Glyoxylic Acid Market 2020- Overview, COVID-19 Analysis, Demand and Forecast to 2023
Market Insights
Glyoxylic Acid,
also known as oxo-acetic acid, is an organic compound which finds utility in
various chemicals as a chemical intermediate. Market Research Future (MRFR) has
circulated a report which assesses the global glyoxylic acid market for the
assessment period 2017 to 2023. It reveals that the market is poised to expand
at 5.27% CAGR over the review period. It also estimates that the valuation of
the market is set to reach USD 849.1 Mn by 2023 up from USD 76.7 Mn in 2016.
The derivatives of
the acid are likely to witness rising applications which is poised to drive the
growth of the Glyoxylic
Acid Market over the next couple of years. Rising demand from the
end-use industry verticals such as pharmaceutical and personal care industries
are expected to play the most crucial role in the development of the market in
the years to come. In addition, the application of vanillin in the food &
beverage industry is further expected to propel the expansion of the glyoxylic
acid market across the review period.
Top
Players
·
Akema Fine Chemicals
·
Hubei Hongyuan Pharmaceutical
Technology Co. Ltd
·
Stan Chemicals
·
WeylChem International GmbH
·
Zhonglan Industry Co
·
Haihang Industry Co. Ltd
·
Zhonghua Chemical
Segmentation Analysis
The Global Glyoxylic Acid Market is
majorly segmented on the basis of derivatives, application and region. Based on
derivatives of glyoxylic acid the market is segmented into
p-hydroxyphenylglycine, DL-p—hydroxy phenylhydantoin, vanillin, 2- hydroxyl-
phosphine acetic acid, and others (diphenylacetic acid etc.). Based on application
the market segmented into personal care & cosmetics ingredient,
agrochemicals, pharmaceuticals, aromas, polymers, and others (electroless
copper plating, water purificant, etc) and based on region market is segmented
into North America, Europe, APAC, Latin America, and Middle East & Africa.
Regional
Analysis
Based on geography, the global
glyoxylic acid market is divided into five regions namely— North America,
Europe, Asia-pacific, Latin America and Middle East & Africa. Among the
aforementioned regions, Asia-Pacific market acquired more than half of the
market share in terms of value and volume.
Asia-Pacific
Market for glyoxylic acid is divided into China,
Japan, and India among other Asian and Oceania countries. Comparatively, China
dominated the market for glyoxylic acid over other countries in the region
accounting for more than half of the consumption of glyoxylic acid in the
Asia-Pacific market with a value share of 61.0%. Some of the substantial
factors attributed to the market growth in China is the healthy growth rate of
cosmetic & personal care market. For instance, China accounts for nearly
10% of revenue generated by the global personal care industry, and is
anticipated to exhibit growth rate of ~8% over the forecast period, owing to
the factors such as rapid urbanization, rise in disposable income and changing
lifestyle of people among others. Thus, the subsequent demand for cosmetics
will witness a substantial demand for personal care ingredients, which in turn
will witness demand for glyoxylic acid. Moreover, the dominance of Chinese
manufacturers in glyoxylic acid production accounts for nearly 45% of the
global production. Collectively, the above-mentioned factors are attributed to
the growth of Asia-Pacific market.
Regional dominance for consumption of
glyoxylic acid ranks the North America market as the second largest market for
glyoxylic acid globally in terms value and volume. However, in terms of growth
the North America market exhibit low CAGR. The impetus demand for glyoxylic
acid in the region is attributed towards the healthy growth rate of dermatology
sector in the U.S coupled with a per capita health expenditure of nearly USD
10,000. Furthermore, the food flavor industry growth in North America can be
further attributed to the growth of glyoxylic acid in the region, with
increasing penetration of packaged foods in the region.
Though the Middle East & Africa
Market accounts for the smallest value, the glyoxylic acid market in the
region is exhibited to register second highest CAGR during the forecast period.
This growth is primarily attributed towards the emerging cosmetic &
personal care market in the region couple with migration of big cosmetic
manufacturers in the region. For instance, according to study, per capita
spending on cosmetics and personal care products in the Middle East countries
such as Saudi Arabia, UAE, and G.C.C. accounted for nearly USD 171, 335, and
240 respectively in 2015, and it is expected to increase substantially over the
forecast period. Also, the female population in the Middle East accounts for
nearly 49-50% of total Middle East population coupled with high level of purchasing
power, the woman population in the Middle East region tend to spend hefty sum
on cosmetic and personal care products.
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