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″, 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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The 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%. Increasing demand for textiles owing to the growing population and rising buying power of customers drives the requirement for glyoxal. Furthermore, rapid industrial development demanding bulk quantity of chemicals also impacts positively on the glyoxal industry.
Based on application, the crosslinking segment accounts for the largest market share in the glyoxal market. Suitability of glyoxal for cross-linking of a wide range of molecules such as proteins, starch, and cellulose, among others, biodegradability, efficiency to crosslink, and compatibility of glyoxal in the spectrum of end-use industries including paper & textile, drives the demand for crosslinking operation of glyoxal. Government initiatives to reduce plastic packaging and approval from the FDA to use glyoxal as a component of non-alcoholic food packaging solutions necessitates the use of paper and other biodegradable substances for packaging, ultimately increasing demand for glyoxal.
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The 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%. The major drivers for the glyoxal industry include a rise in disposable income & changing lifestyle, and growing intermediate use in chemical, pharmaceutical, and agriculture industry. In addition, increasing usage in food & beverage packaging is also driving the market for glyoxal.
Glyoxal is used in diversified end-use industries such as textile, derivatives, paper, oil & gas, cosmetic/personal care, leather, and others. Companies such as BASF SE (Germany), Merck KGaA (Germany), Thermo Fisher Scientific Inc. (US), WeylChem International GmbH (Germany) and Haihang Group (China) operating in the glyoxal market have adopted both organic and inorganic growth strategies such as merger & acquisition, and investment & expansion to serve their customers efficiently and increase their market shares.
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BASF (Germany) has a strong foothold in the glyoxal market. The company has a strong product portfolio of glyoxal, which finds application in textile, paper, leather, cosmetics, oil & gas, healthcare, wood, and derivatives, among others. The company operates through its single largest production site in Germany and has extensive sales & distribution infrastructure, which helps in attaining economies of scale. It focuses on offering solutions to diversified end-use industries. For example, BASF has its world-scale production facility in Germany, which has a production capacity of 60,000 tons. The company caters to its customers through its local sales channels and customer service teams based in all regions. BASF has backward-integrated operations and strategic and long-term contracts in the glyoxal value chain, which helps it deliver efficiently to its various end-use customers.
Merck (Germany) is another major player operating in the market. The company has a strong global presence and offers glyoxal for end-use industries, including pharmaceutical, cosmetics, and electronics. The company is focusing on inorganic growth strategies of merger & acquisition for increasing its geographical footprints and strengthen product portfolio and hence, widening its presence in various regions such as South America and Middle East & Africa and increasing its revenue. In November 2015, Merck acquired Sigma Aldrich, a chemical, life science, and biotechnology company. This market consolidation activity assisted in significantly enhancing its position in glyoxal market at a global level.
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