by Glycerol or glycerin is a polyol compound that is widely used as a humectant in pharmaceuticals, personal care products and food & beverage. It has emollient and moisturizing properties that makes the skin soft and supple. Glycerol has emerged as an important ingredient in various skin care products such as creams, lotions, scrubs and serums. It is added to these formulations to attract and retain moisture, thereby preventing the skin from drying out. Glycerol also helps improve skin texture and smoothness. Likewise, in the pharmaceutical industry, glycerol is utilized as a medium for suspended drugs, as a sweetener and thickening agent in cough syrups and expectorants, and also acts as a vehicle for drugs that are required to be orally administered. The global glycerol market is estimated to be valued at US$ 3.15 billion 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 Dynamics:
Growing applications in personal care and pharmaceutical industries is expected to flourish the glycerol market over the forecast period. Glycerol finds wide usage as an ingredient in skin care, hair care and oral care products owing to its moisturizing properties. It effectively hydrates the skin without leaving an oily or greasy residue. Furthermore, glycerol has anti-aging benefits and helps improve skin texture due to its ability to reduce appearance of fine lines and wrinkles. These advantages have propelled its demand from the personal care sector. Additionally, glycerol is majorly used as a sweetening agent and medium for suspending drugs in various medicinal syrups and solutions. It enhances the palatability of bitter drugs, especially those meant for pediatric use. Glycerol also acts as a thickening agent to provide the required consistency in oral formulations. Favorable properties of glycerol that make it suitable for usage across pharmaceutical formulations is expected to drive its market growth over the forecast period.
Segment Analysis
The global Glycerol Market Growth is dominated by the personal care & pharmaceuticals sub-segment. Glycerol finds wide application in the personal care industry for manufacturing soaps, toothpaste, shampoos, and other skin and hair care products. It is also used as a moisturizing agent and preservative in various personal care products. In the pharmaceuticals industry, glycerol is used as an excipient in medicines due to its humectant properties. The personal care & pharmaceuticals sub-segment accounts for over 40% of the total glycerol demand owing to stable consumption from these industries.
PEST Analysis
Political: No major political factors impact the glycerol market.
Economic: Rising disposable incomes in developing nations are driving the consumption of personal care products containing glycerol. Additionally, growth in the pharmaceutical industry fuels glycerol demand.
Social: Increasing health awareness among consumers is raising the demand for moisturizing skin and hair care products containing glycerol. Also, the growing geriatric population boosts pharmaceutical product sales.
Technological: Manufacturers are focusing on developing cost-effective production technologies to cater to the rising glycerol needs.
Key Takeaways
The global glycerol market is expected to witness high growth owing to its wide applications in personal care, pharmaceuticals, and other industries.
Regionally, the Asia Pacific market holds the highest share and is expected to witness the fastest growth during the forecast period. China, India, Indonesia, and Thailand are the major consumers in the region driven by expanding personal care and pharmaceutical industries.
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. QIAGEN leads the market with its strong product portfolio and global presence across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
