Glyoxylic Acid Market Size, Share, Growth Analysis, By Grade (Cosmetic Grade, Technical Grade), By Type (Allantoin, Vanillin, P-Hydroxyphenylglycine), By Application (Personal Care & Dermatology), By Region - Industry Forecast 2024-2031

Glyoxylic Acid Market size was valued at USD 327 million in 2022 and is poised to grow from USD 348.58 million in 2023 to USD 581.25 million by 2031, at a CAGR of 6.6% during the forecast period (2023-2031). 

The global glyoxylic acid market has experienced steady growth over the years and is expected to continue its upward trajectory in the coming years. One of the key drivers of the global market is its extensive use in the pharmaceutical industry. Glyoxylic acid is an important intermediate in the synthesis of various pharmaceutical compounds, including vitamins, antibiotics, and antihistamines. The growing prevalence of chronic diseases and the expanding global population have led to an increased demand for pharmaceutical products, thereby driving the demand for glyoxylic acid. Furthermore, glyoxylic acid finds application as a key ingredient in various personal care and cosmetic products. It is widely used in the formulation of hair straightening and smoothing agents, skin care products, and hair dyes. The rising consumer focus on personal grooming and appearance, coupled with the growing beauty and personal care industry, is fueling the demand for glyoxylic acid. The agrochemical industry is another significant consumer of glyoxylic acid. It is used in the synthesis of herbicides, insecticides, and plant growth regulators. With the increasing need for higher agricultural productivity to meet the global food demand, the demand for agrochemicals is on the rise. This, in turn, is propelling the growth of the global market. Despite the positive market outlook, the market also faces certain challenges. One of the major challenges is the availability and cost of raw materials. Glyoxylic acid is primarily derived from glyoxal, which is manufactured from ethylene glycol or formaldehyde. Fluctuating prices and availability of these raw materials can impact the production and supply of glyoxylic acid, leading to price volatility. Environmental concerns and regulations are another challenge faced by the glyoxylic acid market. The production of glyoxylic acid involves the use of chemicals and energy, which can have adverse environmental impacts if not properly managed. Stringent regulations regarding waste disposal and emissions control can increase production costs and pose challenges for manufacturers.

US Glyoxylic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.