United States, Rockville MD, May 16, 2022 (GLOBE NEWSWIRE) -- As per a recent report published by Fact.MR, the global glyoxal market is poised to grow at a CAGR of 4.4% from 2022 to 2032. The market is likely to close at a valuation of US$ 2.25 Billion. The demand for Glyoxal Market is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 1.46 Billion by the end of 2022.
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With the ongoing emphasis on sustainability across end-user industries, manufacturers in the glyoxal marketplace are actively engaged in introducing glyoxal compounds with higher sustainability grades. From 2015 to 2021, the market for Glyoxal grew at a CAGR of 5.3%, closing at a value of US$ 1.4 Billion. As of 2022, the industry is likely to reach US$ 1.45 Billion. Applications in plug-in hybrid (PHEV) and electric vehicles (EV). The application of glyoxal as a crosslinking agent has remained traditional across multiple end-user industries and the status quo is expected to continue in the future.
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The growth of the aforesaid market is primarily driven by the high-scale investment by several governments for the advancement of industrial infrastructure. Additionally, collective domestic demand for textiles and chemicals due to the increasing population is also stimulating the market towards positive growth.
How Oil & Gas Sector Boosts the Demand for Glyoxal Market?
Opportunities for Glyoxal Market with a Healthy Outlook for the Oil & Gas Sector
Oil & gas is the major application sector and accounted for 30.4% of the overall volume in 2021, registering a 4.3% CAGR. Glyoxal is widely used as a cross-linker for oil recovery, and sulfur scavenger in gas sweetening processes. The oil and gas industry is realigning after witnessing the last few years of weak prices.
With increased production efficiency, U.S. oil production has increased and is likely to observe an upward growth trend in the future. The scenario is similar in developing economies as well, thereby driving the demand for enhanced oil recovery owing to increased oil wells development.
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Key Segments Covered in the North America Glyoxal Industry Survey
- Glyoxal Market by Application:
- Glyoxal for Cross-Linking Polymer
- Glyoxal for Sulfur Scavengers
- Glyoxal Market by End Use:
- Oil & Gas
- Textiles
- Paper & Packaging
- Leather Manufacturing
- Personal Care
- Furniture
- Other End Uses
- Glyoxal Market by Region:
- North America
- Latin America
- Europe
- APEJ
- Japan
- Middle East & Africa
Competitive Landscape
The global market for glyoxal is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In March 2020, BASF closed the acquisition of Solvay’s polyamide business (PA 6.6) on January 31, 2020. Domo Chemicals, Leuna, Germany, was approved by the E.U. Commission as the buyer of the European polyamide business, which could not be acquired by BASF under the conditions imposed by the authorities. The transaction broadens BASF’s polyamide capabilities with innovative products.
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Key players in the Glyoxal Market
- Dow Chemical Co.
- BASF SE
- Hubei Hongyuan Pharmaceutical technology Co. Ltd
- Zhonglang Industry Pvt. Ltd
- Mitsubishi Chemical Corporation
- Huntsman International LLC
- Celanese Corporation
- Amzole India Pvt. Ltd
Key Takeaways from Glyoxal Market Study
- Global glyoxal market to flourish 1.5x from 2022-2032
- Cross linking polymers to be a top-application category, capturing more than 80% market and flourishing at a 4.7% CAGR until 2032
- By end-use, Glyoxal for the textile industry to expand at a CAGR of 5%
- U.S to emerge as the fastest-growing glyoxal market, documenting a 5% CAGR
- China to be the 2nd most opportunistic market, expected to be valued at US$ 455 Million in 2032
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