iCrowd Newswire – Jul 21, 2020
Glyoxylic acid market size is forecast to reach around $1.20 billion by 2025, after growing at a CAGR of 6% during 2020-2025. Glyoxylic acid is a highly reactive organic compound containing both aldehyde and carboxylic acid functional groups. Wide applications of glyoxylic acids in various end use industries like pharmaceuticals, food, personal care, and cosmetics is augmenting Glyoxylic acid market share. Surging demand of glyoxylic acid from agrochemical industry to produce pesticides is also boosting the growth of market. Moreover, rising environmental concerns and harmful effect of glyoxylic acid on human is restraining the growth of Glyoxylic acid market size.
By Type – Segment Analysis
Based on type, glyoxylic acid with 50% solution in water has shown higher CAGR of around 7% growth in glyoxylic acid market during the forecast period. Glyoxylic acids are highly reactive chemicals, thus supplied as 50% solution with water. They act as an important component for many organic compounds which are used in industries for production. Moreover, glyoxylic acids are used as an alternative reducing agent for electro less copper plating.
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By Derivative – Segment Analysis
Allantoin segment has shown highest CAGR of around 6.7% growth in glyoxylic acids market during the forecast period. Allantoin are used as keratolytic agents in skin care products, as they moisturize the skin and helps in treating dry, itchy, rough and skin irritations. Allantoin segment is followed by vanillin which finds wide applications in aromas and food industry. Vanillin are used in deodorants to mask unpleasant odor and in medicines for taste. They also enhance the flavor of food & beverages and are used in cleaning agents, soaps and toothpaste.
By Application – Segment Analysis
Personal care and cosmetics segment followed by aroma segment held the largest share of more than 25% of glyoxylic acids market in 2019. Glyoxylic acids are the key raw material for different aromas such as vanillin, ethyl vanillin and heliotropin. They are also used as an intermediate for synthesis of pharmaceuticals products like D, L-p-hydroxyphenylglycine D, L-p-hydroxyphenylhydantoin, orotic aid, sulindac and mandelic acid which further boosts the growth of glyoxylic acid market.
COVID-19 proved to be a challenging factor for the glyoxylic acid market. The outbreak of coronavirus have postponed deliveries of glyoxylic acid and other equipment from yards, due to shortages of staff or supplies, as well as travel bans. Industries are shuttered all around the world. Decrease in purchasing capital of people has impacted the personal care & cosmetics, which in turn lowered the demand of glyoxylic acid and hampered the growth market. However, pharmaceuticals industry is booming in this pandemic situation which may boosts the growth of glyoxylic acid market.
Geography – Segment Analysis
Asia pacific dominated the glyoxylic acid market with a share of more than 35% in 2019 followed by North America and Europe. Heavy spending and expansion of end use industries such as pharmaceuticals, food and beverages, cosmetics, pesticides have fueled the growth of glyoxylic acid market in these regions. According to Indian Brand Equity Foundation, Indian pharmaceutical sector is expected to grow to US$ 100 billion and medical device market expected to grow US$ 25 billion by 2025. Furthermore, rising population coupled with increase in disposal incomes and standard of living has also enhanced the growth of market. Among all, China has shown significant growth in glyoxylic acids market due to their rapid expansion of agrochemicals, pharmaceuticals, and cosmetics industry. According to trade map, 15,224 tons of vanillin were exported in 2018 worldwide and China itself has exported 11,201 tons of vanillin, thus boosting the glyoxylic acids market.
Drivers – Glyoxylic acid market
Growing demands from various end use industries
Glyoxylic acids have low melting & high boiling point and used as a cleaning agent in various end use industries. Increase in use of glyoxylic acids in various products has propelled the growth of glyoxylic acids market. Vanillin which is a derivative of glyoxylic acids are widely used as flavoring agent in chocolates and desserts. Additionally, glyoxylic acids are used for the synthesis of herbicides, insecticides, and fungicides. Changing lifestyle and high spending of youths on beauty & cosmetics in emerging nations like India and China is also augmenting the growth of glyoxylic acid market.
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Challenges – Glyoxylic acid market
Adverse effect on human health
Excessive use of glyoxylic acid has adverse effect on human health as well as environment. When heated to high temperatures, glyoxylic acid releases formaldehyde, that changes the color of hair, irritate the scalp, and fumes cause coughing, dizziness, and other respiratory problems. Also, high levels of glyoxylate damages the kidney and develops hyperoxaluria which further results in kidney stone. Thus, excessive use of glyoxylic acid has adverse effect and acts as a restraining factor for the growth of glyoxylic acid market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the glyoxylic acid market report. Major companies of glyoxylic acid market are Akema, Weylchem, Hubei Hongyuan, Zhonglan Industry, Zhonghua Chemical, Yuandong Chem, Hubei Shunhui Bio-Technology, Guangdong Hongyuan New Material, Yongfei Chem, Shijiazhuang Haosheng Chemical among others.
Acquisition / Developments
In August 2018, WeylChem was signed an agreement with VMP Chemiekontor, resulting in distribution of WeylCare Allantoin as well as WeylCare ATBS and WeylCare PB in Germany, Austria and Switzerland.
In July 2018, Solvay launched Rhovanil US NAT, an alternative to their existing synthetic rhovanil to meet the natural vanillin demand in US market.
In May 2017, PROVA Inc., launched natural PROVANIL-US7, an alternative to natural vanillin for high-fat and products undergoing high baking temperatures.
China has shown major growth in the glyoxylic acid market due to the availability of skilled labor, and large demand of glyoxylic acid from food & beverages, agrochemicals, and pharmaceuticals industry.
Properties such has solubility in water & alcohol, high reactivity and insolubility in organic solvents increases its use in various products and acts as a driving factor for the growth of market.
Disruption of supply chain and shortage of employees in manufacturing industries due to the coronavirus has affected the growth of glyoxylic acid market.
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