Reports And Data

Glyoxal Market Size – USD 264.6 Billion in 2019, Market Growth - CAGR of 3.8%, Market Trends – Surging demand from the oil & gas industry

NEW YORK CITY, NY, UNITED STATES, April 12, 2022 /EINPresswire.com/ -- The global Glyoxal Market is expected to reach USD 358.0 Million by 2027, according to a new report by Reports and Data. Glyoxal is a chemical raw material that finds application in several end-user industries, primarily owing to its environment-friendly characteristic. Glyoxal finds widespread usage in the textile industry as a chemical agent for the treatment of fibers such as cotton and nylon to increase the spinning, reduce fiber shrinkage improve the anti-wrinkle property, and durability. Also, textile finishes and coated paper deploy a substantial quantity of glyoxal to function as a cross-linking agent for formulation based on starch.

Glyoxal finds widespread usage as a synthetic preservative in the cosmetics and personal care ingredients. The chemical is an anti-microbial preserving agent that functions by producing formaldehyde in the beauty care products. It is deployed in cross-linking hydrocolloids for better viscosity of cosmetics. Moreover, glyoxal is preferred as an alternative to formaldehyde in certain resins attributed to its ability to provide clear adhesive resins and consequently giving the same look as wood panels bonded with UF (urea-formaldehyde), MF (Melamine-formaldehyde) and MUF (melamine urea-formaldehyde).

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Key participants include Thermo Fisher Scientific Inc., Onichem, BASF SE, Merck KGaA, Amzole India Pvt. Ltd., Tokyo Chemical Industry Co. Ltd., Tokyo Chemical Industry Co. Ltd., Haihang Group, Toronto Research Chemicals, WeylChem International GmbH, and Novochem, among others.

COVID-19 Impact
The COVID-19 pandemic is having a significant impact on the chemicals & materials industry. Demand for chemicals is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Lack of free movement of the labor force required for the application of chemicals in the end-user industries is lacking, thereby hindering the growth of the market in the COVID-19 pandemic. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.

Further key findings from the report suggest

By application, intermediate is projected to grow at a significant rate in the forecast period, attributed to the growing use of glyoxal as an intermediate in various end-user industries such as textile and pharmaceutical industries, among others.

By distribution channel, offline held a larger glyoxal market size in 2019. The glyoxal industry is very offline-intensive and witnesses transparency. The offline channel necessitates the requirement of substantial investment of time by the buyer and high selling costs, along with considerable knowledge of the market on the seller side.

By application, the oil & gas industry is expected to witness a significant growth rate in the forecast period. In a majority of the oilfield wells, the approximately two-third volume of the crude oil stays unextracted in the reservoir post application for conventional methods for oil recovery and restoration. By cross-linking molecular chains in inelastic compounds, glyoxal converts a substantial volume of aqueous solution into a fluid with high viscosity. This process is a crucial requirement for use in the fracturing process in the oil & gas industry.

Europe held the second-largest glyoxal market size in 2019 and is likely to grow at a rate of 3.2% in the forecast period. The high demand in the European region is owing to growing demand from the end-user industries in the region such as textiles, cosmetics, and leather, among others. Europe accounts for about 2.0% of global leather production and is a leading and dynamic consumer of leather items.

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For the purpose of this report, Reports and Data have segmented the global glyoxal market on the basis of application, distribution channel, industry vertical, and region:

Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

Crosslinking

Intermediate

Others

Distribution Channel Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

Online

Offline

Industry Vertical Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

Textile

Leather

Resins & Polymers

Cosmetics

Paper & Packaging

Oil & Gas

Pharmaceutical

Others

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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

North America

Europe

Asia Pacific

Latin America

MEA

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