Global Glyoxylic Acid Market will grow to US$ 1500.87 Mn by 2028 at 3.9% CAGR - says Absolute Markets Insights
PUNE, India, Dec. 16, 2020
PUNE, India, Dec. 16, 2020 /PRNewswire/ --
- The glyoxylic acid market was valued at US$ 1065.26 Mn in 2019 and is anticipated to witness a compound annual growth rate of 3.9% over the forecast period
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- The outbreak of the covid-19 across the globe is expected to positively impact the global glyoxylic acid market. The rising criticality of the virus among old adults is leading to severe pneumonia, which is influencing the demand for glyoxylic acid for the manufacturing of drugs for treating the same.
- The rising adoption of digitization among manufacturers to connect with clients directly rather than depending upon intermediaries is influencing the adoption of direct online channels among glyoxylic acid manufactures.
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- Glyoxylic acid possess semi-permanent hair straightening properties without damaging the hair or causing scalp irritations, when compared to other chemical straightening agents. This is rising the adoption of the same among personal care industry thereby, contributing to the growth of the global glyoxylic acid market.
- Adoption of glyoxylic acid as a plating additive is also influencing the growth of the market across the globe. The glyoxylic acid is added in plating solutions for enhanced efficiency. For instance, Akema S.r.l. offers wide range of glyoxylic acid for different applications to cater to specific customer need thereby offering better customer experience.
- Asia Pacific held the highest market share in glyoxylic acid market in 2019 and is also expected to register highest growth rate over the forecast period owing to the increasing presence of major manufacturing units of industries like agrochemicals, textile and dyeing, flavours in food & beverages, and personal care amongst others.
- Some of the players operating in the glyoxylic acid market are Akema S.r.l., Guangdong Joy Chemical Limited Company, Guangshu Chemical Factory Co.,Ltd, Haihang Industry Co., Ltd., Hefei TNJ Chemical Industry Co.,Ltd., Hubei Hongyuan Pharmaceutical technology Co.,Ltd., Hubei Shunhui Bio-Technology Co., Ltd., Luotian Yongfei Chemical Co., Ltd., Tokyo Chemical Industry Co., Ltd., WeylChem International GmbH, Zhonglan Industry Co.,Ltd., and other market participants.
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