The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Glyoxal Market.
It was estimated prior to this unanticipated outbreak that the Glyoxal Market was expected to grow at a CAGR of 4.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Glyoxal: Glyoxal, the smallest dialdehyde is a highly reactive chemical compound with chemical formula OCHCHO.
Increasing demand from various end-use industries, development of new coating applications, versatile properties and development of innovative applications such as bioplastics, are the key driving forces fueling the market for glyoxal.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the application type, the market is segmented as crosslinking, intermediates, and others. The crosslinking segment dominated the market in 2019, and is expected to remain dominant during the forecast period. It is widely used as crosslinking agent in paper, textile, leather and cosmetics industries. As an intermediate, glycol serves for agrochemicals, antibiotics in pharmaceuticals, allantoin and complexing agents, etc.
Based on the end-use industry type, the glyoxal market is segmented as derivatives, leather, oil & gas, paper, personal care, textile, and others. Textile and paper are the established markets for glyoxal. It enables softer and less wrinkled textiles and is used as the main agent for finishing clothing, 2D resin, and M2D resin. It also has a good level of acceptance in paper coating applications, it acts as an additive to enhance the quality of premium paper by decreasing the water uptake of the paper. Another important driving factor for consideration is its sustainability which has led to its listing as an accredited chemical substance in the production of paper for food packaging by the Federal Institute for Risk Assessment (BfR) in Germany and by the Food and Drug Administration (FDA) in the U.S.
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest-growing glyoxal market during the forecast period. Increasing disposable income and growing population are leading to the mounting demand for textiles, paper, and chemicals, which is giving an impetus to the growth of the market in the Asia-Pacific region, with China and India being the major growth engines, offering promising growth opportunities during the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major glyoxal market participants include-