February 25, 2024
Glycerol Market

Glycerol Market Is Estimated To Witness High Growth Owing To Use as a Feedstock in Biodiesel Production

The Glycerol market is estimated to be valued at US$ 3.15 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Glycerol or glycerin is a colorless, odorless, and viscous liquid that is widely used as an additive and processing aid across various industries such as food and beverages, personal care and pharmaceuticals, and industrial applications. It has applications as a humectant in oral care products, skin care products and food, and as a sweetener and filler in confectionery and bakery products.

Market Dynamics:

Glycerol demand is primarily driven by its use as a feedstock in biodiesel production. Glycerol is a by-product of the transesterification process of vegetable oils and animal fats for the production of biodiesel. Approximately 10% of the total output in biodiesel production is glycerol. Growing demand for biodiesel across the transportation sector especially in Europe and North America is expected to propel the glycerol market growth. Another driver is the rising consumption of soaps, cosmetics and personal hygiene products attributed to changing consumer lifestyle and increasing disposable income in developing countries will positively impact the glycerol market over the forecast period.

SWOT Analysis

Strength: Glycerol is widely used in personal care and food and beverage industries due to its soothing, moisturizing and preservative properties. It acts as a humectant and retains moisture in lotions, creams and other beauty products. Glycerol also improves texture, consistency and shelf-life of confectionery items. It has mild sweet taste and helps extend the shelf-life of packaged foods.

Weakness: Glycerol production varies with availability of raw materials. Being an agricultural by-product, supply is vulnerable to unfavorable climatic conditions and fluctuations in commodity prices. Glycerol has limited use as a direct fuel due to high viscosity and corrosiveness. Transportation of raw glycerol over long distances increases production costs.

Opportunity: Increasing demand for moisturizers, lotions, hair care and oral care products is a major driver of growth. Glycerol derivatives such as mono-, di- and tri-glycerides are gaining demand as emulsifiers in processed foods. Glycerol has applications as a chemical intermediate and can be used to produce propylene glycol used in antifreeze and aircraft de-icing systems.

Threats: Stringent regulations on usage of glycerol in cosmetics and food products may limit its applications. Availability of substitute humectants such as sorbitol and butylene glycol may hamper market growth. Fluctuations in feedstock supply and prices pose threats.

Key Takeaways

The Global Glycerol Market Growth  is expected to witness high, exhibiting CAGR of 8.4% over the forecast period, due to increasing demand from personal care and food & beverage industries. Glycerol finds wide usage as a humectant and preservative in skin care products and processed foods.

Regional analysis: North America dominate the global glycerol market, accounting for over 25% share. Asia Pacific is projected to be the fastest growing market for glycerol, owing to expanding personal care and food processing industries in China, India and Southeast Asia.

Key players operating in the glycerol market are Proctor & Gamble Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd., Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar International, and Sofiprotéol Group. Key players are investing in capacity expansions to cater growing demand and tapping opportunities in glycerol derivatives.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it