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 from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Glycerol, also known as glycerin, is a colorless and odorless liquid that is widely used across various industries, including pharmaceuticals, food and beverage, personal care, and chemical. Its unique properties, such as its ability to absorb moisture from the air, lubricate skin, and act as a humectant, make it a valuable ingredient in many products.
Glycerol finds extensive applications in the personal care industry, where it is used in the formulation of skincare products, hair care products, and cosmetics. The rising awareness about personal grooming and the increasing demand for natural and organic personal care products are driving the growth of the glycerol market. Glycerol acts as a moisturizer, emollient, and preservative in personal care products, providing several benefits such as improved hydration, softness, and texture to the skin and hair. The booming personal care industry, coupled with the growing focus on sustainability, is expected to fuel the demand for glycerol in the coming years.
Market Key Trends:
One key trend in the Glycerol Market Scope is the increasing demand for glycerol in the production of biofuels. Glycerol, derived from vegetable oils, animal fats, and biodiesel production, can be converted into biodiesel through a process known as transesterification. The growing emphasis on reducing carbon emissions and the shift towards renewable energy sources have led to a surge in the production.
Segment Analysis:
The glycerol market can be segmented based on application, distribution channel, and region.
In terms of application, the dominant segment in the glycerol market is the personal care and cosmetics segment. Glycerol is widely used in the production of moisturizers, soaps, and other personal care products due to its moisturizing and emollient properties. The increasing demand for personal care products, especially in emerging economies, is driving the growth of this segment. Additionally, the rising awareness about the benefits of natural and organic personal care products is further fueling the demand for glycerol in this segment.
Key Takeaways:
The global glycerol market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period (2023-2030). This growth can be attributed to several factors. Firstly, the increasing demand for glycerol in the personal care and cosmetics industry is driving market growth. The growing consumer inclination towards natural and organic personal care products is boosting the demand for glycerol as an ingredient in these products. Secondly, the rising demand for biodiesel as a clean and renewable source of energy is also propelling the glycerol market. Glycerol is a by-product of biodiesel production, and the expanding biodiesel industry is generating a significant supply of glycerol. This, in turn, is driving the growth of the glycerol market.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the glycerol market. The region has a large population and a growing middle class with increasing disposable income. This, coupled with the rising awareness about personal care and hygiene, is fueling the demand for glycerol in the region. Additionally, the presence of major personal care product manufacturers in countries like China, Japan, and India further supports the growth of the glycerol market in Asia Pacific.
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 are focusing on product innovation, strategic collaborations, and expansion of their production capacities to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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