Glycerol Market Is Estimated To Witness High Growth Owing To Increasing Demand For Personal Care and Pharmaceutical Products
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| Glycerol Market |
The global Glycerol Market is estimated to be valued at US$ 2.91 billion in 2022 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Glycerol, also known as glycerin, is a colorless and odorless
liquid that is used in a wide range of industries such as personal care,
pharmaceuticals, food and beverages, and chemicals. It is primarily used as a
moisturizing agent in personal care products such as creams, lotions, and
soaps. Glycerol also finds application in the pharmaceutical industry for the
formulation of various medications. The increasing demand for personal care and
pharmaceutical products is expected to drive the growth of the glycerol market.
Market Key Trends: One key trend in the glycerol market is the growing demand
for bio-based glycerol. Bio-based glycerol is derived from renewable sources
such as vegetable oils and animal fats, making it an environmentally friendly
alternative to petroleum-based glycerol. The increasing awareness about the
harmful effects of petroleum-based products on the environment and the growing
preference for sustainable products are driving the demand for bio-based
glycerol. Additionally, the use of bio-based glycerol in various applications
such as cosmetics, food and beverages, and pharmaceuticals is expected to
further boost its market growth.
PEST Analysis:
Political: The political landscape of the glycerol market is relatively stable,
with governments implementing regulations to promote the use of sustainable and
environmentally friendly products. However, political unrest or changes in
policies can impact the market.
Economic: The glycerol market is expected to experience significant economic
growth, with a CAGR of 7.4% during the forecast period. This growth can be
attributed to various factors, such as increasing industrial applications of
glycerol and rising consumer demand for sustainable products.
Social: The social aspect of the glycerol market is influenced by changing
consumer preferences towards eco-friendly products. As awareness regarding
environmental issues grows, there is an increasing demand for sustainable
alternatives, including glycerol-based products.
Technological: Technological advancements play a crucial role in the glycerol
market. Innovations in production processes and the development of new
applications for glycerol contribute to market growth. Additionally,
advancements in waste management and extraction techniques further enhance the
efficiency and cost-effectiveness of glycerol production.
Key Takeaways:
The global
glycerol market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period (2023-2030). This
growth can be attributed to increasing industrial applications of glycerol,
such as its use as a solvent, lubricant, and in the production of various
products like personal care and pharmaceuticals.
In terms of regional analysis, Asia Pacific is projected to be the fastest
growing and dominating region in the glycerol market. This can be attributed to
the presence of emerging economies like China and India, which have a
significant demand for glycerol-based products across industries. Additionally,
the region's supportive government initiatives towards biofuel production and
sustainable development further drive market growth.
Key players operating in the glycerol market include Proctor & Gamble
Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd.,
Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar International,
and Sofiprotéol Group. These players have a strong presence in the market and
are actively involved in product development, mergers and acquisitions, and
collaborations to strengthen their market position.
Overall, the glycerol market is poised for significant growth in the coming
years, driven by factors such as increasing demand for eco-friendly products
and advancements in technology. The Asia Pacific region is expected to lead the
market, while key players continue to focus on innovation and strategic
partnerships to stay competitive.
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