The growing demand for glyoxal from the textile industry is expected to boost the growth of the market, states Fortune Business Insights, in a report, titled “Glyoxal Market Size, Share & Industry Analysis, By Application (Crosslinking, Intermediate, Others), By End-Use Industry (Textile, Paper, Derivatives, Oil & gas, Cosmetics & Personal care, Leather, Others) and Regional Forecast, 2022-2029.” The surging oil and gas industry is expected to enable speedy expansion of the market.
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Introduction of New solution by U.S. Army Research Laboratory to Spur Opportunities
The increasing investments in R&D for the new solutions can have a tremendous impact on the market. For instance, in January 2018, the Lawrence Livermore National Laboratory and the U.S. Army Research Laboratory announced the launch of a new solution by creating high-energy explosives. The solution contains sodium hydroxide and hydroxylamine hydrochloride with an aqueous solution of the dialdehydeglyoxal. Furthermore, the growing utilization of glyoxal in numerous industries is expected to bolster the healthy growth of the market. For instance, glyoxal is used as finishing agents, which provide shrink-proof, wash-resistance-free, and wrinkle-resistance properties to nylon and cotton in the textile industry. Moreover, it is also used as a crosslinking agent, glyoxal helps in the oil extraction process of the immiscible phase. Hence, its growing requirement in the oil and gas industry is expected to intensify the growth of the market.
However, fluctuations in the prices of raw materials due to their availability mainly ethylene, and glycol prices can subsequently hamper its adoption, in turn, diminishing market growth.
Rising Packaging Industry to Aid Expansion in North America
The glyoxal market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to hold the largest share in the market owing to the flourishing increasing textile, oil & gas, and paper industries. The market in North America is expected to experience rapid growth during the forecast period owing to the improving packaging industry in the region. The increasing applications in the end-user industries such as pharmaceuticals and agrochemicals are expected to foster growth in the region. Europe is likely to expand during the forecast period owing to the growing demand for glyoxal in Germany, France, the UK, and Russia. The Middle East and Africa are expected to observe steady growth owing to the improving cosmetics industry in the region.
The Report Lists the Key Companies in the Glyoxal Market:
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