The Glycerol Market is estimated to be valued at US$ 2.91 Billion in 2022 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.
The Glycerol Market is driven by the increasing demand for glycerol in various industries, particularly personal care and pharmaceuticals. Glycerol, also known as glycerin, is a versatile compound with properties that make it suitable for applications such as moisturizers, solvents, lubricants, and humectants. In the personal care industry, glycerol is extensively used in skincare products, hair care products, soaps, and detergents. In the pharmaceutical industry, it is used as an excipient in various formulations, including tablets, creams, and syrups. The increasing awareness regarding personal hygiene and the growing demand for pharmaceutical products are contributing to the growth of the glycerol market.
The glycerol market is driven by two key factors. Firstly, the growing demand for personal care products, especially in the emerging economies, is fueling the glycerol market. Factors such as rising disposable income, increasing urbanization, and changing lifestyles are propelling the demand for skincare and hair care products. Glycerol’s moisturizing properties make it a popular ingredient in these products. Secondly, the pharmaceutical industry is witnessing significant growth, especially with the increasing prevalence of chronic diseases and the aging population. Glycerol’s properties, such as its ability to act as a solvent and improve drug delivery, make it a valuable ingredient in pharmaceutical formulations. These drivers are expected to continue supporting the growth of the glycerol market over the forecast period.
The glycerol market can be segmented based on source, application, and end-use industry. In terms of source, the dominating segment is the biodiesel industry. Glycerol is a byproduct of the biodiesel production process, and the increasing demand for biodiesel as a renewable fuel source has led to a significant growth in the biodiesel industry. As a result, the production of glycerol from biodiesel has also increased, making it the dominating source segment in the glycerol market.
The political factor influencing the glycerol market is the government regulations and policies promoting the use of renewable fuels. Many governments across the world have implemented regulations and incentives to encourage the production and use of biodiesel, which indirectly boosts the glycerol market.
The economic factor affecting the glycerol market is the increasing demand for personal care and pharmaceutical products. Glycerol is widely used in these industries for its moisturizing and emollient properties. The growing disposable income and changing lifestyles have led to an increased demand for personal care products, driving the glycerol market.
The social factor impacting the glycerol market is the rising awareness among consumers regarding the importance of sustainable products. Glycerol, being a byproduct of biodiesel production, is considered a sustainable and eco-friendly ingredient. This has led to an increased preference for products that incorporate glycerol, driving the market growth.
The technological factor influencing the glycerol market is the advancements in glycerol refining and production processes. The development of efficient and cost-effective technologies has increased the production capacity and quality of glycerol, making it more commercially viable for various industries.
The global glycerol market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period (2023-2030), due to increasing demand from the biodiesel industry. The biodiesel industry, being the dominating source segment, contributes significantly to the glycerol market growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the glycerol market. The region has a high demand for glycerol, driven by the growing population, increasing disposable income, and rising awareness about sustainable products. Additionally, the presence of key players in the region further strengthens the market growth.
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 players hold a significant market share and contribute to the competitive landscape of the glycerol market.