Glyoxal Market will Reach Nearly USD 424.7 Million, Expanding at a CAGR of 4.4% during the Forecast Period of 2030
The global glyoxal market size was USD 287.6 Million in 2021 and is expected to register a revenue CAGR of 4.4% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by the growing use of glyoxal in paint and other coatings.
The chemical compound glyoxal can be used to cure epoxy resins. The substance is found in a variety of products, including paints and other coatings. Construction companies use epoxy resins to create solid adhesives and coatings. As they have good resistance to chemicals and heat, they can be used in a variety of applications. A polymer like epoxy resin is made up of two types of molecules that react with curing agents to produce the final product. This reaction causes the product to harden, forming an adhesive or hard surface. Therefore, glyoxal is mainly used to crosslink epoxy resins containing nitrogen atoms instead of oxygen. This factor boosts the demand for glyoxal. In addition, glyoxal as a formaldehyde substitute is also found in wood adhesives. Furthermore, it is used for the preparation of glyoxal-phenolic prepolymers in alkaline conditions for strengthening composites reinforced with sisal fibers. The main use of glyoxal is the production of formaldehyde, which has excellent bonding strength, low cost, and fast curing properties. These factors are expected to drive revenue growth of the market during the forecast period.
Some of the leading players in the global Glyoxal Market:
Thermo Fisher Scientific Inc., Onichem, BASF SE, Merck KGaA, Amzole India Pvt. Ltd., Tokyo Chemical Industry Co. Ltd., Haihang Group, Toronto Research Chemicals, WeylChem International GmbH, and Novochem,
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Some Key Highlights From the Report:
- Crosslinking segment is expected to register a rapid revenue growth rate during the forecast period owing to the growing need to increase the crystallinity of polymer networks to improve their mechanical strength. Also, powder coatings, liquid can coatings, and coil coatings use glyoxal to produce glycoluril-based amino crosslinking resins. Glyoxal is widely used to crosslink materials in a variety of industries, including textiles, oil & gas, paper & packaging, leather, cosmetics, and personal care products. These factors are expected to drive revenue growth of the segment during the forecast period.
- Online segment accounted for the largest revenue share over the forecast period owing to the growing need for time and effort saving. Increasingly, online distribution channels are becoming popular because they provide a wide range of products and allow consumers to compare prices. Increasing convenience for customers and good discounts on products have also contributed to the growth of the segment.
- The cosmetics segment is expected to register a steady revenue growth rate during the forecast period. Glyoxal is used in face and neck cosmetic products, both as basecoats and undercoats. In addition, glyoxal is safe to use in nail care products at 1.25% concentrations. The chemical is an antimicrobial preserving agent that produces formaldehyde in beauty care products. As a result, it is used for cross-linking hydrocolloids in cosmetics to improve their quality.
- Market in Asia Pacific is expected to accounted for the largest revenue share in the global market during the forecast period. Rapid growth rate of the market is attributed to the increasing presence of major market players such as Reliance Industries Limited, Amzole India Pvt. Ltd, and Tokyo Chemical Industry Co. Ltd., among others which are expected to boost market revenue growth in the region. The market dominance of Asia Pacific is also attributed to increased demand for textiles, leather goods, and cosmetics.
The report further sheds light on the competitive landscape and provides in depth information about each market player including its global position, product portfolio, financial standing, revenue growth and company overview. The market players are focused on adopting various inorganic and organic growth strategies such as mergers and acquisitions, joint ventures, collaborations, product launches and partnerships to gain a robust footing in the market.
Key questions addressed in the report:
- What is the expected market size of the global Glyoxal market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Glyoxal market?
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Glyoxal Market Segmentation:
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2019-2030)
Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2019-2030)
Industry Vertical Outlook (Volume, Kilo Tons; Revenue, USD Million; 2019-2030)
- Resins & Polymers
- Paper & Packaging
- Oil & Gas
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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