by Glycerol or glycerin is used as a humectant in personal care products such as soaps, toothpaste, hair care products and skin care products. It is also used as an excipient in pharmaceutical products and dietary supplements.
The global Glycerol Market is estimated to be valued at US$ 3.15 billion in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Rising demand from personal care and pharmaceutical industries has been primarily driving the glycerol market. Glycerol acts as an excellent humectant that helps retain moisture when added to personal care products. It also provides a soothing and soft feeling to the skin. In the pharmaceutical industry, glycerol is widely used as an excipient in tablets, syrups, elixirs and others due to its solubility, hygroscopic and moisture retention properties. It also helps enhance the stability of active pharmaceutical ingredients. Growing personal care and pharmaceutical industries especially in Asia Pacific is expected to augment the demand for glycerol over the forecast period.
Given Market Name- Glycerol Market; CAGR: 8.4%; Forecast period is: 2023 to 2030; Market Size for 2023 is US$ 3.15 Mn ; Key players: Proctor & Gamble Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd., Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar International, and Sofiprotéol Group
SWOT Analysis
Strength: Glycerol is a by-product of biodiesel production which provides a sustainable source of supply. It has wide applications in personal care, food & beverages and other industries.
Weakness: Presence of substitutes like propylene glycol and sorbitol limits the growth potential of glycerol market. Price volatility of raw material used for production of glycerol can impact profit margins.
Opportunity: Growing end-use industries like personal care and food & beverages increase the demand for glycerol. Development of niche applications in pharmaceuticals creates new opportunities.
Threats:Stringent environmental regulations for biodiesel production plants pose challenges. Intense competition from local and global players increases pricing pressures.
Key Takeaways
The global Glycerol Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by its wide applications. Asia Pacific dominates the global glycerol market currently accounting for over 35% of the total share in 2023. China, India and Indonesia are some of the fastest growing countries in the region owing to presence of large biodiesel production facilities and demand from personal care and food industries.
North America is another major region for glycerol market led by the US. Strict environmental norms have boosted biodiesel production thereby increasing glycerol supply. Key players like Proctor & Gamble Chemicals and Dow Chemicals are focusing on downstream applications to maximize glycerol utilization.
Key players operating in the glycerol market are Proctor & Gamble Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd., Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar International. These players are investing in capacity expansion as well as product innovation through strategic collaborations. New technologies help develop cost-effective production processes and niche applications.
*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.
