Glycerol or glycerin is a colorless, odorless, syrupy liquid which is sweet-tasting and non-toxic in nature. Glycerol finds wide application in personal care products such as soaps, shampoos, conditioners, toothpastes, mouthwashes, etc. owing to its moisturizing and humectant properties. It is also used as a solvent in the pharmaceutical industry for preparation of medicines in liquid and gel forms.

The global Glycerol Market is estimated to be valued at US$ 3.15 Bn 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 Dynamics
The global glycerol market is witnessing high growth owing to increasing demand from personal care and pharmaceutical industries. One of the key drivers for the market growth is the increasing demand from personal care industries. Glycerol acts as an excellent moisturizer and helps retain moisture in skin and hair. Thus, it is widely used in products like body lotions, creams, shower gels, shampoos, conditioners, etc. Further, the pharmaceutical industry is also contributing to the market growth. Glycerol is used as a solvent in liquid medicines and helps in smoother administration of large molecules. It has excellent solvency power and moisture retention capacity. Moreover, it is non-toxic and compatible with other ingredients.

However, glycerol production is an energy-intensive process and fluctuating crude oil prices pose challenge to glycerol production economics. This factor can hamper the glycerol market growth during the forecast period.

SWOT Analysis

Strength: Glycerol has found wide applications across various industries such as food & beverage, personal care, pharmaceuticals, and chemicals among others. The increasing demand from these diverse end-use industries is a major strength for the glycerol market. Glycerol is also safe, non-toxic, and environment friendly which makes it suitable for diverse applications. Furthermore, glycerol helps improve texture, consistency and stability of products.

Weakness: Glycerol needs processing before it finds applications. The costs associated with processing glycerol into required specifications is a weakness. Substitute products also pose competition to glycerol.

Opportunity: Growth of end-use industries like food and beverages, personal care, chemicals etc provide opportunities for glycerol market to expand. Furthermore, glycerol finds increasing applications as biofuel and propellant which will drive future opportunities. New innovative applications of glycerol will further boost market revenues.

Threats: Volatility in raw material prices impacts glycerol market. Environmental regulations also pose threats if manufacturing processes do not meet standards. Technological advancements may reduce glycerol dependence in a few applications.

Key Takeaways

The global Glycerol Market Size is expected to witness high growth over the forecast period of 2023-2030. The market is projected to increase from US$ 3.15 Mn  in 2023 to US$ 5.68 Mn in 2030, expanding at a CAGR of 8.4%. Growth will be driven by factors such as versatility, rising end-use applications and new product innovations.

Regional analysis comprises Asia Pacific region dominated the global glycerol market in 2023 and is expected to maintain its leading position over the forecast period as well. Countries like China, India and Indonesia have large biodiesel production capacities which generates glycerol as a byproduct. Strong demand from personal care and food & beverage industries also contributes to market growth in the region.

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, and Wilmar International. These companies focus on capacity expansions, new product launches and strategic partnerships to increase their market share. For instance, in 2023 Dow Chemicals commenced commercial operations of a new glycerol unit in Texas, USA to meet growing North American demand.

Get More Insights On This Topic: https://blogger-veritas.blogspot.com/2023/12/the-global-hardware-support-services.html