by Glycerol is a polyol compound that finds numerous applications across various end-use industries such as Personal Care and pharmaceuticals, Food and beverage, and Industrial. Glycerol is used as a humectant in food, toothpaste, mouthwash, cough syrups, lozenges, and skin care products to retain moisture. It also acts as a thickening agent, solvent, sweetener, and preservative in food products. Glycerol further has applications as an emulsifier, stabilizer, and solvent in medicines, toothpaste, soaps, creams, and emulsions. It is also used as a transportation fuel, especially in countries like Brazil where large quantities of glycerol are generated as a by-product of biodiesel production.
The global Glycerol Market is estimated to be valued at US$ 3.15 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the key drivers for the glycerol market is the increasing applications of glycerol in various industries. As mentioned in the heading, glycerol finds numerous applications as an excipient and additive in personal care products and pharmaceuticals. It is extensively used as a humectant in products like toothpaste, mouthwash, skin care creams, etc. to retain moisture. Glycerol also serves as an ideal solvent, sweetener, thickening agent, and preservative in various food and beverage products. Further, growth in end-use industries like personal care and food and beverage is expected to boost the demand for glycerol over the forecast period.
Another major factor propelling the glycerol market growth is its increasing use as an alternative transportation fuel, especially in Brazil. Large quantities of crude glycerol are produced as a by-product during biodiesel production. Countries are mixing crude glycerol obtained from biodiesel production into diesel to be used as a transportation fuel. This reduces reliance on petroleum and helps utilize glycerol generated as a by-product.
Segment Analysis
The glycerol market is dominated by the personal care & pharmaceuticals segment, which accounts for over 35% of the market share. Glycerol is widely used in skincare, hair care, oral care products, and medicines owing to its emollient and humectant properties. It helps retain moisture in the skin & hair and also adds a smooth texture to creams & lotions. The food & beverage segment is another major segment, dominated by the confectionery sub-segment. Glycerol is used as a sweetener and humectant in candies, chocolates, chewing gums, etc to prevent drying out.
PEST Analysis
Political: The glycerol market is significantly impacted by stringent regulations around the use of chemicals in personal care and food products. Any new regulations can hamper product innovation.
Economic: As global economy rebounds post-pandemic, discretionary spending on personal care and food items is increasing. A growing middle class in developing nations also augurs well for glycerol demand.
Social: Rising health consciousness and focus on natural ingredients is driving demand for glycerol as it is a by-product of biodiesel production and considered natural. Moreover, growing preference for vegan products boosts glycerol consumption.
Technological: New production technologies are helping lower glycerol costs and reduce environmental footprint. The development of new grades of glycerol with better moisturizing properties will likely expand its applications.
Key Takeaways
The global Glycerol Market Size is expected to witness high growth over the forecast period aided by rising demand from personal care, food & beverage industries. Personal care segment dominates the market owing to glycerol’s excellent emollient properties which help retain moisture in skin & hair care products. Regionally, Asia Pacific accounts for around 40% of the global glycerol consumption led by countries like China, India and Indonesia. Rising disposable incomes and growing middle class are driving higher discretionary spending in the region.
Key players operating in the glycerol market are Proctor & Gamble Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd. Proctor & Gamble Chemicals leads the glycerol market with over 15% share owing to its diversified product portfolio and strong distribution network across regions. Other major players are focusing on capacity expansions and new product innovations to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
