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Glycerol Market to Reach US$ 2.91 Billion by 2022, Exhibiting a CAGR of 7.4%

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Ben Wood
Glycerol Market to Reach US$ 2.91 Billion by 2022, Exhibiting a CAGR of 7.4%

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 of 2023-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Glycerol, also known as glycerin, is a versatile compound used in various industries such as pharmaceuticals, personal care, and food and beverages. It is used as a solvent, humectant, and sweetener in food products. Glycerol also finds application in the production of cosmetics, pharmaceutical formulations, and as a component in antifreeze solutions. Its ability to retain moisture and enhance product stability makes it a key ingredient in the personal care industry. The growing demand for these products, coupled with the increasing disposable income of consumers, is driving the growth of the glycerol market.

B) Market Key Trends:

One key trend in the glycerol market is the growing demand for bio-based glycerol. With the increasing concern for environmental sustainability, there is a shift towards bio-based alternatives in various industries. Bio-based glycerol is derived from renewable sources such as vegetable oils and animal fats through processes such as transesterification and hydrolysis. The use of bio-based glycerol reduces the dependence on fossil fuels and helps in reducing greenhouse gas emissions. Moreover, bio-based glycerol also has better biodegradability and lower toxicity compared to its synthetic counterparts. The increasing adoption of bio-based glycerol by industries such as cosmetics, pharmaceuticals, and food and beverages is expected to drive the growth of the market.

Segment Analysis: Glycerol Market

One of the dominating segments in the glycerol market is the pharmaceutical industry. Glycerol is extensively used as a solvent, sweetener, and humectant in pharmaceutical formulations. It is also utilized as an excipient in medicines, making it an essential component in the pharmaceutical industry. Glycerol's ability to enhance the stability and shelf life of drugs has led to its increased demand in this segment. Additionally, the growing prevalence of chronic diseases and the rising geriatric population have further boosted the demand for pharmaceutical products, thereby driving the demand for glycerol in this segment.

Key Takeaways:

The global glycerol market is expected to witness significant growth, exhibiting a CAGR of 7.4% over the forecast period of 2023-2030. This growth can be attributed to various factors. Firstly, the increasing awareness about the health benefits of glycerol, such as its moisturizing properties, has led to its extensive use in the personal care and cosmetics industry. Glycerol is widely used in skincare products, lip balms, and soaps, as it helps in retaining moisture and promoting smoothness of the skin. The rising disposable income and changing consumer preferences towards natural and organic products further contribute to the growth of the glycerol market in the personal care and cosmetics industry.

From a regional perspective, the Asia-Pacific region is expected to be the fastest-growing and dominating region in the glycerol market. The region's growth can be attributed to factors such as the presence of a large population, rapid industrialization, and increasing disposable income. Countries like China, India, and Japan are witnessing significant demand for glycerol, particularly in the pharmaceutical, personal care, and food and beverage industries. The increasing usage of glycerol as a food additive, emulsifier, and sweetener in various food products is further driving the glycerol market in the Asia-Pacific region.

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 companies are focusing on strategies such as mergers and acquisitions, product innovations, and partnerships to strengthen their market position. For instance, Proctor & Gamble Chemicals offers glycerol as an ingredient in its personal care products, while Croda specializes in manufacturing glycerol-based specialty chemicals for various industries. These key players play a significant role in driving the growth of the glycerol market globally.

Read More:

https://www.newsstatix.com/glycerol-market-is-estimated-to-witness-high-growth-owing-to-increasing-demand-for-personal-care-and-pharmaceuticals/

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