USD 306.75 million
Glyoxylic Acid Market Size, Share, Growth Analysis, By Source(Synthetic and natural), By Grade(Technical grade, pharmaceutical grade) - Industry Forecast 2024-2031
Report ID:
SQMIG30L2223 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
61 |
Figures:
75
Glyoxylic Acid Market Insights
Glyoxylic Acid Market size was valued at USD 306.75 million in 2021 and is poised to grow from USD 327 million in 2022 to USD 545.26 million by 2030, at a CAGR of 6.6% during the forecast period (2023-2030).
The global glyoxylic acid market has experienced steady growth over the years and is expected to continue its upward trajectory in the coming years. One of the key drivers of the global market is its extensive use in the pharmaceutical industry. Glyoxylic acid is an important intermediate in the synthesis of various pharmaceutical compounds, including vitamins, antibiotics, and antihistamines. The growing prevalence of chronic diseases and the expanding global population have led to an increased demand for pharmaceutical products, thereby driving the demand for glyoxylic acid. Furthermore, glyoxylic acid finds application as a key ingredient in various personal care and cosmetic products. It is widely used in the formulation of hair straightening and smoothing agents, skin care products, and hair dyes. The rising consumer focus on personal grooming and appearance, coupled with the growing beauty and personal care industry, is fueling the demand for glyoxylic acid. The agrochemical industry is another significant consumer of glyoxylic acid. It is used in the synthesis of herbicides, insecticides, and plant growth regulators. With the increasing need for higher agricultural productivity to meet the global food demand, the demand for agrochemicals is on the rise. This, in turn, is propelling the growth of the global market. Despite the positive market outlook, the market also faces certain challenges. One of the major challenges is the availability and cost of raw materials. Glyoxylic acid is primarily derived from glyoxal, which is manufactured from ethylene glycol or formaldehyde. Fluctuating prices and availability of these raw materials can impact the production and supply of glyoxylic acid, leading to price volatility. Environmental concerns and regulations are another challenge faced by the glyoxylic acid market. The production of glyoxylic acid involves the use of chemicals and energy, which can have adverse environmental impacts if not properly managed. Stringent regulations regarding waste disposal and emissions control can increase production costs and pose challenges for manufacturers.
US Glyoxylic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Synthetic
Fastest Growth
Synthetic
Growth Rate
6.6% CAGR
Global Glyoxylic Acid Market ($ Bn)
Country Share for Asia-pacific Region (%)
Global Glyoxylic Acid Market By Source ($ Bn)
Global Glyoxylic Acid Market By Source (%)
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Glyoxylic Acid Market Segmental Analysis
The global Glyoxylic Acid market is segmented on the basis of source, grade, and region. By source, the market is segmented into synthetic and natural glyoxylic acid. By grade, the market is segmented into technical grade, pharmaceutical grade, and industrial grade. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Glyoxylic Acid Market Analysis By Source
The global glyoxylic acid market can be segmented by source into synthetic and natural glyoxylic acid. Synthetic glyoxylic acid, derived from chemical synthesis processes, is currently the dominant source in the market. It is widely manufactured using glyoxal, which is produced from ethylene glycol or formaldehyde. Synthetic glyoxylic acid offers consistent quality, higher purity levels, and reliable supply, making it the preferred choice for many industries. The pharmaceutical sector, in particular, heavily relies on synthetic glyoxylic acid due to its consistent and controlled chemical properties.
On the other hand, natural glyoxylic acid, derived from renewable sources, is the fastest-growing segment in the market. Natural glyoxylic acid is primarily sourced from plant-based materials, such as glycolic acid derived from sugar cane or other biomass feedstocks. This eco-friendly and sustainable approach aligns with the increasing consumer demand for green and renewable products. The use of natural glyoxylic acid is gaining traction in the personal care and cosmetic industry, where the preference for natural ingredients is on the rise.
