Glyoxal Market to Develop Rapidly by 2025
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Based upon product type, the glyoxal market can be segmented into pharmaceutical grade and industrial grade. Pharmaceutical grade glyoxal is primarily used as a precursor in the manufacture of a large number of chemical products. Industrial grade glyoxal is used in textile, leather, oil & gas, cosmetics, and other industries as a raw material. Demand for industrial grade glyoxal is higher. It is expected to increase at a faster pace during the forecast period. Rise in demand of glyoxalin various industries such as cosmetics and personal care is projected to boost the glyoxal market. Increase in disposable income and growth in healthier lifestyle of people are anticipated to propel the demand for glyoxal across the globe.
Based on application, the glyoxal market can be segmented into textiles, leather, oil & gas, cosmetics, paper & packaging, and others. The oil & gas segment is anticipated to account for major share of the glyoxal market in terms of demand. Glyoxal acts as a cross-linker and increases the viscosity of the fracturing fluid to release oil. As a result, it is primarily used for oil recovery. Rise in demand for oil & gas across the globe is anticipated to boost the demand for glyoxal. Increase in oil refining activities in North America is estimated to positively influence the oil & gas segment. Demand for glyoxal is moderate in the paper packaging industry due to its moisture retention property. Demand for packaged foods has been rising, as they are portion-controlled, time-saving, and available in suitable packaging with freeze or defrost stability. Increase in technological developments in the packaging industry is expected to widen the range of suitability of food products that include frozen, chilled, shelf-stable, microwavable, and prepared mixes. Other industries such as cosmetics, leather, textiles, and personal care are projected to expand at a steady rate during the forecast period which is likely to increase in demand for glyoxal market.
Asia Pacific accounted for the major share of the glyoxal market across the globe. Rise in demand for textile and leather products is projected to boost the market for glyoxal in Asia Pacific in the near future. Demand for glyoxal is increasing in cosmetics and personal care industries. This is predicted to boost the market in the region. North America and Europe also held key shares of the market in 2016. Increase in oil & gas exploration activities and strong demand from the packaged food industry in North America and Europe are likely to drive the demand for glyoxal in these regions. Middle East & Africa and Latin America constituted lower shares of the market in 2016; however, their shares are anticipated to rise significantly in the near future.
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Key manufacturers operating in the global glyoxal market include BASF SE, Celanese Corp., Eastman Chemical Company, Jubliant Life Sciences Ltd., The Dow Chemical Company, Zhonglan Industry Co. Ltd. and Amazole India Pvt. Ltd.
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