Glycerol or glycerin is used as a substance in various cosmetic, personal care and pharmaceutical products due its moisturizing and thickening properties. It enhances the texture and consistency of soaps, creams, lotions, toothpastes and other commercial products. Growing demand for natural ingredients and organic personal care items has increased the adoption of glycerol as it is derived from vegetable or animal fats through saponification process.

The Global Glycerol Market Share is estimated to be valued at US$ 3.63 Billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Key Takeaways

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. These companies strategize on expanding their production capacities and investing in research & development activities to introduce innovative glycerol-based products and solutions.

The rising middle class population, changing lifestyles and growing concerns about personal appearance have elevated demand for cosmetics, skin care and hair care goods. As glycerol serves as a key hydrating ingredient in many cosmetic formulations, its consumption is expected to increase steadily driven by expanding personal care industry.

Glycerol producers are exploring new opportunities in the emerging markets of Asia Pacific and Latin America region. Countries like China, India, Brazil and Mexico offer lucrative prospects due to the large consumer base seeking affordable personal care offerings. Manufacturers invest in building production plants and supply chain networks in these developing markets to tap the growth potential.

Market drivers

One of the key drivers for glycerol market is its wide range of industrial applications apart from personal care sector. Glycerol discovers use as a humectant, solvent and thickening agent in food, pharmaceuticals, tobacco, aluminum and others. It helps control moisture content and acts as sweetener or softener. Growing industries will augment the product demand globally during the forecast period.

Impact of geopolitical situation on the growth of Glycerol Market

The glycerol market is facing disruptions due to ongoing geopolitical tensions and conflicts around the world. The Russia-Ukraine war has significantly impacted the global supply chain of crude and vegetable oils, from which glycerol is derived as a co-product. This has led to volatility in glycerol prices over the short term. In addition, sanctions on Russia by the western nations have restricted trade, further exacerbating supply issues. Looking ahead, protracted geopolitical conflicts could maintain pressure on the market in the coming years if crude and edible oil supplies remain constrained. To ensure long term growth, manufacturers will need to diversify their sourcing capabilities and develop alternative production methods that do not heavily depend on global commodity supply chains prone to geopolitical disruptions. Investing in research for microbial and chemical routes for glycerol production can provide more stable supply sources.

Glycerol Market concentration in geographical regions

Currently, the Asia Pacific region accounts for the largest share of the global glycerol market in terms of value. Countries such as China, India and Indonesia dominate glycerol demand due to their large scale personal care, food and pharmaceutical industries that use glycerol as a key ingredient. APAC's share of the overall market is expected to continue growing over the forecast period owing to rising incomes, population growth and increasing health awareness in the region's emerging economies. North America is the second largest regional market for glycerol, led by pharmaceutical and personal care applications in the United States. Europe is another major consumer being driven by technical applications of glycerol in the region's large industrial and chemicals sectors.

Fastest growing region in the Glycerol Market

The Middle East and Africa region is projected to grow the fastest in the glycerol market during the forecast period. This is mainly due to increasing industrial activity and investments in glycerol consuming end use industries such as chemicals and personal care in the Gulf economies and Sub-Saharan Africa. Availability of crude oil feedstock provides MEA with a competitive advantage for glycerol production. Additionally, the region's warm climatic conditions are fueling strong demand growth for hygiene and skin care products containing glycerol. If MEA can develop local manufacturing capabilities as well as explore new application areas, it is well positioned to capture a significant share of future global glycerol demand expansion.

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