by Glycerol or glycerin is a clear, colorless, and viscous liquid that is used in many industrial and consumer applications. Glycerol can be produced both through vegetable and animal fats hydrolysis and helps in providing moisture and acting as a humectant. It is widely used in personal care and cosmetic products like soaps, lotions, creams, and others owing to its ability to retain moisture. Glycerol also has applications in pharmaceuticals, food and beverages, and tobacco industries. In the personal care industry, glycerol helps formulate various skin and hair care creams, lotions, soaps, and others owing to its beneficial properties.
The global glycerol market is estimated to be valued at US$ 3.15 million in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from personal care and cosmetic industry: The personal care and cosmetic industry has been one of the major end-users of glycerol owing to its moisturizing and humectant properties. Glycerol retains moisture in skin and hair care products and prevents dryness. The growing cosmetics and personal care industry globally is expected to drive the demand for glycerol over the forecast period.
Increasing usage in pharmaceutical applications: Glycerol is widely used as an excipient and solvent in many pharmaceutical products like cough syrups, ear drops, and others. It acts as a thickening agent and provides emollient properties. The growing pharmaceutical industry worldwide is expected to boost the glycerol market growth during the forecast period.
Segment Analysis
The global glycerol market is dominated by the personal care & pharmaceuticals sub-segment. Glycerol or glycerin finds wide application in the personal care & pharmaceuticals industry where it is used as a humectant in products such as skin creams, toothpaste, mouthwash, cough syrups, etc. Glycerol has strong moisture retaining property which helps hydrate and soften the skin. Also, being colourless, odorless and having a pleasant feel, it is a preferred ingredient in personal care products. This sub-segment currently occupies over 35% of the total glycerol market and is expected to remain dominant over the forecast period.
PEST Analysis
Political: The glycerol market is regulated by various environment and industry related policies and regulations set by governments across countries and regions. Any changes in these regulations can impact the production and trade of glycerol.
Economic: The overall economic growth of countries and rise in per capita income is influencing the consumption of personal care products wherein glycerol is a key ingredient. Additionally, volatility in crude oil prices affects the raw material costs of producing glycerol.
Social: Changing consumer preferences towards natural and plant-based ingredients in personal care products is driving the demand for vegetable-oil based glycerol. Also, increasing health and wellness trends are propelling the use of glycerol in various pharmaceutical applications.
Technological: Advancements in recovery processes are helping reduce wastage and enhance yields during the production of glycerol, especially from biodiesel plants. New efficient purification techniques are also aiding its use across diverse end-use industries.
Key Takeaways
The Global Glycerol Market Scope is expected to witness high growth over the forecast period aided by increasing usage in personal care products and various industrial applications such as food & beverage and tobacco. Regionally, Asia Pacific accounts for around 35% share of the total glycerol market and is projected to maintain its lead. China, being one of the largest producers of crude glycerin globally, is a key market in the region.
Key players operating in the glycerol market include dbWatch AS, eG Innovations, Heroix Corporation, Nagios Enterprises, LLC, Paessler AG, Quest Software Inc., Red Gate Software Ltd., Sematext Group, SolarWinds Worldwide, LLC, and VirtualMetric. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Despite Asia Pacific leading the current demand, North America is anticipated to register highest CAGR during the forecast period. This can be attributed to escalating usage of glycerol in various end-use industries such as food & beverage and personal care in the region. Furthermore, increasing health consciousness among consumers have elevated the popularity of plant-based personal care products containing glycerol as a major ingredient.
*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, chemical and materials, defense and aerospace, consumer goods, etc.
