New York, NY -- (SBWIRE) -- 12/22/2020 -- Glyoxal is an organic chemical compound with a wide range of environment-friendly properties, such as high durability, anti-bacterial, anti-wrinkle properties. According to Reports & Data's latest study, the global glyoxal market is poised to attain a stunning market valuation of USD 358.0 million by 2027, demonstrating a sturdy CAGR of 3.8%.
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Market Drivers
The global glyoxal market is expected to gain tremendous traction over the forecast timeline. The widespread use of glyoxal in the textile sector as a chemical agent to treat fibers like cotton and nylon, decrease fiber shrinkage, and make the fabric more resilient, is a crucial market driver. Glyoxal also functions as a cross-linking agent for textile finishes and coated paper, and therefore, reduces water cellulose absorption. The surging demand for glyoxal across the chemical, agricultural, and pharmaceutical industries, rising demand for eco-friendly agrochemicals, growing demand in the cosmetics/personal care industry for hydrocolloid formation, surging application in the manufacture of footwear, extensive use in the buildings & construction sector, rapid industrialization, increasing imports & exports are the other vital factors likely to trigger market growth in the future.
Further key findings from the report suggest
By application, intermediate is projected to grow at a significant rate in the forecast period, attributed to the growing use of glyoxal as an intermediate in various end-user industries such as textile and pharmaceutical industries, among others.
By distribution channel, offline held a larger glyoxal market size in 2019. The glyoxal industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the market on the seller side.
By application, the oil & gas industry is expected to witness a significant growth rate in the forecast period. In a majority of the oilfield wells, the approximately two-third volume of the crude oil stays unextracted in the reservoir post application for conventional methods for oil recovery and restoration. By cross-linking molecular chains in inelastic compounds, glyoxal converts a substantial volume of aqueous solution into a fluid with high viscosity. This process is a crucial requirement for use in the fracturing process in the oil & gas industry.
Key participants include Thermo Fisher Scientific Inc., Onichem, BASF SE, Merck KGaA, Amzole India Pvt. Ltd., Tokyo Chemical Industry Co. Ltd., Tokyo Chemical Industry Co. Ltd., Haihang Group, Toronto Research Chemicals, WeylChem International GmbH, and Novochem, among others.
For the purpose of this report, Reports and Data have segmented the global glyoxal market on the basis of application, distribution channel, industry vertical, and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Crosslinking
Intermediate
Others
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Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Online
Offline
Industry Vertical Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Textile
Leather
Resins & Polymers
Cosmetics
Paper & Packaging
Oil & Gas
Pharmaceutical
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
North America
Europe
Asia Pacific
Latin America
MEA
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Regional Analysis
The Asia Pacific region dominates the global glyoxal market in terms of market value. The region is expected to maintain its market dominance over the forecast period, supported by various growth-inducing factors, such as the escalating demand for textiles, leather goods, footwear, and premium quality cosmetics & personal care products. The expanding construction industry, the booming residential sector, extensive use of glyoxal in the packaging and paper manufacturing industries, availability of raw materials, and the burgeoning regional populace.
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