Glycerol or glycerin is a simple polyol compound which finds a wide range of applications in various industries like food and beverages, personal care and pharmaceuticals. It is used as a humectant in skin care and hair care products to retain moisture. Glycerol provides a smooth and soft feeling to the skin. In the food industry, glycerol is used as a sweetener and preservative in products like jams, chewing gums and sweets. It helps to maintain the moisture and texture of baked goods. The global glycerol market is estimated to be valued at US$ 3.15 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The increasing demand from personal care industry provides a key growth opportunity for glycerol market. With the rising health and beauty consciousness among people, the demand for natural and organic personal care products is increasing rapidly. Glycerol plays a crucial role in manufacturing natural skin and hair care products such as creams, lotions, shampoos and conditioners. It acts as an excellent moisturizing agent, keeping the skin soft and supple. Moreover, organic and natural cosmetic products are gaining wide popularity owing to the growing concerns over safety of synthetic chemicals. Glycerol, sourced from vegetable oils, is considered a natural emollient and humectant. The booming personal care industry, especially in emerging nations, along with the shift towards organic cosmetic range, provide major growth prospects for glycerol producers over the forecast period.
Porter's Analysis
Threat of new entrants: The glycerol market requires high initial investments and has significant regulatory hurdles limiting new entrants. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes however glycerol has applications across many industries. Bargaining power of suppliers: Suppliers have moderate bargaining power owing to the fragmented nature of suppliers and availability of feedstock from various sources. Threat of new substitutes: Threat of substitutes is moderate as glycerol has properties that are difficult to replicate however other polyols continue to emerge. Competitive rivalry: The glycerol market is dominated by global players however regional players continue to capture market share through product differentiation and innovation.
SWOT Analysis
Strengths: Glycerol is a byproduct of biodiesel production with wide applications. It is economically viable, renewable and environment friendly.
Weaknesses: Glycerol production is dependent on biodiesel industry fluctuations. Significant investments are required for product development and capacity expansion.
Opportunities: Growing personal care and pharmaceutical industries offer expansion opportunities. Potential for use in novel applications like bioplastics and new chemicals.
Threats: Stringent regulations pertaining to biodiesel blending can impact glycerol supply. Substitutes like propylene glycol and sorbitol continue to capture market share.
Key Takeaways
The global Glycerol Market Growth is expected to witness high growth driven by expanding applications in personal care products and food and beverage industries.
Regional analysis: The Asia Pacific region is the fastest growing as well as the largest market for glycerol globally. China dominates the regional as well as the global glycerol market owing to large scale biodiesel production. Other major markets in the region include India and Indonesia.
Key players: 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.
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