Glycerol Market to Witness High Growth Owing to Growing Demand from...

Glycerol Market to Witness High Growth Owing to Growing Demand from Personal Care and Pharmaceutical Industry

Posted 2024-01-08 13:19:04

Glycerol, also known as glycerin, is a simple polyol compound. It is widely used in pharmaceuticals, food, personal care products and various industrial applications. Glycerol can retain moisture and helps control the water content in cosmetic formulations. It is used as a humectant in skincare creams, lotions, soaps and other personal care products to keep skin hydrated. Glycerol also serves as a thickening agent and lubricant. In the pharmaceutical industry, glycerol is utilized as a vehicle for drug delivery, primarily in cough syrups, expectorants, throat lozenges, etc. due to its hygroscopic and soothing properties.

The global glycerol market is estimated to be valued at US$ 3.15 Mn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growing demand from personal care and pharmaceutical industries remains the key driver stimulating the glycerol market growth over the forecast period. Glycerol performs various vital functions in personal care products. It helps retain moisture, enhance viscosity and acts as a lubricant and humectant. Furthermore, glycerol is extensively used as an active pharmaceutical ingredient and excipient in cough syrups, throat lozenges and expectorants owing to its soothing properties. Another factor aiding the market expansion is glycerol's ability to extend product shelf life as it is hygroscopic in nature and absorbs moisture from the environment. However, availability of substitute ingredients may restrict the glycerol demand to some extent during the projection period.

SWOT Analysis
Strength: Glycerol has wide range of applications across various end-use industries such as personal care, food & beverage, pharmaceutical and others. The glycerol market is expected to grow owing to increase in demand for soaps, creams, moisturizers and other personal care products. Furthermore, the growth of the food & beverages industry is likely to drive the glycerol market during the forecast period.
Weakness: The prices of raw materials required for glycerol production are volatile in nature which increases the cost of production. In addition, oversupply of crude glycerin is posing a threat to the glycerol market.
Opportunity: Growing demand for pharmaceutical applications of glycerol related to drug delivery and medical use is projected to offer lucrative growth opportunities. Furthermore, glycerin finds extensive usage in tobacco industry especially in manufacturing of chewing tobacco and moist snuff which presents opportunity for market expansion.
Threats: Stringent regulatory framework pertaining to the usage of crude glycerol poses threats. In addition, availability of substitutes like propylene glycol and sorbitol pose competition to glycerol market.

Key Takeaways

The global Glycerol Market Growth is expected to witness high growth over the forecast period.

Regional analysis comprises: North America dominates the global glycerol market currently owing to robust demand from personal care industry in countries like United States. Asia Pacific region is expected to exhibit fastest growth on back of growing pharmaceutical sector in emerging countries like India and China.

Key players related content comprises: 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. QIAGEN dominates the glycerol market with robust portfolio of products for various industries.

For more insights, read- https://www.pressreleasebulletin.com/glycerol-market-trends-size-and-share-analysis/