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.
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