by The global glycerol market is estimated to be valued at US$ 2.91 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glycerol, also known as glycerin, is a colorless, odorless, and viscous liquid that is used in various industries. It is widely used in the production of personal care products such as cosmetics, soaps, shampoos, and lotions due to its moisturizing properties. Glycerol is also used in the pharmaceutical industry for the production of medicines and pharmaceutical formulations. Its ability to improve the texture and taste of food products has also led to its use in the food and beverage industry.
Market Key Trends:
The key trend driving the growth of the glycerol market is the increasing demand for personal care and pharmaceutical products. The growing focus on personal hygiene and grooming, along with the rising awareness about the benefits of using organic and natural ingredients in skincare and haircare products, is boosting the demand for glycerol. Additionally, the expanding pharmaceutical industry, particularly in developing economies, is driving the demand for glycerol as an excipient in the production of medicines.
Furthermore, the rising prevalence of chronic diseases and the aging population are also contributing to the growth of the glycerol market. Glycerol is used in various pharmaceutical formulations, including cough syrups, laxatives, and suppositories, to enhance their effectiveness and stability. The increasing healthcare expenditure and the growing demand for innovative drug formulations are expected to further fuel the demand for glycerol in the pharmaceutical sector.
PEST Analysis:
Political: The political factors that may affect the Glycerol Market Scope include regulations and policies related to the production and use of biodiesel, as glycerol is a byproduct of biodiesel production. Governments may impose restrictions or provide incentives for biodiesel production, which could impact the glycerol market.
Economic: The economic factors influencing the glycerol market include the global economic growth and the purchasing power of consumers. A strong economy will lead to increased demand for glycerol in various industries such as personal care, pharmaceuticals, and food and beverages.
Social: The social factors that may impact the glycerol market include changing consumer preferences towards natural and organic products. As glycerol is a versatile ingredient with various applications, its demand may increase as consumers prioritize products with natural and sustainable ingredients.
Technological: The technological factors affecting the glycerol market include advancements in biotechnology and industrial processes. Innovations in biodiesel production and glycerol purification techniques can lead to cost-effective and sustainable production methods, thus influencing the market.
Key Takeaways:
The global glycerol market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period of 2023-2030. This growth can be attributed to the increasing demand for glycerol in various end-use industries, such as personal care, pharmaceuticals, and food and beverages.
In terms of regional analysis, Asia Pacific is projected to be the fastest growing and dominating region in the glycerol market. Factors such as rapid industrialization, growing population, and increasing disposable income in countries like China and India are driving the demand for glycerol in this region.
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 play a significant role in the production, distribution, and marketing of glycerol, contributing to the overall growth of the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
