The global Glyoxal market is growing steadily in recent years, witnessing the rising consumption of this chemical in various industries. Glyoxal is the biodegradable and environmentally friendly substrate. It finds its extensive usage in various end-use industries, such as oil gas, paper packaging, leather, textiles, cosmetics, and furniture. The huge consumption of Glyoxal in all those sectors drives the growth of the market predominantly.
Augmenting demand for Glyoxal in the oil gas industry is a key factor accelerating the market growth on a global level. Market Research Future (MRFR), in its Covid-19 Analysis of the Glyoxal market, asserts that the market is estimated to grow with an impressive CAGR during the forecast period (2017–2023). Also, in its Covid-19 Glyoxal market analysis, MRFR has mentioned that the market had garnered colossal traction in 2016.
The increasing production led by the rising demand for various downstream products is a major driving force behind the growth of the market. Also, some recent trends, such as the growing focus on producing a pure form of Glyoxal, are influencing the market growth. Furthermore, prominent Glyoxal applications, including paper, cross-linking polymer, sulfur scavenger, wood hardening, and others, boost the market growth.
Glyoxal Market — Segments
The market is segmented into three dynamics;
By Application : Cross-Linking Polymer, Paper, Wood Hardening, Sulfur Scavenger, and others.
By End Use : Paper Packaging, Oil Gas, Leather, Cosmetics, Textiles, Furniture, and others.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Glyoxal Market — Regional Analysis
Asia Pacific region dominates the global Glyoxal market. The largest market share attributes to the increased usage of cross-linking polymers in the textile industry and growing population. Besides, factors such as the rising environmental concerns are causing a shift in the usage of polymeric food towards the usages of paper packaging. Many APAC countries are adopting a capitalistic ideology and balancing it with democracy. Moreover, the presence of many notable players in the region drives regional market growth.
Additionally, an increase in the population and economy in the region increases the size of the market, witnessing trends such as improving lifestyles of demographics and spending on food, packaging, textiles, and oil gas industry end products. The high production and consumption of Glyoxal due to the aggregation of end-use industries in the region positively impact market growth. The APAC Glyoxal market is anticipated to grow at a higher CAGR during the assessment period.
North America stands second in the global Glyoxal market. The market growth is driven by the increasing oil consumption in energy generation, high human development index, and increase in industries such as textiles, cosmetics, and food packaging, due to the high living standards of demographics of the region. Furthermore, recent shale gas discoveries in North America is increasing the size of the market, resolving the issue of raw material imports.
Increasing consumption of Glyoxal in end-use industries such as oil gas, paper packaging, leather, textiles, cosmetics, and furniture in North America substantiates the regional market growth. The North American Glyoxal market is estimated to create a substantial revenue pocket over the review period.
The Glyoxal market in Europe is witnessing a constant rise in its size. The growing industrialization in the region is a major driving force pushing the market growth. Besides, the spurting growth in end-use industries such as energy, leather, and textiles, boost the regional market growth. Also, the increasingly improving standard of living in European countries like the U.K., Italy, and Spain impact market growth positively. The European Glyoxal market is predicted to grow significantly over the forecast period.
Glyoxal Market — Competitive Analysis
Highly competitive, the global Glyoxal market size appears diversified due to the presence of several well-established players. Industry players incorporate strategic initiatives such as mergers acquisitions, collaboration, expansion, and product technology launch to gain a larger competitive share in the market.
They also make substantial investments to expand their production capacity, distribution network, and supply chain locally and in the emerging countries. In such a scenario, obtaining strong financial support becomes the sole strategy of suppliers to sustain in the market. Manufacturers strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
Major Players:
Players leading the global Glyoxal market include Silver Fern Chemical Inc. (The U.S.), BASF SE (Germany), Eastman Chemical Company (The U.S.), Huntsman Corporation (The U.S.), The Dow Chemical Company (The U.S.), Formosa Plastics Corporation (Taiwan), Amzole India Private Limited (India), Royal Dutch Shell plc (The Netherlands), Hubei Hongyuan Pharmaceutical Technology Co., Ltd (China), and Zhonglan Industry Co., Ltd (China), among others.
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