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 by-product obtained during the production of biodiesel and other products. It is widely used in personal care products such as shampoos, conditioners, soaps, toothpastes etc. due to its moisturizing and humectant properties. It is also used as a thickening agent and solvent in food & beverage industry and finds applications in pharmaceuticals.

 

Market Dynamics:

Growth of personal care and cosmetics industry is a key driver for glycerol market. Rising incomes and changing lifestyles have increased the demand for personal care products globally which in turn is fueling the glycerol market. Additionally, glycerol is widely used as a humectant and solvent in tobacco products which is another major end-use industry boosting the market growth. Stringent regulations on the use of glycerol in food applications is a challenge for the market players. However, increasing adoption of glycerol as a sustainable bio-based emollient and thickening agent in personal care products is expected to offer lucrative opportunities over the forecast period.
 

Segment Analysis

The glycerol market is dominated by the personal care & pharmaceuticals segment. This segment constituted over 30% of the total market share in 2023 due to the extensive use of glycerol in skin care products, soaps, toothpastes and medicines. Glycerol acts as a humectant in these products, retaining moisture and lending a smooth texture.

 

PEST Analysis

Political: Any changes in regulations surrounding the use of glycerol in different industries will impact the market. For instance, restrictions on using glycerol in food & beverage products.
Economic: A stable economic environment with rising incomes boosts expenditure on personal care products, driving glycerol demand. Lower fuel prices also make glycerol production cheaper.
Social: Changing lifestyles and increasing health consciousness is propelling the sales of moisturizing cosmetic products containing glycerol.
Technological: Advances in refining processes help produce high purity graded of glycerol economically. Additionally, R&D for developing new applications will support the market.

 

Key Takeaways

The Global Glycerol Market Growth is expected to witness high, exhibiting CAGR of 8.4% over the forecast period, due to increasing demand for personal care products. The global glycerol market size for 2023 is US$ 3.15 billion. Regionally, Asia Pacific dominates the glycerol market and is forecast to grow at the fastest rate during the forecast period due to the presence of major players in countries like India and China.

Regional analysis: Asia Pacific currently captures over 40% of the global glycerol market share led by India, China and Indonesia. These countries have seen a surge in the production and consumption of personal care & pharmaceutical products wherein glycerol is widely used.

Key players: 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. These players are focused on expanding their production capacities and ranges to leverage the market opportunities.

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