Glycerol Market will grow at highest pace owing to rising demand in personal care products3/15/2024 Glycerol, also known as glycerine or glycerin, is a polyol compound that finds wide ranging applications in pharmaceuticals, personal care & cosmetics, food & beverage, and other industrial applications. Glycerol acts as a humectant in skin care and hair care products to retain moisture. It is used as a thickening agent, stabilizer and emollient in products such as soaps, toothpastes, mouthwashes, lotions and creams. Glycerol also adds smoothness and prevents dryness in these applications.
The Global Glycerol Market Share is estimated to be valued at US$ 3.63 Bn 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. The personal care industry has been a major growth driver for glycerol owing to its use in products ranging from skin creams to hair conditioners. Growth in cosmetic expenditures is estimated to further propel demand. Technological advancements in genetically modified glycerol production through fermentation is helping lower costs and boosting supply. Market Trends One of the key trends in the glycerol market is the growing popularity of natural and plant-derived glycerin in cosmetics and personal care products. Consumers are increasingly preferring natural ingredients leading manufacturers to offer more natural variants of glycerol produced from plant oils. Another trend is the use of glycerol in pharmaceutical applications such as drug delivery and as an excipient in oral and topical drug formulations owing to its properties of solubility and permeability enhancement. Market Opportunities The rising demand for glycerol in biodiesel production acts as a key opportunity. Glycerol is a major byproduct obtained during biodiesel production from vegetable oils and animal fats. With the biodiesel industry witnessing steady growth, large amounts of crude glycerol are being churned out demanding cost-effective refining and value-addition. Another opportunity lies in the application of refined and activated glycerol as a fuel or fuel additive leveraging its high octane value and cetane number properties. Impact of COVID-19 on Glycerol Market Growth The outbreak of COVID-19 pandemic has significantly impacted the growth of glycerol market globally. The imposition of lockdown across various countries led to temporary closure of industries like personal care, food & beverage where glycerol finds widespread application. This resulted in declined demand for glycerol during initial months of pandemic. However, with rising focus on sanitization and hygiene, the demand for glycerol from disinfectant and pharmaceutical industry witnessed steady growth. The manufacturers facing disruptions in supply chain and workforce shortage struggled to meet this growing demand. With widespread vaccination drives and relaxation of restrictions in 2021, production and supply chain activities resumed. This helped the market regain lost momentum. Still, fluctuating raw material prices and uncertainties continue to pose challenges. Market players are focusing on capacity expansion and forming strategic alliances to ensure stable supply. Sustained demand from end use segments is expected to support market recovery in coming years. Regionally, Asia Pacific accounts for the largest share of glycerol market in terms of value. Countries like India, China, Japan are the dominant consumers with well established personal care and pharmaceutical industries. North America ranks second owing to high consumption from disinfectants, food and F&B segments. Europe is another major regional market driven by robust personal care sector. Middle East and Africa region is anticipated to emerge as the fastest growing market for glycerol during forecast period supported by increasing investments in end use industries. Get more insights on this topic: Glycerol Market Explore More Articles: Phishing Simulator Market
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