Pune, India -- (SBWIRE) -- 04/09/2018 -- Segment Analysis:

Based on the major applications of Global Glyoxylic Acid the market is segmented into — Personal Care & Cosmetic Ingredient, Pharmaceuticals, Aroma, and Agrochemicals among others. Among the major applications covered in the report, personal care & cosmetic ingredient accounts for the nearly one third of the overall consumption of Glyoxylic Acid globally, this can be attributed to the bolstering growth of personal care ingredients market in the developing regions mainly Asia-Pacific and Middle East & Africa. Consumption of Glyoxylic Derivatives in manufacturing of dermatological products ranks the pharmaceutical application and this is expected to gain market share of more than 25% in Global Glyoxylic Acid Market. Aromas application which in turn uses vanillin to enhance the aroma and flavor in various food products are sharing a small proportion pie in Global Glyoxylic Acid Market.

Regionally, Asia-Pacific is the dominating market for Glyoxylic Acid owing to the various factors such as, the concentration of manufacturers in China, a healthy growing end-user industries of Glyoxylic Acid in the region namely, pharmaceutical, personal care and food & beverages among others. Asia-Pacific is followed by North America and Europe market.

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Regional Analysis

Geographically, the market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia-Pacific is the estimated to be the largest region in terms of consumption and production of Glyoxylic Acid. Asia Pacific market growth is attributed to higher consumption of glyoxylic acid in China market. Global Glyoxylic Acid production and consumption is concentrated in China owing to the aggregation of end use industries in the region. Chinese manufacturers such as Industry Co., Haihang Industry Co. Ltd are some of the major players in china having significant share in the global production capacity. Moreover, global players such as Akema Fine Chemicals owns production facilities in China. China is estimated to account for 45% of the global production and is expected to retain its dominance over the forecast period.

Asia Pacific is followed by North America and Europe in terms of consumption. North America and Europe are markets for Glyoxylic Acid is expected to grow at CAGRs of 4.30% and 4.50% respectively during the forecast period, in terms of consumption.

Key Findings

Global Glyoxylic Acid Market is projected to reach USD 849.1 million by 2023 with 5.44% CAGR during review period of 2017-2023

Asia-Pacific accounted for largest share due to growing production of downstream products in China and India.
Asia-Pacific accounted for the largest market share of 52.00% in 2014, with a market value of USD 306.7 Million and is projected to grow at the highest CAGR of 5.99% during the forecast period. North America was the second-largest market in 2014, valued at USD 118.0 Million in 2014; it is projected to grow at a CAGR of 4.50%.

Based on derivatives, allantoin is the dominating segment owing to its increasing demand in the multi-billion dollar cosmetic industry.

Based on Application, personal care & cosmetics ingredients market dominate as increasing consumer awareness about healthier skin-care and hair care products among youth population and increasing consumption of allantoin in suncare products and pharmaceuticals in turn drives the demand of Glyoxylic Acid in global market.

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