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Glyoxylic Acid Market Growth Projections and Opportunities
Glyoxylic acid is a key ingredient used to make Allantoin, which is a compound that helps to moisturize and soften the skin. Allantoin is used in products like medicine and personal care items. In the personal care industry, Allantoin is widely used in making skin and sun care products, and the demand for these products is increasing due to rising disposable income and purchasing power in developing regions. This growing demand for skin and sun care products is leading to an increased use of Allantoin, which, in turn, drives the demand for glyoxylic acid in the global market.
According to MRFR, the total sales revenue from Allantoin is expected to reach around USD 400 million by the end of 2016. Cosmetics is the main application for Allantoin, followed by pharmaceuticals. The revenue from Allantoin sales is predicted to grow at a rate of 4.5% over the forecast period. Since glyoxylic acid is necessary to make Allantoin, the increasing demand for Allantoin will also boost the glyoxylic acid market in the future.
The demand for glyoxylic acid, which is used to produce Allantoin, is expected to increase due to the rising use of Allantoin in various products. This trend is driven by the growing disposable income and purchasing power of consumers in developing regions. As a result, the market for glyoxylic acid is likely to expand in response to the increasing demand for Allantoin-containing products in the pharmaceutical and personal care industries.
Allantoin is widely used in the personal care industry, particularly in the production of skin and sun care products. As people in developing regions have more money to spend, the demand for such products is growing. This leads to an increased consumption of Allantoin, which in turn drives the demand for glyoxylic acid in the global market.
The demand for glyoxylic acid is expected to rise due to the increasing use of Allantoin in various products. This trend is driven by the growing disposable income and purchasing power of consumers in developing regions. As a result, the market for glyoxylic acid is likely to expand in response to the increasing demand for Allantoin-containing products in the pharmaceutical and personal care industries.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 0.6 Billion |
| Market Size Value In 2023 | USD 0.631 Billion |
| Growth Rate | 5.27% (2023-2032) |
Glyoxylic Acid Market Highlights:
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