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Jan 16, 2020 5:53 AM ET

Glyoxal Market is Forecast to Grow at CAGR of 5.9% During the Forecast Period From 2020-2025


Glyoxal Market is Forecast to Grow at CAGR of 5.9% During the Forecast Period From 2020-2025

iCrowd Newswire - Jan 16, 2020

Glyoxal Market is forecast to reach $2.4 billion by 2025, after growing at a CAGR of 5.9% during the forecast period from 2020-2025. Growing intermediate use in the chemical, pharmaceutical, and agricultural industries is key drivers of market growth. Increased oil & gas exploration and production activities are expected to drive the global market in Asia Pacific and the Middle East. Furthermore, increasing use of the organic compound in food & beverage packaging drives the market growth.
 
Key Takeaways
  • Asia-Pacific dominates the glyoxal market owing to increasing industrialization and urbanization in this region and presence of major developing economy. 
  • According to OECD guidelines 301C-E & 303A, due to its biodegradable existence, glyoxal is deemed environmentally friendly, showing a decrease in organic carbon content by more than 90%.
  • Increasing adoption of sustainable and environment friendly products, implementation of stringent government regulations related to carbon footprint will increase the market demand for glyoxal in the near future.
Application- Segment Analysis
 
Cross linking segment held the largest share in the glyoxal market in 2019 due to excellent finishing properties in textile manufacturing, improved tanning performance, improved paper wet strength and the creation of hydrocolloids in cosmetic / personal care products. Further, rising demand of glyoxal as cross-linker is expected to grow due to the increasing demand for textiles, paper, oil & gas and cosmetics products.
 
End-Use Industry- Segment Analysis
 
Oil & gas sector has been the primary market for glyoxal for many years. Glyoxal is commonly used in processes of gas sweetening as a cross linker for oil recovery and as a sulfur scavenger which provide benefits such as anti-corrosive, safety at work, and improves viscosity in oil-drilling fluids. Rising oil & gas exploration activities especially in APAC and Middle East region is one of the major contributing factor in the overall market growth.
 
Resin & polymer segment has also held significant share in the global glyoxal market. Glyoxal is widely used as cross linking agent in various polymerization processes. Rising demand of resin & polymer in various application is expected to boost the overall demand of glyoxal in coming years.To promote smoother and less wrinkled fabric, Glyoxal is commonly used as a cross linking agent or building block for textiles. Because of its biodegradable and sustainable nature, the product is increasingly being used in emerging textile industries in Asia Pacific.
 
Geography- Segment Analysis
 
APAC dominated the glyoxal market with a share of more than 40%, followed by North America and Europe. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing.It is anticipated that rising demand from key end-use industries such as paper, textiles and oil & gas will be a major driver of growth in the region. The region is expected to sustain its dominance in 2025 as a result of tremendous demand in the cosmetic, textile, and paper industry.
 
Glyoxal demand in North America region is expected to grow with healthy CAGR in the forecast time frame due rising oil & gas exploration activities along with strong demand from the packaged food industry.
 
Drivers –Glyoxal Market
  • Growing demand from various end use industries
Growth in various end use industries including textile, paper, cosmetics, and oil & gas is expected to fuel the overall demand of glyoxal in coming years. Glyoxal prevents cellulosic swelling due to its ability to bind cellulose, therefore it is mainly used in the textile industry. With the crosslinking of cellulose, Glyoxal facilitates the development of wrinkle-free and smoother textiles. In addition, for the development of hydrocolloids, glyoxal crosslinks polysaccharides such as guar, xanthan and cellulose derivatives.
In the process of improving production, the use of crosslinked polymers such as guar or xanthan in fracturing fluids is essential. If the chemical intermediate glyoxal is added, the fracturing fluids used in enhanced oil recovery (EOR) can perform better.Glyoxal increases the fracturing fluid’s viscosity by crosslinking the bound polymers. It allows the viscous fracking fluid to hold the added proppant sand (small beads) which helps create the cracks in the oil sediment and release the crude.
  • Implementation of Stringent Environment Regulations
Governments globally are focusing on reducing carbon footprint by imposing various regulations and norms. According to OECD guidelines 301C-E & 303A, due to its biodegradable existence, glyoxal is deemed environmentally friendly, showing a decrease in organic carbon content by more than 90%. Due to this, glyoxal is adopted in various application ranging from textile to oil & gas.
 
Challenges – Glyoxal Market
  • Fluctuation in raw material prices
Prices of the raw material needed to produce glyoxal are volatile in nature and are constantly changing, however impacting its application in various industries. Also, availability of raw materials may impact the overall glyoxal production which will further hinder the continuous supply of glyoxal.
 
Market Landscape
 
Technology launches,acquisitions and R&D activities are key strategies adopted by players in the glyoxal market. In 2019, the market of glyoxalhas been consolidated by the top five players accounting for xx% of the share. Major players in the Glyoxal Market are BASF, Silver Fern Chemical, Eastman Chemical, Dow Chemical Co., Huntsman Corp., Formosa Plastics Group, INEOS, ME Global B.V., Shell Chemicals, Reliance Industries, SINOPEC, Clariant, Alberta & Orient Glycol and Nan Ya Plastics Corp.,among others. 

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