Wilmington, Delaware, United States, March 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global glycerol market is likely to expand at a CAGR of 6.3% between 2021 and 2031. Glycerol is a non-toxic liquid that is sweet in taste but colorless in appearance. It is a polyol compound, which is viscous in nature and is commonly known as glycerin or glycerine. Glycerol is naturally available in various plant and animal resources such as palm, tallow, soybeans, and others. It can also be obtained synthetically from biodiesel with the help of multiple manufacturing processes such as saponification, hydrolysis, transesterification, and ultimately create a clean-burning and renewable fuel for use in multiple industries.
Increase in usage of glycerol in several industries, such as tobacco, pharmaceuticals, personal care, food & beverages, and others, is projected to create lucrative business opportunities in the market in the near future.
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Glycerol has the ability to hold water. This humectant property is a key factor augmenting its demand in the global market. Demand for glycerol is high in the cosmetic and personal care industries owing to its moisturizing action on skin products. It is also used for maintaining the pressure in the central nervous system and in the eyeballs. Rise in popularity and acceptance of glycerol in skincare and beauty products globally is projected to propel market expansion during the forecast period.
According to TMR report, the global glycerol market was valued at US$ 231.9 Bn in 2020 and is anticipated to reach US$ 454.1 Bn by the end of 2031. Increase in usage of glycerol in industrial applications is anticipated to augment the global glycerol market during the forecast period.
Key Findings of Study
- Increase in Demand in Food & Beverages and Skincare Industry: Rise in utilization of glycerol in various industries, such as healthcare, personal care, pharmaceuticals, beauty & cosmetics, processed food, and others, is bolstering the glycerol market. Additionally, glycerol is used in food and beverage products as a solvent, in food colors, or in low-fat food products as a filler or plasticizer, emollient, or humectant. Increase in demand for the products mentioned above is projected to drive the global glycerol market in the next few years.
- Increase in Usage in Textile and Pharmaceutical Products: Glycerol is hydroscopic in nature, and is widely utilized as fabric softener in the textile industry. It can be extensively used in adhesives and glues for slowing the process of drying and in flexible foams as plasticizer for improving the spreading of coating into tablets, granules, and beads. Glycerol is also used in pharmaceutical products, such as eyewash solutions, suppositories, congestion tablets, and gel capsules. Thus, increase in utilization of glycerol in textile and pharmaceutical products is anticipated to propel the global market during the forecast period.
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Key Drivers
- Rise in usage of cosmetic products with glycerin is projected to accelerate market growth
- Increase in awareness about importance of personal hygiene and rise in sales of beauty products are expected to bolster industry growth
- Surge in utilization of glycerol in textiles and pharmaceutical products are likely to propel market development during the forecast period
Regional Growth Dynamics
- Asia Pacific is likely to account for leading share of the global glycerol market during the forecast period. This is ascribed to rapid pace of urbanization, increase in disposable income of people, and willingness to spend on personal hygiene and maintenance.
- Increase in number of working women in countries such as India, Japan, and China is projected to augment the demand for more personal care and beauty care products. This, in turn, is likely to create lucrative opportunities in the market in Asia Pacific in the next few years.
- Surge in usage of glycerol in industrial, pharmaceutical, and food & beverage applications is projected to drive the market in the region during the forecast period.
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Key Players
Prominent players in the global glycerol market are Sofiproteol Group, Godrej Industries Ltd., Dow Chemicals, Wilmar International, Croda, Dial Corporation, Kuala Lumpur Berhad, Emery Oleochemicals, IOI Group, and P&G Chemicals.
Glycerol Market Segmentation
Production Source
- Biodiesel
- Fatty Acids
- Fatty Alcohols
- Soap Industry
Application
- Personal Care and Pharmaceuticals
- Alkyd Resins
- Food and Beverages
- Polyether Polyols
- Tobacco Humectants
- Others (including explosives, textile, and paper)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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