Glycerol or glycerin is a colorless, odorless, and viscous liquid that is widely used as a humectant in pharmaceuticals, personal care, food, and several other industrial applications. Glycerol is commonly used as a moisturizer in skin care products like creams, lotions, and ointments. It helps protect the skin from drying out and promotes wound healing. Glycerol also has important uses in drug manufacture as a solvent and vehicle for drug delivery through skin, suppository bases, and controlled release matrices in oral medications.
The global Glycerol Market is estimated to be valued at Us$ 3.63 Bn or Mn in 2024 and is expected to exhibit a CAGR Of 10. % over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The glycerol market is expected to witness high growth owing to its wide applications in personal care and pharmaceuticals. The growing personal care industry, especially in skin care products, is a key growth driver for glycerol consumption. Glycerol moisturizes and hydrates the skin without feeling heavy or greasy, making it a preferred ingredient in creams and lotions. Moreover, glycerol also promotes wound healing in skin infections, burns, and injuries. This enhances its usage in topical drug formulations like ointments and creams.
The rising geriatric population also contributes to glycerol market growth as they are more prone to skin damages and have higher drug usage. Furthermore, glycerol is used as an antifreeze and preservative to prevent crystallization in various drug suspensions, syrups, ophthalmic solutions, suppositories, and intravenous solutions. With growing health awareness and expanding pharmaceutical industry, demand for glycerol for drug delivery is expected to rise substantially over the forecast period.
SWOT Analysis
Strengths: The glycerol market enjoys strong growth prospects owing to the rising demand for personal care products globally. Glycerol is widely used in skin creams, lotions, and hair care products. Glycerol's moisture retention capability makes it an indispensable ingredient in cosmetic formulations. Increasing health consciousness and demand for natural ingredients also favors the market.
Weaknesses: Glycerol is a by-product obtained during biodiesel production and soap manufacturing which makes prices susceptible to raw material fluctuations. High dependence on limited raw material sources can hamper supply stability.
Opportunities: Growing research on glycerol's prebiotic properties and potential applications in the food industry present lucrative opportunities for market expansion. The rising use of glycerol as a humectant in oral care, pharmaceuticals as well as emerging niches like tobacco also augurs well for glycerol demand.
Threats: Environmental regulations limiting the use of glycerol derived from petrochemical sources poses challenges. Intense competition and presence of substitute products can threaten market share of glycerol producers. Price fluctuations of raw materials also introduce uncertainties.
Key Takeaways
The Global Glycerol Market Demand is expected to witness high growth over the forecast period owing to thriving end-use industries. Personal care and skincare segment dominates the glycerol market and is anticipated to maintain lead owing to rising demand for natural moisturizers and anti-aging products.
Regional analysis:
North America currently leads the global glycerol market and is expected to maintain its dominance through 2031 driven by a well-developed personal care industry and rising consumption of processed foods. However, Asia Pacific is emerging as a highly lucrative market for glycerol. Countries like India, Indonesia, Vietnam, Thailand, and China are experiencing exponential growth in personal care product sales which will significantly contribute to regional glycerol demand.
Key players:
Key players operating in the glycerol market include 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. These companies are focusing on expanding their production capacities and geographical outreach to tap the extensive opportunities in developing nations.
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