Glyoxal Market

Glyoxal Market Size & Growth (2023-2028):

The Glyoxal Market size is anticipated to grow from US$ 266 million in 2022 to US$ 327 million by the end of 2028, increasing at a CAGR of 4.10% between 2023-2028

The increasing demand for disposable income and changing lifestyles, and the rising demand for pharmaceuticals, agrochemicals, textiles, agriculture industry, and sustainable packaging in the developing nations are the main factors that attribute the highest global Glyoxal market growth during the forecast period. India, Brazil, China, Vietnam, and South Africa are anticipated to have massive consumption of Glyoxal during 2022 - 2027 owing to the growing population and usage of the chemical as an intermediate. Glyoxal applications including intermediates, cross-linking, and others have the highest market growth due to the increasing disposable income. In addition, most of the end-users, such as paper, oil & gas, textile, derivatives, cosmetic/personal care, leather, and some others, were demanding more Glyoxal, which further boosts the global Glyoxal market during the forecast period.

Glyoxal Market Drivers:

The global Glyoxal market attributes significant growth in recent years owing to the increasing demand for Glyoxal by end-user such as pharmaceuticals, agriculture, and chemicals industries because Glyoxal can be primarily used as an intermediate. In addition, the increasing usage of Glyoxal in the food and beverage industry, rising disposable income, and changing lifestyles in developing nations are the primary key factors that fuel the global Glyoxal market growth during the foreseen period. Glyoxal is termed an organic compound that falls under the OCHCHO chemical formula. Glyoxal is a compound that combines with only two groups of aldehyde, and further, it is named as smallest dialdehyde. Glyoxal, a crystalline compound, is changed to white at low temperatures and yellow at melting points.

Apart from other aldehydes, Glyoxal also forms hydrates. Therefore, it is anticipated that Glyoxal primarily exists as a monomer or hydrate. In detail, Glyoxal is produced from the oxidation of acetaldehyde with selenious acid. Glyoxal is primarily used for cross-linking a wide variety of polymers such as cellulose, starch, polyacrylamide, proteinaceous material, and polyvinyl alcohols. It is used as a biocidal ingredient in disinfection applications, and it improves moisture resistance in the wood hardening application. Glyoxal is an important chemical raw material that is environmentally friendly. Therefore, its application field is pervasive. Glyoxal is utilized in textile industries because its fiber-treating agent can raise the spinning of cotton, nylon, and some other fabrics. The Paper industry also demands a vast amount of Glyoxal since it can be used as a crosslinker for starch-based formulations. Most probably, it is used as a solubilizer and cross-linking agent. Glyoxal can also be formed when cooking oil and fats are heated at massive temperatures. These are the essential factors that help in fueling the global Glyoxal market growth.

Glyoxal Market Restraints:

The price fluctuations of the raw materials, harmful effects of over-exposure to Glyoxal as it is a class 3 mutagen, and the relative inefficiency in sulfide scavenging operations are the significant factors that slow down the global Glyoxal market growth during the forecast period. Furthermore, the raw materials required to produce Glyoxal keep on changing and are volatile. Moreover, the availability of raw materials may also be responsible for the decreasing production of Glyoxal, which further hampers the global Glyoxal market growth. In addition, Glyoxal witnesses 40% of toxicity. Overexposure to Glyoxal may cause gastric irritation, respiratory tract irritation and may also damage the kidneys. 

Recent Developments in the Glyoxal Market:

• BASF plans to build a new world-scale Glyoxal plant in Germany. It further added that the plant will produce methylglyoxal and have a capacity of 60000 tons per year. It is going to be replaced with the existing plant. 

• On July 1st, 2022, Clariant announced establishing a joint venture with India Glycols for renewable ethylene oxide derivatives after successfully receiving regulatory approvals. Moreover, this venture would come under the name Clariant IGL Specialty Chemicals Private Limited.  

GLYOXAL MARKET REPORT COVERAGE:

Market Segmentation:

Glyoxal Market By Application:

• Intermediates
• Crosslinking 
• Others

Based on the application, Crosslinking application is anticipated to have the largest global Glyoxal market. The primary factors that uplift the growth of the cross-link segment include better efficiency in tanning, excellent finishing properties in textile processing, hydrocolloid formation in cosmetic/personal care products, and improved wet strength in the paper. Moreover, the demand for Glyoxal cross-linking is anticipated to increase due to the growing demand for textiles, paper packaging, garments, footwear, and personal care products. 

Glyoxal Market By End User:

• Paper
• Oil & Gas
• Textile
• Derivatives
• Cosmetic/Personal care
• Leather
• Others

Depending on end-users, oil & gas end-user tend to be dominant in the global Glyoxal market. Majorly, Glyoxal performs as a crosslinker and escalates the viscosity of the fracturing fluid to let out oil. Thus, Glyoxal is majorly used for the recovery of oil. In addition, North America is estimated to experience an increase in oil refining activities which further increases the growth of the oil & gas sector. On the other hand, the paper packaging industry demands less Glyoxal owing to its moisture retention property.

Moreover, industries include textiles, cosmetics, leather, and personal care attributes significant growth in the upcoming years, increasing the demand for Glyoxal. Furthermore, the derivatives segment is estimated to be the fastest-growing in the global Glyoxal market owing to the increasing usage of chemicals including glyoxylate, imidazole, allantoin, methyl imidazole, metronidazole, and others, in which derivatives act as an intermediate. Thus, propelling the growth of the global Glyoxal market.  

Glyoxal Market Regional Analysis: 

Glyoxal Market Report includes the segmentation of Regions:

• North America
• Europe 
• Asia Pacific
• Latin America
• The Middle East and Africa 

Impact of COVID-19 on the Glyoxal Market:

COVID-19, a novel coronavirus disease, has been spreading among a vast population across the globe. This made the people struck in their houses and stepped out if it is necessary. COVID-19 had made many of firms close down and also made several people unemployed. The number of COVID cases has been increasing daily, and the government tends to impose a lockdown to curb the disease. The global Glyoxal market negatively impacted pre and post-COVID since most industries, including textiles, paper packaging, oil & gas, leather, cosmetic/personal care, and some others, were shut down. The manufacturing and production process was paused during the pandemic. Moreover, due to travel bans and restrictions, most of the imports and exports have remained ideal. Therefore, the global Glyoxal market experiences a negative impact due to COVID-19 and is anticipated to have minimum growth amid the COVID crisis since the travel ban and lockdown is lifted.

Glyoxal Market Key Players:

The companies covered in the report include:

1. BASF

2. Silver Fern Chemical

3. Eastman Chemical

4. Dow Chemical Co.

5. Huntsman Corp.

6. Formosa Plastics Group

7. INEOS

8. ME Global B.V.

9. Shell Chemicals

10. Reliance Industries

11. SINOPEC

12. Nan Ya Plastics Corp.

13. Clariant