Latest News- Glyoxylic Acid Market: Cosmetics and personal care is expected to lead the End-user segment during 2024-2028

The Glyoxylic Acid Market is being driven by Growing demand from cosmetics industry

The Glyoxylic Acid Market is expected to grow at a CAGR of 4.49% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 192.5 million. In the global glyoxylic acid market, the Asia Pacific (APAC) region is projected to experience the fastest growth. Factors contributing to this expansion include the region's vast population, rising demand across various applications, demographic shifts, and increasing disposable income. Emerging economies, such as India, China, and Association of Southeast Asian Nations (ASEAN) countries, are significant contributors to this demand. A key driver of the market's growth in APAC is the surge in per capita spending on cosmetics. Regulatory bodies in the region are also promoting the utilization of glyoxylic acid in personal care and cosmetics, further fueling market expansion. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Cosmetics and personal care
  • Pharmaceutical
  • Agrochemicals
  • Aromas
  • Others
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • France
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand from cosmetics industry
• Increasing agriculture activities
• Increasing demand for glyoxylic acid from agrochemicals

However, the market also witnesses some limitations, which are as follows:

• Increase in negative effects of glyoxylic acid leading to skin diseases
• Stringent regulations on glyoxylic acid
• Availability of inexpensive alternative products

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Market Scope in Glyoxylic Acid Market Research Report

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Research Analysis Overview

The Glyoxylic Acid market encompasses various forms of Glyoxylic Acid, including Monohydrate and Solutions, as well as Derivatives, Esters, Salts, and more. Production methods include Synthesis, Oxidation, Reduction, Hydration, Condensation, and Polymerization. Applications span numerous industries, with uses in Chemicals, Pharmaceuticals, Agrochemicals, and more. Key players include Suppliers, Manufacturers, and Distributors, driving advancements through Technology, Innovation, Research, Development, and Patents in the thriving Glyoxylic Acid Industry.

Market Research Overview

The global commodity chemicals market encompasses businesses primarily engaged in the production of industrial and basic chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. This market excludes companies producing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the market's expansion will be fueled by the escalating demand for plastic packaging. As plastic is the most extensively used material in the packaging sector worldwide, the increasing preference for lightweight, corrosion-resistant materials has spurred continuous innovation, thereby influencing the application of chemicals in the manufacturing process of plastic packaging materials. Moreover, the adoption of green chemistry and sustainable production methods, as well as the development of bio-based products and biodegradable polymers, are anticipated to further boost market growth within the realms of organic chemistry, chemical synthesis, and the food additives industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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