Glycerol Market is Estimated to Witness High Growth Owing to Increasing Demand from Personal Care Industry
Glycerol or glycerin is a colorless, odorless, and viscous liquid that is widely used as a humectant in pharmaceutical, personal care, and food and beverage applications. It has excellent moisture retention properties that help retain hydration in the skin. Glycerol is obtained as a by-product of biodiesel production and is also manufactured through vegetable and animal fats. It finds widespread use in soap making, as an additive in medical and personal care products, and also enjoys applications in food, tobacco, and beverage industries.
The global glycerol market is estimated to be valued at US$ 3.15 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from personal care industry remains the key growth driver for the glycerol market. Glycerol acts as an excellent humectant and offers superior moisturization to skin and hair care products. With rising disposable incomes and growing focus on personal grooming, the sales of skincare and hair care products have witnessed a steady rise over the past few years. Furthermore, glycerol also finds widespread usage as a solvent and stabilizing agent in oral care and cosmetic formulations. The other major factor propelling the glycerol market growth is increasing production of biodiesel which yields crude glycerol as a by-product. However, availability of substitute products may challenge the business opportunities for glycerol producers to a certain extent over the forecast period.
SWOT Analysis
Strength: explain in three sentence explanation; Weakness: explain two weakness in three sentence long explanation; Opportunity: explain two opportunity in three sentence long explanation; Threats: explain two threats two sentence explanation).
Strength: The glycerol market has high growth potential due to its increasing applications in personal care and food and beverages industries. Glycerol is widely used as a humectant in personal care products which see tremendous demand. There is ample availability of raw materials required for glycerol production.
Weakness: Fluctuations in raw material prices hamper glycerol production. Recent pandemic has impacted the supply chain of glycerol.
Opportunity: Growing demand for bio-based and sustainable products offers opportunities for glycerol producers. Expanding applications of glycerol as a green solvent also presents growth prospects.
Threats: Stringent environmental regulations regarding glycerol waste disposal act as a challenge. Substitute products may emerge as alternatives to glycerol.
Key Takeaways
The Global Glycerol Market Scope is expected to witness high growth. The market size was valued at US$ 3.15 billion in 2023 and is projected to reach US$ 6.86 billion by 2030, registering a CAGR of 11% during the forecast period.
Regional analysis related content comprises
Regional analysis: North America dominated the glycerol market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to extensive usage of glycerin in personal care and polyether polyols industries. Asia Pacific exhibits the fastest growth rate on account of growing glycerol demand from China, India, Japan and South Korea. These countries have robust personal care and food processing industries driving glycerol consumption.
Key players related content comprises
Key players operating in the glycerol market are dbWatch AS, eG Innovations, Heroix Corporation, Nagios Enterprises, LLC, Paessler AG, Quest Software Inc., Red Gate Software Ltd., Sematext Group, SolarWinds Worldwide, LLC, and VirtualMetric. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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