The Fact.MR study provides a comprehensive analysis of the growth prospects and developments in the glyoxal market during the period 2018-2027. The glyoxal market is projected to grow at 4.2% volume CAGR through 2027. According to the latest study by Fact.MR, over 360 kilotons of glyoxal will be consumed in 2019 globally with a projected annual growth of 3.8% over 2018. Overall glyoxal market growth can be attributed to,
- Glyoxal to be used as an aldehyde substitute across end-user industries
- Development of biodegradable glyoxal formulations in tandem with the sustainability trend
- Versatility of glyoxal and its extensive application in multiple end-user industries ranging from textile to oil & gas
Textile Industry Accounted for Over 51% of Glyoxal Consumption in 2018
According to the study, buoyancy in the textile industry will be beneficial for glyoxal market wherein over 51% of the global glyoxal is consumed by the textile industry. With the rapidly expanding urbanization and urban consumers spending more on high-standard clothing, the textile industry profitability is projected in the future.
The key players in the global glyoxal market report consist of
- Celanese Corporation
- Huntsman International LLC
- Zhonglan Industry Co. Ltd.
- Mitsubishi Chemical Corporation
Each market player encompassed in the glyoxal market study is assessed according to its market share, production footprint, current launches, agreements, ongoing R&D projects, and business tactics. In addition, the glyoxal market study scrutinizes the strengths, weaknesses, opportunities and threats (SWOT) analysis.
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Nearly 27% of the glyoxal consumption was held by the paper & packaging industry in 2018. Glyoxal finds an extensive application as a crosslinker in the paper & packaging industry. Glyoxal is readily biodegradable and according to Germany’s Federal Institute for Risk Assessment (BfR) and the U.S. FDA, glyoxal is categorized as an accredited chemical substance which can be used in paper for food packaging applications. The study finds that the utilization of glyoxal in the personal care industry remains considerably lower. Glyoxal has been traditionally used as a synthetic preservative in the personal care ingredients and cosmetics.