H1 2023: The first half of 2023 saw a decrease in glyoxylic acid pricing in the US market as a result of weak demand from downstream industries. The price of glyoxylic acid is affected by low downstream demand and high operating costs. In the first half of 2023, demand for cosmetics also remained below average. The supply of glyoxylic acid remained smooth. There was little demand for further spot cargoes due to the high stock levels in the US. Due to the falling price of nitric acid, a necessary feedstock material for nitric acid manufacture, prices in the USA further decreased in the period of April to June 2023. The market prices of glyoxylic acid were impacted by low buying enthusiasm from the downstream personal care and haircare industries. Furthermore, fewer exports to other importing nations including Canada, Mexico, Belgium, and France resulted in an excess of the material's availability within the nation. Glyoxylic acid prices also dropped in H1 2023 in the Asian nations like China. Prices in the Chinese market have dropped as a result of lower demand from the haircare and cosmetics sector as well as lower feedstock nitric acid prices. Furthermore, it has been shown that China's exports decreased at the end of May, resulting in a build-up of stocks within the nation. The commodity was widely available in the market and there was little demand for it from either the Chinese or Western markets, which helped to maintain the bearish price trend.
The global Glyoxylic Acid market stood at approximately 188 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 6.5% during the forecast period until 2032.
Glyoxylic acid is a valuable reagent in fine and organic chemical syntheses because of its dual activity. Moreover, glyoxylic acid and its derivatives are widely employed in many different industries for a variety of purposes, including as oomycete fungicide compounds, reducing agents for electroless copper plating, and visual detection of biogenic amines. Aldehyde and carboxylic acid are the two functional groups that make up glyoxylic acid, a very reactive chemical intermediate. Glyoxylic acid is a crucial C2 building block for numerous industrially significant organic compounds. It is utilized in the synthesis of polymers, fragrances, agrochemicals, cosmetic components, and medicinal intermediates. In personal care products, glyoxylic acid is utilized as a neutralizing agent and is commonly found in treatments that straighten hair typically in the concentrations of 0.5–10%. Allantoin, a glyoxylic acid derivative, is widely utilized in the personal care and cosmetics sector due to its ability to actively soften skin and promote cell regeneration through the precipitation of proteins on skin.
The personal care industry has been driving up demand for glyoxylic acid during the last few years. For neutralizing purposes, glyoxylic acid is a common ingredient in personal care products. These application areas include, among others, shampoos, lotions, and conditioners. Because of the surge in demand for skincare products, a number of smaller producers have entered the market in an attempt to profit from the consistently growing business. It is anticipated that this scenario will increase market demand. Expenditure on health-related demands is rising, and the global healthcare scene is evolving quickly. This shift is being influenced by a number of factors, including shifting eating, sleeping, and lifestyle patterns. Worldwide demand for medications is rising as people become more health-conscious. Another important market for glyoxylic acid is the agrochemical sector. Herbicides, insecticides, and plant growth regulators are all made with it. The global Glyoxylic Acid market is anticipated to reach nearly 350 thousand tonnes by 2032.
There are three grades of glyoxylic acid available in the global market: technical, pharmaceutical, and industrial. Technical grade makes up the majority of the glyoxylic acid market. Glyoxylic acid of technical grade finds extensive usage in a range of industrial applications, such as agrochemicals, cosmetics, textiles, and leather processing. Its main application is as an intermediary in the synthesis of different molecules and chemicals.
Geographically, Asia Pacific region is the largest consumer of Glyoxylic acid. The growing demand for glyoxylic acid from end users such agrochemicals, pharmaceuticals, and personal care & cosmetics has made Asia-Pacific the region's largest market. In the Asia-Pacific area, China is the primary user of glyoxylic acid. One of the industries in the nation with the highest growth is cosmetics and personal care. The demand for personal care is also being fuelled by the ongoing population rise. Additionally, as agricultural operations increase nationwide, so does the country's agrochemical usage, which is driving up market demand. According to estimates, North America and Europe together will account for a sizeable portion of the worldwide glyoxylic acid market and will expand steadily over the course of the forecast year. due to the well-established personal care and pharmaceutical industries in those areas.
Based on the end-user industry, the global Glyoxylic Acid market is segmented into Personal Care & Cosmetics, Pharmaceuticals, Agrochemicals, Flavour Chemical, and Others. Among these, Personal Care & Cosmetics is the major segment and held about 44% of the global Glyoxylic Acid market in 2022.
Major players in the Global Glyoxylic Acid market are Arkema S.A., Haihang Industry Co., Ltd., WeylChem International GmbH, STAN Chemical Co., Ltd., Zhonglan Industry Co., Ltd., Hefei TNJ Chemical Industry Co., Ltd., Labeyond Chemicals Co., Ltd., Hubei Hongyuan Pharmaceutical technology Co., Ltd., Amzole India Pvt. Ltd., and A.B. Enterprises.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Glyoxylic Acid which covers production, demand and supply of Glyoxylic Acid market in the globe.
• To analyse and forecast the market size of Glyoxylic Acid
• To classify and forecast Global Glyoxylic Acid market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Glyoxylic Acid market in the globe.
To extract data for Global Glyoxylic Acid market, primary research surveys were conducted with Glyoxylic Acid manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Glyoxylic Acid market over the coming years.
ChemAnalyst calculated Glyoxylic Acid demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Glyoxylic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Glyoxylic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Glyoxylic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Glyoxylic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Glyoxylic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
188 thousand tonnes
Market size Volume in 2032
350 thousand tonnes
Growth Rate
CAGR of 6.5% from 2023 to 2032
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Grade, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Paints & Coatings, Leather Industry, Textiles industry, Packaging Paper, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Glyoxylic Acid in terms of volume in 2022?
Ans:
The global market size of Glyoxylic Acid has reached approximately 180 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Glyoxylic Acid?
Ans:
Asia Pacific region is the leading consumer of Glyoxylic Acid globally.
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