The glyoxal market size is projected to grow from USD 265 million in 2019 to USD 326 million by 2024, at a CAGR of 4.3%. The major drivers for the glyoxal industry include a rise in disposable income & changing lifestyle, and growing intermediate use in chemical, pharmaceutical, and agriculture industry. In addition, increasing usage in food & beverage packaging is also driving the market for glyoxal.
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Crosslinking segment is projected to lead the glyoxal market during the forecast period
Crosslinking is expected to be the largest application of glyoxal during the forecast period. The organic compound is a formaldehyde-free agent with thermal stability. As a crosslinker, glyoxal is compatible with different kinds of fibers, including cellulose and starch, among others. Moreover, the crosslinking application of glyoxal is useful in the textile industry to increase crease resistance of fibers; in the paper industry to reduce water absorption capacity; in the leather industry to improve durability; and in the cosmetics industry to increase the viscosity of the emulsion.
Derivatives industry is projected to register the highest CAGR during the forecast period.
Based on end-use industry, derivatives is projected to register the highest CAGR between 2019 and 2024. The use of glyoxal is increasing due to its versatility, making it suitable for a wide range of organic molecules. Glyoxal is suitable to derive glyoxylic acid, which is further used to manufacture agrochemicals. In addition, glyoxal aids in the formulation of numerous medicines, including antibiotics, disinfectants, and others. The aging population and increased risk of non-communicable disease resulting in driving the demand for pharmaceutical products, and rapid industrialization increases consumption of a variety of chemicals. All the factors mentioned above together drive the global glyoxal market growth.
APAC is projected to register the highest CAGR between 2019 and 2024
The glyoxal market in APAC has immense growth potential driven by the increasing demand for textiles and chemicals. China, India, Vietnam, and Japan are some of the key markets in the region. The expansion of the industrial base in these countries is expected to fuel industry growth over the forecast period.
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Companies such as BASF SE (Germany), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), WeylChem International GmbH (Germany) and Haihang Group (China) operating in the glyoxal market have adopted both organic and inorganic growth strategies such as merger & acquisition, and investment & expansion to serve their customers efficiently and increase their market shares.
BASF (Germany) has a strong foothold in the glyoxal market. The company has a strong product portfolio of glyoxal, which finds application in textile, paper, leather, cosmetics, oil & gas, healthcare, wood, and derivatives, among others. The company operates through its single largest production site in Germany and has extensive sales & distribution infrastructure, which helps in attaining economies of scale. It focuses on offering solutions to diversified end-use industries. For example, BASF has its world-scale production facility in Germany, which has a production capacity of 60,000 tons. The company caters to its customers through its local sales channels and customer service teams based in all regions. BASF has backward-integrated operations and strategic and long-term contracts in the glyoxal value chain, which helps it deliver efficiently to its various end-use customers.
Merck (Germany) is another major player operating in the market. The company has a strong global presence and offers glyoxal for end-use industries, including pharmaceutical, cosmetics, and electronics. The company is focusing on inorganic growth strategies of merger & acquisition for increasing its geographical footprints and strengthen product portfolio and hence, widening its presence in various regions such as South America and Middle East & Africa and increasing its revenue. In November 2015, Merck acquired Sigma Aldrich, a chemical, life science, and biotechnology company. This market consolidation activity assisted in significantly enhancing its position in glyoxal market at a global level.
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