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. Glyoxylic acid is a crucial chemical compound with significant applications in various industries. The Asia-Pacific (APAC) region is projected to lead the global market growth due to its large and growing population, increasing demand from diverse applications, demographic shifts, rising disposable income, and regulatory support for its use in personal care and cosmetics. Key emerging economies, such as India, China, and Association of Southeast Asian Nations (ASEAN) countries, are generating substantial demand. The primary driver of the market expansion in APAC is the escalating per capita expenditure on cosmetics. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

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

Glyoxylic acid, a chemical compound with both carboxylic and aldehyde groups, finds applications in various industries. In the personal care sector, it is utilized in skincare products like lotions, shampoos, and conditioners. In the agrochemical industry, it is used in the production of herbicides, insecticides, and plant growth regulators, enhancing agricultural productivity. Additionally, it is employed in boiler cleaning applications, ethylene glycol production, and as an intermediate in the synthesis of nitric acid, glyoxal, and ozone for scalp treatments in personal healthcare. Chronic diseases like diabetes and cancer are also being researched for potential glyoxylic acid applications.

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. Notably excluded are chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Key growth drivers for this market include the escalating demand for plastic packaging in various industries, particularly in response to the increasing preference for lightweight, corrosion-resistant materials. In the personal care industry, cosmetic products are increasingly utilizing commodity chemicals for enhanced formulations. Furthermore, the agrochemical industry's expansion, with applications in herbicides, insecticides, and plant growth regulators, significantly contributes to agricultural productivity and market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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