The Glyoxal market is anticipated to grow at a staggering CAGR in the forecast period. Glyoxal is produced by oxidation of organic compounds. Although the organic compounds are present in low volume in the atmosphere, their presence can trigger the formation of pollutants like organic aerosol and ozone. Commercially, glyoxal is known as dialdehyde and obtained from ethylene glycol.
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The glyoxal market is highly driven by increase in industrial activities and rise in oil & gas exploration across the globe. Increase in application use, disposable income, and change in lifestyle of people have contributed to the market growth in the bygone years and will continue to do so during the forecast period.
The glyoxal industry is segmented by application that comprises leather, textiles, resin & polymers, oil & gas, cosmetics, and paper packaging. Oil & gas and cosmetics segment account for a significant market share owing to frequent demand as an enhancer to boost end- products.
Product segmentation for glyoxal market comprises industrial grade and pharmaceutical grade. Industrial grade accounts for a greater market share in the forecast period, owing to enlarged demand. Increase in glyoxalin across various verticals is anticipated to boost the market growth during the forecast period.
Geographical segmentation for glyoxal industry includes North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific accounts for a significant market share due to rise in demand from cosmetics and personal care. Additionally, presence of industrial corridor and ongoing R&D activities are likely to boost the growth of APAC’s market.
North American and European market dominated the glyoxal market owing to increase in rate of use in oil & gas industry. Significant investments by the oil &gas companies made in the MEA regions triggers the market demand. Urbanization factors have been driving the market developments in the U.S. owing to versatile use of glyoxal in various industries. The key players in the glyoxal industry include Dow Chemical Co, Huntsman Corp, INEOS, ME Global B.V., SINOPEC, Clariant, Alberta& Orient Glycol, Nan Ya Plastics Corp. B.V. Shell Chemicals, BASF and ME Global B.V.
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