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.
Glycerol or glycerin is a simple polyol compound that is colorless, odorless, and viscous liquid. It is mostly used in pharmaceuticals, food, personal care, and various industrial applications. Glycerol acts as a humectant and helps retain moisture in skin and hair care products like soaps, creams, lotions, toothpastes, etc. It also serves as a base for ointments and suppositories as its hygroscopic nature helps absorb excess moisture. In food industry, glycerol prevents products from drying out and enhances their shelf life. It is used as a sweetener in candy manufacture and as a thickening agent.
Market key trends:
The glycerol market is witnessing significant growth owing to the expanding personal care and cosmetics industry. Rising urbanization and changing lifestyles have significantly increased the demand for skin and hair care products. Glycerol forms an integral part of numerous personal care formulations due to its humectant and moisturizing properties. It helps maintain the skin’s hydration balance. The growing working women population has also augmented the sales of personal care products. Additionally, increasing health consciousness among consumers has boosted the demand for oral and dental care products wherein glycerol appears as a key ingredient. Moreover, glycerol finds extensive usage in food processing to improve texture and consistency of products. Its widespread application in confectionery production is estimated to drive the market growth over the forecast period.
Threat of new entrants: Low due to high capital requirement to enter into the glycerol market and presence of established players.
Bargaining power of buyers: Moderate as glycerol has applications in various industries.
Bargaining power of suppliers: High as suppliers have control over raw material prices and supply.
Threat of new substitutes: Low as glycerol has unique properties and applications.
Competitive rivalry: High among existing players to gain major market share.
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 personal care and pharmaceutical industries.
Asia Pacific dominates the glycerol market and is expected to grow at a fastest rate during the forecast period. This is attributed to increasing demand for glycerol from personal care, food and beverage industries in countries such as China 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 SofiprotÃ©ol Group.
Key players are focusing on enhancing their production capacities and exploring new application areas to gain competitive advantage in the market. Innovation and expansion are the key strategies adopted by major players.