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Glycerol is a polyol compound that is available in the form of viscous, sweet, colorless, and non-toxic liquid. It is also known as glycerine or glycerin. Naturally, it is available in the form of triglycerides in several plant and animal resources such as soybeans, palm, and tallow. Whereas, synthetically it is obtained from biodiesel, using production processes such as transesterification, hydrolysis, and saponification, which further produces a renewable and clean-burning fuel that can be utilized for industrial purposes. Glycerol is used in various industries such as food & beverages, personal care, pharmaceuticals, and tobacco.
The rapidly growing cosmetics industry has led to the increased demand for glycerol market. The growth is attributed to its properties such as humectants and solvents, which further increase its demand in gels and ointments. Glycerol acts as an effective moisturizer in cosmetic products and maintains the skin from dryness and dull patches. Humectants help to absorb water in the skin and maintains water balance on an intercellular level, keeps the skin well-nourished and hydrated. Hence, increasing demand for cosmetics products will raise the demand for glycerol.
Key Market Driver -
Rising demand for glycerol from cosmetics industry to drive the market.
Key Market Restraint -
High cost of raw materials associated with glycerol to restrain the market growth.
The higher raw material cost of synthetic glycerol, due to increasing demand from pharmaceuticals and food application is anticipated to restrain the market growth.
Based on source, the glycerol market is segmented into biodiesel, fatty alcohols, and fatty acids. Based on application, the market is segmented into personal care & pharmaceuticals, foods & beverages, tobacco humectants, polyether polyol, alkyd resins, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Some of the key players in the glycerol market includes, Cognis Corporation (U.S.), Sofiprotéol Group (France), Wilmar International (Singapore), Procter & Gamble Chemicals (U.S.), Solvay SA (Belgium), Kuala Lumpur Kepong Berhad (Malaysia), Godrej Industries Ltd. (India), Dow Chemical Company (U.S.), IOI Oleochemical Industries Berhad (Malaysia), Archer Daniel Midland (U.S.), Croda International Plc. (UK), United Coconut Chemicals, Inc. (Philippines), Pacific Oleochemicals Sdn Bhd (Malaysia), Pt Flora Sawita Chemindo (Indonesia), and Sakamoto Yakuhin Kogyo Company Ltd. (Japan).
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The glycerol market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. AsiaPacific accounted for highest revenue share during the forecast period. In which, China and India are the leading contributors, due to incresing use of glycerol in various applicationssuch as tobacco humectants, pharmaceuticals, and foodproducts. Europe is the second-highest contributor in the glycerol market. The growth is due to rising personal care and cosmetics industry. The UK, Italy and France are the leading contributors in this region. In Latin America, the growth is attributed to increasing pharmaceuticals industry. North America is anticipated to witness a substainable growth during the review period, due to rising food & beverages products.
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