The market for glyoxylic acid is expected to grow at a CAGR of more than 5% during the forecast period. Growing demand from agrochemicals is driving the demand of the market studied. Asia-pacific dominated the market with a significant share and is estimated to continue its dominance during the forecast period.
Key Market Trends
Increasing demand from Personal Care and Cosmetics Sector
– The demand for glyoxylic acid is gaining a lot of significance since the past few years from the personal care segment.
– Glyoxylic acid is widely used as a neutralizing agent in the personal care industry.
– Some of these areas of application include shampoos, lotions, conditioners, etc.
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– According to L’Oréal, the global skincare market is expected to grow at an average rate of around 7-8% annually through the forecast period.
– The industry has witnessed a shift from demand from older consumers to a growing younger consumer base.
– Owing to the boom in skincare products, various smaller manufacturers have ventured into the marketplace to avail of the benefits of the continuously thriving industry. This scenario is in turn expected to boost the market demand.
China to Dominate the Asia-Pacific Market
Asia-Pacific is the major market for the glyoxylic acid market owing to the rising demand from end-users such as personal care & cosmetics, pharmaceuticals, and agrochemicals. China is the major consumer of the glyoxylic acid across the Asia-Pacific region. Cosmetics and personal care are one of the fastest-growing sectors in the country. Continuous growth in population is another factor fueling the demand for personal care. Additionally increasing the consumption of agrochemicals in the country with the increasing agriculture activities is boosting the demand of the market studied.
The market studied is consolidated among the major players. Some of the key players in the market include Akema S.r.l., Zhonglan Industry Co.,Ltd. Marcelo Roberto Pressi, and STAN Chemical Co., Ltd., among others.