May 24, 2024
Glycerol Market

Glycerol Market is Estimated to Witness High Growth Owing to Growing Demand from Personal Care and Pharmaceutical Industries

The glycerol market is characterized by its wide application in personal care, food and beverage, and pharmaceutical industries. Glycerol, also known as glycerin, is used as a humectant in skin care and hair care products to retain moisture. It helps in improving the texture and shelf life of products. Glycerol also serves as a thickening agent and solvent in syrups, creams, elixirs, and ointments due to its water-absorbing and hygroscopic properties. The demand for glycerol as a sweetener and preservative in confectionery products and beverages is also growing on the back of clean label trend. In addition, glycerol finds usage as a building block in manufacturing soaps, control releases medicines, and toothpastes owing to its moisturizing and thickening attributes.

The Global Glycerol Market Share is estimated to be valued at US$ 3.63 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2031.

Key Takeaways
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. Key players are focused on capacity expansion activities to cater to the growing demand for glycerol.

The increasing demand for glycerol in the personal care and pharmaceutical industries offers lucrative growth opportunities for players. Moreover, the thriving food and beverage industry worldwide owing to rising population and urbanization is providing a fillip to glycerol demand.

Glycerol manufacturers are focusing on strengthening their global footprint through partnerships and expansions across emerging regions of Asia Pacific, Latin America, and Middle East and Africa. Growing per capita incomes and increasing health awareness in developing countries will aid the market expansion.

Market drivers
The growing demand from personal care and pharmaceutical industries is the major driver propelling the glycerol market growth. Glycerol serves as an essential moisturizer and preservative in skincare and hair care products. In the pharmaceutical industry, it is used as a carrier for active ingredients in medicines owing to its excellent solvent properties. Further, the rising application of glycerol as a sweetener, humectant, and preservative in food and beverage products is also fueling the market.

PEST Analysis
Political: There are stringent rules and regulations related to manufacturing and import of glycerol. However, government support for R&D in biofuel sector may boost demand.
Economic: Rising disposable income and growing demand from end-use industries like personal care and food & beverages are fueling the market growth. The cost of raw materials fluctuates frequently affecting the supply.
Social: Increasing health concerns regarding wellness, beauty and hygiene has increased usage of glycerol in cosmetic and personal care products. Growth of veganism supports rising usage of plant-based glycerol.
Technological: New technologies help develop bio-based glycerol from waste streams, reducing dependence on petrochemical sources. Advanced extraction methods lower production costs.

The glycerol market in terms of value is highly concentrated in Asia Pacific region, especially in China and India. China alone accounts for over 30% of the global glycerol demand led by its massive chemical industry. North America and Western Europe are other major markets owing to well-established personal care and polymer industries.

The glycerol market is witnessing fastest growth in Middle East and Africa region. Factors such as expanding consumer goods sector, rapid urbanization and improving economic conditions are aiding the demand rise. Countries like Nigeria, South Africa, Saudi Arabia and UAE are emerging as lucrative markets on back of growing food processing and cosmetics industries in the region. Supportive government policies for renewable energy sector will further boost glycerol consumption.