July 12, 2024

Glycerol Market is Estimated To Witness High Growth Owing To Rising Demand from Personal Care and Pharmaceutical Industries

The 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 Overview:

Glycerol or glycerin is a sugar alcohol that is widely used as a humectant in personal care products such as skin creams, hair care products, toothpastes etc. It helps in retaining the moisture in the skin and hair. Glycerol is also used as a solvent and thickening agent in medicines and pharmaceuticals. It has excellent water solubility, chemical stability and hygroscopic properties.

Market key trends:

One of the major trends driving the glycerol market growth is the rising demand from the personal care industry. Glycerol is a key ingredient in various personal care products such as skin creams, lotions, hair conditioning products etc. due to its excellent hydrating and moisturizing properties. With increasing focus of consumers on personal grooming and appearance, the demand for various personal care items is surging. This is positively impacting the consumption of glycerol. Further, the growth of the pharmaceutical industry, where glycerol is used as a solvent and emollient, is also fueling the market expansion.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to the high capital requirement for setting up production facilities and need for strong distribution network.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of alternatives and price sensitivity of buyers. However, need for technical expertise limits switching.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute materials for production.

Threat of new substitutes: Threat of substitutes is moderate as glycerol has applications across industries that are difficult to substitute.

Competitive rivalry: Intense due to presence of large players.

SWOT Analysis

Strengths: Wide applications in personal care, food & beverages industries. Emerging usage in biodiesel production.

Weaknesses: Price fluctuations of raw materials affect production costs. Supply chain disruptions during pandemic.

Opportunities: Growing cosmetics and personal care industry drives demand. Usage in pharmaceuticals given pandemic needs new momentum.

Threats: stringent regulations over biodiesel blending can influence supply. Substitute options ate alternatives.

Key Takeaways

The Global Glycerol Market Demand is expected to witness high growth, exhibiting CAGR of 8.4% over the forecast period, due to increasing demand from cosmetics and personal care industries. Glycerol forms the backbone of most skincare products and faces rising demand.

The Asia Pacific region dominates the glycerol market and is expected to continue its dominance over the forecast period. This is attributed to high biodiesel production in countries such as Malaysia, Indonesia and Thailand along with huge demand from personal care industries in China, Japan and India.

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, and Sofiprotéol Group. The players focus on expanding production capacities to meet global demand.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it