Glyoxylic Acid Market Analysis By Grade
The global glyoxylic acid market can be segmented by grade into technical grade, pharmaceutical grade, and industrial grade. The dominant segment in the glyoxylic acid market is technical grade. Technical grade glyoxylic acid is widely used in various industrial applications, including agrochemicals, cosmetics, textiles, and leather processing. It is primarily used as an intermediate in the synthesis of other chemicals and compounds. Technical grade glyoxylic acid offers a balance between cost-effectiveness and quality, making it the preferred choice for many industrial processes.
The fastest-growing segment in the glyoxylic acid market is pharmaceutical grade. Pharmaceutical grade glyoxylic acid is produced to meet strict quality standards and regulatory requirements for use in the pharmaceutical industry. It undergoes rigorous purification processes to achieve high purity levels and ensure the absence of impurities. Pharmaceutical grade glyoxylic acid is used as a key intermediate in the synthesis of pharmaceutical compounds, such as vitamins, antibiotics, and antihistamines. The increasing demand for pharmaceutical products, driven by factors such as population growth and the prevalence of chronic diseases, is fueling the growth of the pharmaceutical grade glyoxylic acid segment.
Global Glyoxylic Acid Market By Source, 2023 (%)
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Glyoxylic Acid Market Regional Insights
The dominant region in the glyoxylic acid market is Asia Pacific. Asia Pacific accounts for a significant share of the global market due to the presence of a large number of manufacturing facilities and the robust growth of end-use industries. Countries like China and India are major producers and consumers of glyoxylic acid, driven by the strong demand from the pharmaceutical, agrochemical, and personal care industries. The region's favourable business environment, cost-effective production capabilities, and expanding industrial sectors contribute to its dominance in the glyoxylic acid market.
The fastest-growing region in the glyoxylic acid market is expected to be Latin America. Latin America is experiencing rapid industrialization and urbanisation, which is driving the demand for various end-use industries that utilise glyoxylic acid. The pharmaceutical and personal care sectors, in particular, are witnessing significant growth in the region. Latin America offers untapped market potential and increasing consumer awareness of personal care and wellness, leading to a rising demand for glyoxylic acid. Additionally, favourable government initiatives, foreign investments, and expanding manufacturing capabilities are contributing to the fast-paced growth of the glyoxylic acid market in Latin America.
Global Glyoxylic Acid Market By Region, 2024-2031
- Largest
- Fastest
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Glyoxylic Acid Market Dynamics
Glyoxylic Acid Market Drivers
Increasing Demand from End-Use Industries
- The global glyoxylic acid market is driven by the growing demand from various end-use industries such as pharmaceuticals, agrochemicals, cosmetics, and textiles. The rising population, increasing healthcare needs, and changing consumer preferences for personal care products are contributing to the demand for glyoxylic acid.
Advancements in Pharmaceutical Sector
- Glyoxylic acid is extensively used as an intermediate in the synthesis of pharmaceutical compounds. The pharmaceutical industry's continuous advancements, research, and development activities, along with the increasing prevalence of chronic diseases, are driving the demand for glyoxylic acid in this sector.
Glyoxylic Acid Market Restraints
Environmental and Regulatory Concerns
- The production of glyoxylic acid involves the use of chemicals and energy, which can have adverse environmental impacts if not properly managed. Stringent regulations related to waste disposal, emissions control, and sustainability can increase production costs and pose challenges for manufacturers in the glyoxylic acid market.
Competition from Substitutes
- Glyoxylic acid faces competition from substitute products in certain applications. Manufacturers are continually exploring alternative chemicals or processes that can offer similar functionalities, which may affect the demand for glyoxylic acid in specific end-use industries.
