 2024, while in France, it was USD 4,156 per metric ton.
Market Segmentation Insights
The market is segmented based on grade type into technical, pharmaceutical, and industrial grades. The technical grade category led the market in 2024 due to its cost-effectiveness and suitability for various industrial processes. The pharmaceutical grade segment is anticipated to be the fastest-growing category during the forecast period, driven by increasing global demand for pharmaceutical products.
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Some of the key companies in the global Glyoxylic Acid market include:
• PureTech Scientific Inc.
• CABB Chemicals
• CrossChem Limited
• Nikko Chemicals
• Avid Organics Pvt. Ltd.
• Mehul Dye Chem Industries
• Kanto Chemical Co., Inc.
• Junsei Chemical Co., Ltd.
• Kishida Chemical Co., Ltd.
• Fengchen Group Co., Ltd.
• Akema S.r.l.
• Zhonglan Industry Co., Ltd.
• STAN Chemical Co., Ltd.
• Xinjiang Guolin New Materials Co., Ltd.
• WeylChem International GmbH
Glyoxylic Acid Market Segmentation Analysis
By Grade Outlook (Revenue, USD Million; 2020-2033)
• Cosmetic Grade
• Technical Grade
• Pharmaceutical Grade
• Others
By Type Outlook (Revenue, USD Million; 2020-2033
• Allantoin
• Vanillin
• P-Hydroxyphenylglycine
• DL-P-Hydroxy Phenylhydantoin
• 2-Hydroxyl-Phosphine Acetic Acid,
• Others
By Application Outlook (Revenue, USD Million; 2020-2033)
• Personal Care & Dermatology
• Industrial
• Household
• Others
By Regional Outlook (Revenue, USD Million; 2020-2033)
• North America
o United States
o Canada
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East and Africa
o South Africa
o GCC Countries
o Rest of MEA
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Regional Outlook:
The report offers a comprehensive analysis of the current growth opportunities for various regions of the Glyoxylic Acid market. It gauges the revenue shares of these regions over the forecast timeline. Furthermore, the report analyzes the year-on-year growth rate of these regions over the forecast duration. The leading geographic regions encompassed in the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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