Synopsis of Glyoxylic Acid Market:
Glyoxylic Acid or oxo-acetic acid is an organic compound used as a chemical intermediate in various industries. It is one of the prominent C2-carboxylic acid compound after acetic acid, and oxalic acid. It is produced from catalytic oxidation of glyoxal. It is used in to produce various downstream products which are used in range of end use industries. The prominent derivatives of Glyoxylic Acid Market are allantoin, vanillin, P-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, 2-hydroxyl-phosphine acetic acid and others. Among all these derivatives, allantoin and vanillin are the most prominently used in several end use industries. Allantoin is used as a keratolitic ingredient in skin care products and is estimated to account highest market share in the global market by 2017 end. Allantoin segment is followed by vanillin market segment owing to its high use in food & beverage industry in aroma application. Furthermore, prominent Glyoxylic Acid applications are personal care & cosmetics, aromas, pharmaceutical, agrochemicals and others. Personal care & cosmetics and pharmaceutical are estimated to be the leading Glyoxylic Acid application accounting for more than 30% of the overall Glyoxylic Acid consumption in 2017. Agrochemicals is relatively smaller market segment accounting for niche share in the overall market. The segment is witnessing slower growth owing to presence of suitable alternatives in the market.
The market is estimated to exhibit single digit CAGR of 5.27% over the forecast period, 2017-2023. The market growth is attributed to various market driven factors affecting the overall consumption in 2017-2023. Some of the major driving factors considered in the report are increasing production of allantoin, increasing demand for vanillin in food & beverage industry, and increasing production of various downstream products in different industries. Allantoin is a leading downstream product of Glyoxylic Acid and is estimated to witness higher consumption owing to increasing demand for keratolytic ingredients in skin care products. The growing allantoin demand is in turn estimated to boost market demand for Glyoxylic Acid. Moreover, increasing vanillin application in food & beverage industry is estimated to be another driving factor for the market. Increasing manufacturer’s focus on producing pure form of Glyoxylic Acid is a coherent trend in the market. The Global Glyoxylic Acid Market is anticipated to reach USD 849.1 Mn in 2023 end from USD 76.7 Mn in 2016.
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Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Glyoxylic Acid MARKET was valued at USD 589.9 million in 2016 and is expected to grow at 5.44% CAGR to reach USD 849.1million by the end of 2023. Glyoxylic Acid consumption in the global market can be attributed to the considerable demand for its derivatives among its major end-use industries cosmetic & personal care, pharmaceuticals and food & beverages. For instance, allantoin is widely consumed in the cosmetic industry for manufacturing of skincare products, thus, the subsequent growth of personal care and cosmetic industry is anticipated to boost the demand for glyoxylic acid globally.
Considering the urbanization rate in developing regions and the changing lifestyle of the consumers and increasing awareness towards healthcare and diseases has led to substantial spending on healthcare and personal care, which in turn is boosting demand for various cosmetic products. Glyoxylic Acid being a key raw material in the manufacturing of various derivatives used in the latter cosmetic product is expected to drive the market for Glyoxylic Acid. Furthermore, the increasing consumption of synthetic flavors in the food & beverage industry for enhancing the aroma and taste has led to an impetus demand for Glyoxylic Acid globally.
The Global Glyoxylic Acid Market is segmented on the basis of derivatives, application and region. On the basis of derivatives, Global Glyoxylic Acid Market is segmented into allantoin, vanillin, P-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, and 2-hydroxyl-phosphine acetic acid among others. Based on application, the Global Glyoxylic Acid is segmented into— Personal Care & Cosmetic Ingredient, Pharmaceuticals, Aroma, and Agrochemicals among others.
The different types of Glyoxylic Acid Derivatives discussed in the report viz., allantoin, vanillin, P-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, and 2-hydroxyl-phosphine acetic acid among others. Among all the derivatives, allantoin accounts for the largest share in the global glyoxylic acid market, owing to the substantial demand for allantoin in the cosmetic industry as a key ingredient for manufacturing of skincare products. On the plus side, the skincare segment in the global personal care & cosmetics market accounts for the largest share, which in turn is propelling the demand for allantoin, adding substantial value to the Global Glyoxylic Acid Market. Furthermore, the consumption of allantoin in the pharmaceuticals for the manufacturing of dermatologic products is anticipated to foster demand for Glyoxylic Acid Market. Based on the consumption of Glyoxylic Acid Derivatives, vanillin accounts for the second-largest share with CAGR of 5.49% in the global market. The protuberant factors substantiating the growth of vanillin includes, the consumption of vanillin as an aroma enhancing and flavoring agent in the food & beverage industry, in addition, the considerable growth of food flavoring agents market can be further anticipated to boost the consumption of vanillin in the food & beverage industry, in turn adding value to the Global Glyoxylic Acid Market.
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