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Glyoxylic Acid Market Competitive Landscape
The global glyoxylic acid market exhibits a competitive landscape with several key players vying for market share. The market is characterised by the presence of both established multinational companies and regional players. These companies focus on product innovation, strategic partnerships, and expansion strategies to strengthen their market position. The competitive landscape is influenced by factors such as technological advancements, research and development activities, and customer preferences. Key players in the market strive to differentiate themselves by offering high-quality glyoxylic acid products that meet the stringent requirements of end-use industries such as pharmaceuticals and personal care. Moreover, the global market experiences competition from substitute products and alternative manufacturing processes. Companies in the market continuously explore and invest in research to develop more sustainable and cost-effective manufacturing methods. This enables them to meet the changing demands of customers and remain competitive in the market. Furthermore, the market is characterised by collaborations and partnerships between key players and end-use industries. This helps in enhancing product development capabilities, expanding market reach, and addressing customer needs effectively. Strategic alliances also facilitate the sharing of technological expertise and resources, leading to improved product offerings and market competitiveness.
Glyoxylic Acid Market Top Player’s Company Profiles
- Hubei Shunhui Bio-Technology Co., Ltd. - China
- Hubei Xianlin Chemical Co., Ltd. - China
- Yixing Linggu Plastic Products Co., Ltd. - China
- Zhangjiagang Gangsheng New Material Co., Ltd. - China
- Dongying Kechuang Biochemical Industrial Co., Ltd. - China
- Ningbo Sourcechem Co., Ltd. - China
- Akema Fine Chemicals - Italy
- Hebei Yanuo Chemical Industry Co., Ltd. - China
- Alfa Aesar - United States
- Zhonglan Industry Co., Ltd. - China
- Hefei TNJ Chemical Industry Co., Ltd. - China
- Thermo Fisher Scientific - US
- Xiangyang Yuchang Fine Chemicals Co., Ltd. - China
- Wuhan Rison Trading Co., Ltd. - China
- Shijiazhuang Chuanglian Chemical Co., Ltd. - China
- Xianju Xinglong Chemical Co., Ltd. - China
- Henan Sinotech Import & Export Corporation - China
Glyoxylic Acid Market Recent Developments
- In March 2022, BASF SE announced the expansion of its glycolic acid production capacity in Nanjing, China.
- In June 2022, Eastman Chemical Company announced the launch of its new glycolic acid product line for use in personal care and cosmetics applications.
Glyoxylic Acid Key Market Trends
- Strategic Collaborations and Partnerships: Key players in the glyoxylic acid market are entering into strategic collaborations and partnerships to strengthen their market position. These partnerships enable companies to leverage each other's expertise, technologies, and distribution networks, facilitating product development and market expansion.
- Regulatory Compliance and Quality Assurance: Stringent regulations and quality standards in industries such as pharmaceuticals and personal care drive the need for glyoxylic acid that meets regulatory requirements. Manufacturers are focusing on ensuring compliance with regulations and maintaining high-quality standards to meet customer demands and gain a competitive edge.
Glyoxylic Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Glyoxylic Acid market analysis, Asia Pacific is the dominant region in the global market, supported by its manufacturing capabilities and strong demand from various industries. Latin America, on the other hand, is the fastest-growing region due to its expanding industrial sectors and increasing consumer awareness. The global market is experiencing steady growth driven by various factors. The increasing demand from end-use industries, such as pharmaceuticals, personal care, and agrochemicals, is propelling the market forward. The pharmaceutical industry's continuous advancements and the rising need for medications drive the demand for glyoxylic acid as a key intermediate in pharmaceutical synthesis. Additionally, the growing trend of natural and sustainable products is boosting the demand for glyoxylic acid derived from renewable sources. Technological advancements and process improvements are enhancing production efficiency and product quality. Strategic collaborations and partnerships among key players are fostering market growth through shared expertise and expanded distribution networks. However, challenges such as raw material availability, price volatility, and regulatory compliance need to be addressed to ensure sustained growth. Overall, the global market presents promising opportunities for manufacturers and is poised for further expansion due to its wide range of applications and increasing demand across various industries.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 306.75 million |
| Market size value in 2031 | USD 545.26 million |
| Growth Rate | 6.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Glyoxylic Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Glyoxylic Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Glyoxylic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Glyoxylic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Glyoxylic Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Glyoxylic Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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