Analysis of COVID-19 Crisis-driven Growth Opportunities in Glyoxylic Acid Market
Glyoxylic Acid Market: Overview
The glyoxylic acid market is progosticated to display a notable growth rate over the 2020- 2030 forecast period. The growing demand for glyoxylic acid from the agrochemicals segment is a primary factor spelling growth in the glyoxylic acid market. The high volume use of agrochemicals in the agriculture sector for higher crop yield is indirectly influencing the demand for glyoxylic acid.
Key parameters based on which the glyoxylic acid market is studied in this report are form, product type, derivatives, end user and region.
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The report on glyoxylic acid market delves into each and every key aspect to present a well-founded analysis of the said market for the 2020 – 2030 forecast period. The report examines demand dynamics and growth indices for valuable insights into the growth curve of the glyoxylic acid market over the forecast period. Study of the vendor landscape, including competitive strategies of key players in the glyoxylic acid market is a highlight of this report.
Glyoxylic Acid Market: Competitive Landscape
The glyoxylic acid market is largely consolidated with the presence of some large players. R&D for product improvement is a key growth strategy of keen players in the glyoxylic acid market.
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Some large players in the glyoxylic acid market are Zhonglan Industry Co. Ltd., Akema S.r.l., and Marcelo Roberto Pressi, among others.
Glyoxylic Acid Market: Key Trends
Rapid rise in demand for glyoxylic acid from the personal care segment since the past few years is creating growth opportunities in the glyoxylic acid market. Glyoxylic acid is used as a neutralizing agent in a number of personal care products, including shampoos, conditioners, and lotions. The high volume use of personal care products among all age groups for beauty and appearance is attracting small chemical manufacturers to manufacture glyoxylic acid. This is favorable to the growth of glyoxylic acid market.
Changing lifestyle in several parts of the world wherein individuals are spending large amounts on health-aid products is spurring growth in the pharma sector. This, in turn is boosting the demand for glyoxylic acid. Collectively, these macro factors are likely to lay a strong platform for the growth of glyoxylic acid market over the forecast period.
Apart from this, featuring bi-functionality, glyoxylic acid has several applications in the chemical industry. Glyoxylic acid finds use as a versatile reagent in the synthesis of fine and organic chemicals. Furthermore, glyoxylic acid and its derivatives are extensively used across various industries for a range of applications such as visual identification of biogenic amines, derivative for oomycete fungicides, and reducing agent for electroless copper plating. In addition, glyoxylic acid carries out a significant role in human metabolism, wherein it works as intermediary in the glyoxylate cycle. As a result, fatty acids are converted into carbohydrates by some organs in the human body.
Glyoxylic Acid Market: Regional Assessment
Asia Pacific holds a significant share in the glyoxylic acid market, and is predicted to continue to account for significant revenue to the overall market in the forthcoming years. Growth of the agricultural sector in countries such as India, wherein agriculture is a key occupation is indirectly influencing the glyoxylic acid market in the region. Economic growth in emerging economies of the region that has led to excessive demand for personal care products and cosmetics is boosting the glyoxylic acid market.
North America and Europe are expected to hold significant share in the global glyoxylic acid market displaying a steady growth rate in the years ahead. Key factor fuelling the glyoxylic acid market in these regions is well-established pharmaceutical and personal care industry.
Latin America is anticipated to emerge as a key region in the overall glyoxylic acid market over the forecast period due to the surge in demand for fungicides from the agriculture industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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