May 18, 2024

Glycerol Market Is Expected To Be Flourished By The Rising Application In Personal Care And Pharmaceuticals

Glycerol is a versatile chemical compound that finds a wide range of applications across various industries. It is used as a humectant and solvent in personal care products due to its hygroscopic and antimicrobial properties. Glycerol helps retain moisture in the skin, hair, and lips and is commonly found in lotions, lip balms, soaps, shampoos, and other skin and hair care products. The compound also serves as a solvent and thickening agent in pharmaceutical formulations and medicines due to its solubility properties. The booming personal care and pharmaceutical industries have significantly contributed to the increasing demand for glycerol over the years.

The global Glycerol Market is estimated to be valued at US$ 3.63 Billion in 2024 and is expected to exhibit a CAGR Of 10% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the glycerol market is the rising application of glycerol in personal care products. Glycerol hydrates and moisturizes the skin, hair, and lips, making it a popular ingredient in creams, lotions, balms, shampoos, and other personal hygiene products. The vigorous growth of the personal care industry, especially in emerging economies, has significantly boosted glycerol consumption in recent years. According to statistics, the global personal care market was valued at over US$ 480 billion in 2020 and is expected to reach US$ 815.5 billion by 2028, exhibiting a CAGR of 7.3% during 2022-2028. Rising disposable income, growing awareness about personal grooming, and increasing demand for natural and organic personal care products are some key factors propelling the personal care industry worldwide. This rapid expansion of the personal care sector has created sustained demand for glycerol and is expected to drive the glycerol market over the forecast period.

 

Segment Analysis

The global glycerol market is dominated by the personal care & pharmaceuticals sub-segment which holds around 40% share. Glycerol finds wide applications in personal care products such as soaps, shampoos, conditioners, toothpastes and skin care creams owing to its humectant and moisturizing properties. It is also used extensively in pharmaceuticals industry for manufacturing suppositories, cough syrups, elixirs, ointments and tableting solutions. Glycerol’s water retention capacity helps the medicines and personal care products retain their form for longer duration without drying.

PEST Analysis

Political: There are no significant political risks impacting the glycerol market globally. However, certain environment related regulations regarding hazardous waste disposal from glycerol production plants impact the overall industry.

Economic: The glycerol market is expected to grow moderately during the forecast period supported by economic growth in end-use industries such as personal care, food & beverage and pharmaceutical worldwide. However, volatility in crude oil prices impacting raw material costs can affect producers’ margins.

Social: Rising health consciousness and demand for natural and herbal personal care products works in favor of glycerol industry. Glycerol being an emollient moisturizer widely used in natural personal care formulations has steady social acceptance.

Technological: Continuous development of bio-glycerol production methods help overcome feedstock related issues. Technologies such as enzymatic process, use of renewable feedstocks are being adopted to produce glycerol in ecologically sustainable way.

Key Takeaways

The Global Glycerol Market Demand is expected to witness high growth supported by expanding end-use industries especially personal care and food & beverage. The personal care & pharmaceuticals segment dominates the global market and is expected to remain the key revenue generator during the forecast period.

Regionally, Asia Pacific region leads in terms of both production and consumption of glycerol due to massive personal care industry growth in countries such as China, India and developing Southeast Asian markets.

Key players operating in the glycerol market are QIAGEN, Dicerna Pharmaceuticals Inc., Phio Pharmaceuticals Corp., Arcturus Therapeutics, Ionis Pharmaceuticals Inc., Sigma Aldrich (Merck KGaA), Benitec Biopharma Ltd., Silence Therapeutics PLC, SBI Biotech Co. Ltd., Alnylam Pharmaceuticals Inc., and Thermo Fisher Scientific Inc.

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