Oxoacetic Acid Market: Overview

Oxoacetic acid, also termed as glyoxylic acid, is an organic compound that is used as a chemical intermediate in various industries. It is one of the major C2-carboxylic acid compounds after acetic acid and oxalic acid. It is prepared by catalytic oxidation of glyoxal. Oxoacetic acid is used to produce numerous downstream products that are used in various end-use industries. Derivatives of oxoacetic acid include allantoin, vanillin, p-hydroxyphenylglycine, and DL-p-hydroxyphenyl hydantoins. Among these, allantoin and vanillin are the significantly used derivatives in the chemical industry and personal care products.

Oxoacetic Acid Market: Trends & Developments

Demand for oxoacetic acid has been increasing due to the rise in consumption of oxoacetic acid in various industries such as pharmaceuticals and personal care & cosmetics. Rise in consumption can be ascribed to the beneficial properties of oxoacetic acid such as healing and skin firming. However, oxoacetic acid can cause corrosive and instant chemical burning when used excessively. This is hampering the usage of oxoacetic acid in food & beverages and cosmetics industries. Additionally, oxoacetic acid can cause major skin allergies. It can also adversely impact the skin membranes. This is estimated to restrain the global market during the forecast period. Furthermore, the growing usage of oxoacetic acid in therapeutic process to eliminate the several health issues is likely to create immense opportunities for market growth.

Oxoacetic Acid Market: Segmentation

The global oxoacetic acid market can be segmented based on derivative, application, and region. In terms of derivative, the global oxoacetic acid market can be classified into allantoin, vanillin, p-hydroxyphenylglycine, DL-p-hydroxy phenylhydantoin, 2-hydroxyl-phosphine acetic acid, and others. Allantoin and vanillin are the primary derivatives used in various end-use industries such as personal care & cosmetics. Rise in demand for vanillin in the food & beverages industry is expected to fuel the market during the forecast period. Based on application, the global oxoacetic acid market can be segregated into personal care & cosmetics, pharmaceuticals, aroma, agrochemicals, and others. Personal care & cosmetics and pharmaceuticals are anticipated to be the leading segments of the global oxoacetic acid market with more than 35% share in terms of demand in 2018. Agrochemicals is expected be a relatively smaller segment of the market. It is likely to expand at a sluggish pace during the forecast period due to the availability of suitable alternatives.

Oxoacetic Acid Market: Regional Outlook

Based on region, the global oxoacetic acid market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of consumption and production, Asia Pacific is expected to be the dominant region of the global oxoacetic acid market in the near future. This can be ascribed to the rise in demand for oxoacetic acid in China due to the growth of chemical production and pharmaceuticals in the country. Furthermore, global players such as Akema Fine Chemicals own production facilities in China. The country is anticipated to account for more than 40% share of the global production during the forecast period. The oxoacetic acid market in Middle East & Africa and Latin America is projected to expand at a moderate pace in the near future, owing to the high dependence on import facility for oxoacetic acid in these regions.

Global Oxoacetic Acid Market: Key Players

Key players operating in the global oxoacetic acid market are Akema Fine Chemicals, Hubei Hongyuan Pharmaceutical Technology Co. Ltd, Stan Chemicals, WeylChem International GmbH, Zhonglan Industry Co, Haihang Industry Co. Ltd., and Zhonghua Chemical.

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.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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