The glyoxal market size is projected to grow from USD 265 million in 2019to USD 326 million by 2024, at a CAGR of 4.3%. Increasing demand for textiles owing to the growing population and rising buying power of customers drives the requirement for glyoxal. Furthermore, rapid industrial development demanding bulk quantity of chemicals also impacts positively on the glyoxal industry.
Browse 107 market data Tables and 34 Figures spread through 129 Pages and in-depth TOC on “Glyoxal Market“
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Based on application, the crosslinking segment accounts for the largest market share in the glyoxal market. Suitability of glyoxal for cross-linking of a wide range of molecules such as proteins, starch, and cellulose, among others, biodegradability, efficiency to crosslink, and compatibility of glyoxal in the spectrum of end-use industries including paper & textile, drives the demand for crosslinking operation of glyoxal. Government initiatives to reduce plastic packaging and approval from the FDA to use glyoxal as a component of non-alcoholic food packaging solutions necessitates the use of paper and other biodegradable substances for packaging, ultimately increasing demand for glyoxal.
Based on end-use industry, the textile segment is projected to lead the market during the forecast period. Glyoxal is used for crosslinking application in the textile industry and has a significant impact on surface finishing of textiles, as it aids to manufacture softer and wrinkle-free clothes. Moreover, the growing population and increasing disposable income in emerging economies such as Peru, Vietnam, India, Brazil, and China, is driving the glyoxal market for the textile industry.
In terms of geographic coverage, the industrial insulation is segmented into five regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America. APAC is projected to be the largest and fastest-growing glyoxal market during the forecast period, owing to the continuously increasing population, rising disposable income, increasing textile exports, and competitive labor cost in the textile industry. In addition, rapid alterations in the competitive landscape of the chemical industry in the region propels the demand for glyoxal.
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Companies present in the market have tremendous opportunities in expanding their reach in emerging economies as well as developed markets such as Brazil, Peru, South Africa, the UK, Italy, the US, and others. The market players also provide new and innovative applications that further increase the efficiency and depth of applications of glyoxal in different end-use industries. In addition, the growing percentage of the aging population, the need for efficient production in agriculture, and rapid industrialization drives the demand of glyoxal as an intermediate in the derivatives industry.
