Deep- Diving into the Global Glyoxylic Acid Market; MRFR Reveals Insights for 2022-2030
The global glyoxylic acid market is growing steadily in recent years, mainly due to the rising usages of this chemical as an intermediate in various industries. Glyoxylic acid, also known as oxo-acetic acid, is an organic compound used in the manufacturing of different downstream products for a range of end-use industries. Personal care & cosmetics and the pharmaceutical sector accounted for more than 30% of the overall glyoxylic acid consumption in 2017.
Among all derivatives of glyoxylic acid, allantoin and vanillin are prominently used in several end-use sectors. Allantoin is used as a keratolitic ingredient in skincare products, and vanillin is used in the food & beverage industry as an aroma ingredient. The massive consumption of allantoin and vanillin in the burgeoning personal care & cosmetics and food & beverage industries accelerates the growth of the market on a global level.
Market Research Future (MRFR), in its recent analysis, asserts that the global Glyoxylic Acid Market is anticipated to rise to USD 849.1 MN by 2023 from USD 76.7 MN in 2016. The market is estimated to exhibit a CAGR of 5.27% over the forecast period (2022-2030). Some of the major driving forces for the growth of the market include the increasing production led by the increasing demand for various downstream products.
Increasing focus on producing a pure form of glyoxylic acid is a consistent trend in the market. Furthermore, prominent glyoxylic acid applications are aromas, pharmaceuticals, agrochemicals, and others. Among these, the agrochemicals are relatively a smaller market segment owing to the presence of suitable alternatives in the market. Glyoxylic acid is estimated to witness higher consumption owing to the increasing demand for keratolytic ingredients in skincare products, which is, in turn, expected to boost market demand.
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Major Players:
Key players leading the global glyoxylic acid market include Hubei Hongyuan Pharmaceutical Technology Co. Ltd, Arkema Fine Chemicals, Stan Chemicals, Zhonglan Industry Co, WeylChem International GmbH, Haihang Industry Co. Ltd., and Zhonghua Chemical, among others.
Global Glyoxylic Acid Market - Segmentation
The market is segmented into three dynamics to widen the scope of understanding,
By Derivative: Allantoin, P-Hydroxyphenylglycine, Vanillin, DL-P-Hydroxy Phenylhydantoin, 2-Hydroxyl-Phosphine Acetic Acid, and others.
By Application: Pharmaceutical, Personal Care & Cosmetics Ingredients, Aromas, Agrochemicals, and others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Global Glyoxylic Acid Market - Regional Analysis
The Asia Pacific region is projected to retain its dominance over the global glyoxylic acid market, heading with its burgeoning application industries. The regional market is boosted by the massive contribution from the Chinese glyoxylic acid market. China accounts for over 45% of global production and is expected to remain the largest market in the APAC glyoxylic acid market.
High production and consumption of glyoxylic acid owing to the aggregation of end-use industries in China and other parts of the region impact the market growth, positively. Moreover, the presence of major players such as Industry Co., Haihang Industry Co. Ltd., and Akema Fine Chemicals increases China's share in the global production capacity.
Glyoxylic acid markets in North America and Europe are too growing significantly and expected to grow at 4.30% and 4.50% CAGR, respectively, during the forecast period. The growing industrialization is a major driving force pushing up the glyoxylic acid market in these regions. Moreover, the widening uptake of glyoxylic acid in the food, cosmetics, and personal care products industry is impacting the growth of the market.
The presence of well-developed end-user industries such as food & beverages, pharmaceuticals, and cosmetic & personal care alongside their growing consumption of the product is acting as a tailwind pushing up the market in these regions. Furthermore, increasing the use of glyoxylic acid in food & beverages is augmenting the market demand in these regions.
Global Glyoxylic Acid Market - Competitive Analysis
Highly competitive, the global glyoxylic acid market appears fragmented due to the presence of several well-established as well as small players. To gain a substantially larger share in the market, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product & technology launch.
They also make substantial investments to expand their production capacity, distribution network, and supply chain locally and in the emerging countries. In such a scenario, obtaining strong financial support becomes the sole strategy of suppliers to sustain in the market. Manufacturers strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
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Industry/ Innovation/ Related News:
September 26, 2019 ---- BASF (Germany), one of the leading chemical companies worldwide, announced its move towards strengthening the biotechnology footprint by acquiring Isobionics and collaborating with Conagen. Isobionics (Netherlands) is an innovation leader in biotechnology and serves the global market for natural flavors and fragrances (F&F), and Conagen (the US) is a leader in biotechnology research.
BASF, as a leading supplier of synthetic aroma ingredients, broadens its portfolio with natural ingredients such as vanillin, nootkatone, and valencene. With the know-how expertise of Isobionics and Conagen, BASF intends to advance the technology for biotech-based aroma ingredients by combining its own R&D excellence and broad market access.
Natural vanillin is a derivative of glyoxylic acid and aroma ingredients with the highest market demand. With these deals, BASF will be able to serve the spurring market demand for natural vanillin for all flavor applications, such as chocolate, strawberry, and caramel, while maintaining "all-natural" labeling. BASF's deal with Conagen, meanwhile, brings fermentation-derived vanillin, the main flavor and scent component of vanilla.
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