CHICAGO, Oct. 2, 2019 /PRNewswire/ -- According to the new market research report "Glyoxal Market by Application (Crosslinking, Intermediate), End-Use Industry (Textile, Paper, Derivatives, Oil & Gas, Cosmetic/Personal Care, Leather), Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2024", published by MarketsandMarkets™, the global Glyoxal Market size is projected to grow from USD 265 million in 2019 to USD 326 million by 2024, at a CAGR of 4.3%.
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Increasing demand for textiles owing to the growth of the global population and rising consumer disposable income in emerging economies is propelling the global glyoxal market growth. Additionally, increasing use of glyoxal as an intermediate in agriculture, pharmaceutical, and chemical industries to derive different organic molecules is also propelling the demand for glyoxal.
Crosslinking segment is projected to lead the glyoxal market during the forecast period
Crosslinking is expected to be the largest application of glyoxal during the forecast period. The organic compound is a formaldehyde-free agent with thermal stability. As a crosslinker, glyoxal is compatible with different kinds of fibers, including cellulose and starch, among others. Moreover, the crosslinking application of glyoxal is useful in the textile industry to increase crease resistance of fibers; in the paper industry to reduce water absorption capacity; in the leather industry to improve durability; and in the cosmetics industry to increase the viscosity of the emulsion.
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Derivatives industry is projected to register the highest CAGR during the forecast period.
Based on end-use industry, derivatives is projected to register the highest CAGR between 2019 and 2024. The use of glyoxal is increasing due to its versatility, making it suitable for a wide range of organic molecules. Glyoxal is suitable to derive glyoxylic acid, which is further used to manufacture agrochemicals. In addition, glyoxal aids in the formulation of numerous medicines, including antibiotics, disinfectants, and others. The aging population and increased risk of non-communicable disease resulting in driving the demand for pharmaceutical products, and rapid industrialization increases consumption of a variety of chemicals. All the factors mentioned above together drive the global glyoxal market growth.
APAC is projected to register the highest CAGR between 2019 and 2024
The glyoxal market in APAC has immense growth potential driven by the increasing demand for textiles and chemicals. China, India, Vietnam, and Japan are some of the key markets in the region. The expansion of the industrial base in these countries is expected to fuel industry growth over the forecast period.
BASF SE (Germany), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), WeylChem International GmbH (Germany) and Haihang Group (China) are some of the leading players with a substantial Glyoxal Market share in 2018. Investment & expansion and merger & acquisition were the major growth strategies adopted by the market players between 2014 and 2018 to enhance their regional footprint and meet the growing demand for Glyoxal in the emerging economies.
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