Global Glyoxylic Acid Market: Introduction
Glyoxylic acid also known as oxoacetic acid is a colorless organic compound classified under the carboxylic acid family and has wide range of applications in various industries. Glyoxylic acid is a highly reactive chemical intermediate having two functional groups the carboxylic acid group and the aldehyde group. Glyoxylic acid is completely soluble in ethanol and water and partially soluble in the organic solvents. Moreover, glyoxylic acid and its derivatives are widely used across the industries for range of applications including visual detection of biogenic amines, reducing agent for electroless copper plating, and derivative for oomycete fungicides. Glyoxylic acid plays a key role in the human metabolism, where it acts as an intermediate of the glyoxylate cycle and helps certain orgasms of the human body to convert the fatty acid into carbohydrates. Glyoxylic acid is a highly reactive chemical compound and strong acid having two functional groups such as a carboxylic group and an aldehyde group. With regards to its bi-functionality, glyoxylic acid is versatile reagent in organic and fine chemical synthesis.
Global Glyoxylic Acid Market: Dynamics
Growing demand from end user industries such as personal care & cosmetics, pharmaceuticals and agrochemicals is expected to bolster the demand for glyoxylic acid across the globe over the forecast period. Increasing spending of consumers on healthcare and increasing concern related to human health is expected to further drive the global glyoxylic acid market. Factors including changing food habits, lifestyles and sleeping habit are expected to impact the spending on healthcare. With increasing health consciousness amongst the people, the demand for pharmaceuticals is increasing across the globe, positively impacting the glyoxylic acid market. Decreasing harvesting areas in most of the agrarian countries has increased the demand for agrochemicals such as fungicides which plays an important role in the growth of glyoxylic acid demand.
At present, the growth rate of Glyoxylic Acid market has been restrained to an extent owing to its use in niche applications in life sciences and cosmetic ingredients. However, in the wake of continued innovation and research for exploring additional applications of the product, Glyoxylic Acid market is expected to evolve towards an established market extending its footprint beyond the applications in the upcoming years.
The healthcare industry has been positively impacted by the ongoing pandemic (Covid-19) crisis. The potential impacts of COVID-19, including shortage of subcontractors and materials, supply chains disruption, and the termination of contracts to control expenses impacted the agrochemicals industry; however, demand side faced the negligible change. During the pandemic crisis, consumers concern related to human health increased and positively impacted the glyoxylic acid market.
Global Glyoxylic Acid Market: Segmentation
Globally, the Glyoxylic Acid market can be segmented on the basis of form, derivatives, and end user industry
Based on the Form, the global Glyoxylic Acid market can be segmented into,
Based on the Derivatives, the global Glyoxylic Acid market can be segmented into,
Based on the End User Industry, the global Glyoxylic Acid market can be segmented into,
Global Glyoxylic Acid Market: Regional Outlook
Asia Pacific region is the prominent producer and consumer of glyoxylic acid and is expected to maintain its dominance over the forecast period with higher growth rate. Increasing population and urbanization led to increased demand for end-user industries such including personal care & cosmetics, pharmaceuticals and agrochemicals positively impacting the glyoxylic acid market. North America and Europe are estimated to hold a significant share in the global glyoxylic acid market owing to high per capita income and increased spending on healthcare activities and grow with steady rate during the forecast period. Latin America is anticipated to witness significant growth in the global glyoxylic acid market owing to the growing demand for fungicides in the agriculture industry especially in Brazil and the Middle East and Africa are expected to witness steady growth in the global glyoxylic acid market in the upcoming years, owing to presence of new research and development centres across various end-use industries in the region.
Global Glyoxylic Acid Market: Market Participants
Prominent player in Glyoxylic Acid market are focusing on collaboration with local players and end-users to strengthen the distribution channel and ensure the long-term supply.
Some key players involved in the Glyoxylic Acid market include Aggregate Industries
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