by A) Market Overview:
The global glycerol market is anticipated to reach a valuation of US$ 2.91 billion in 2023 and is projected to grow at a CAGR of 7.4% during the forecast period 2023-2030. Glycerol, also known as glycerin or glycerine, is a versatile compound used in various industries such as pharmaceuticals, cosmetics, food and beverages, and personal care. It is primarily derived from natural sources like vegetable oils or animal fats. Glycerol finds extensive application due to its excellent moisturizing and thickening properties, making it a preferred ingredient in skincare products, soaps, detergents, and pharmaceuticals. The increasing demand for bio-based products and the expanding personal care industry are driving the growth of the glycerol market.
B) Market Key Trends:
One key trend in the glycerol market is the rising demand for biodiesel production. Glycerol is a byproduct of biodiesel production, and the growing usage of biodiesel as a renewable energy source is generating substantial amounts of glycerol. This surplus glycerol is being utilized for various applications such as in the production of chemicals, animal feed, and cosmetics. The biodiesel industry’s expansion, driven by environmental concerns and government support for renewable energy, is contributing to the growth of the glycerol market. Moreover, the utilization of glycerol in the pharmaceutical and food industries as a sweetener and preservative is further bolstering its market demand.
Segment Analysis:
The Glycerol Market Growth can be segmented based on application into pharmaceuticals, personal care and cosmetics, food and beverages, and others. Among these segments, the personal care and cosmetics segment is expected to dominate the market during the forecast period. This can be attributed to the increasing demand for glycerol in the production of skincare and cosmetic products. Glycerol is widely used as a moisturizer in various personal care products such as lotions, creams, and soaps. It has hydrating properties that help to keep the skin moisturized and prevent dryness. Additionally, glycerol acts as a humectant, attracting moisture from the environment and retaining it on the skin, making it a popular ingredient in cosmetic formulations.
Key Takeaways:
The global glycerol market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period (2023-2030). This growth can be attributed to several factors. Firstly, the increasing demand for glycerol in the pharmaceutical industry for the production of medicines, syrups, and other pharmaceutical products drives market growth. Glycerol acts as a solvent and stabilizer in these formulations, ensuring the efficacy and stability of the drugs. Moreover, the growing awareness regarding skincare and personal grooming among consumers is fueling the demand for glycerol in the personal care and cosmetics segment. The moisturizing and hydrating properties of glycerol make it a key ingredient in skincare products, contributing to its market growth.
Regionally, Asia Pacific is expected to be the fastest-growing and dominating region in the glycerol market during the forecast period. This can be attributed to the presence of key players and the increasing demand for glycerol in various industries such as pharmaceuticals, personal care, and food and beverages. The region has a large population that drives the demand for healthcare and personal care products, leading to the growth of the glycerol market.
Key players operating in the glycerol market include Proctor & Gamble Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd., Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar International, and Sofiprotéol Group. These companies are actively involved in strategic initiatives such as mergers and acquisitions, product launches, and collaborations to expand their market presence and gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
