Glycerol is a food grade product known for its application in a wide range of industries. It serves as a safe preservative in foods and an additive in personal care products. Glycerol acts as a humectant in moisturizing creams and a thickener in toothpaste and mouthwashes, owing to its viscous and colorless properties. It also finds uses as a natural solvent in pharmaceuticals and an anticorrosion agent in industrial applications. The global Glycerol Market is estimated to be valued at US$ 3.15 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand from diverse end use industries is a major driver accelerating the growth of the glycerol market. Glycerol is widely used as an additive in personal care products like soap, skin creams, hair care products owing to its moisturizing and thickening properties. It is also used as a solvent and anticorrosion agent in industries like chemicals, plastics and pharmaceuticals. Further, glycerol serves as a preservative and thickening agent in the food industry for products like jams, chocolates and desserts. The versatile nature of the product and its increased application scope across industries is expected to boost the glycerol market growth over the forecast period.
Segment Analysis
The global glycerol market is segmented by source into vegetable oils, biodiesel, soap stocks and synthetic. The vegetable oils segment dominates the market and is expected to witness high growth during the forecast period. This is due to increased production of biodiesel from vegetable oils which generates glycerol as a by-product. Also, the growing food and beverage industry utilizes glycerol obtained from vegetable oils.
Key Takeaways
The global Glycerol Market Growth is expected to witness high growth.
Regional analysis: Asia Pacific region dominates the market currently and is expected to witness fastest growth during the forecast period. This is due to large scale production of biodiesel in countries like China and India which generates glycerol as a byproduct. Also, growing food processing industry in the region utilizes significant amount of glycerol.
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. These key players are focusing on expanding their production capacities to cater to the growing demand for glycerol. New product launches and mergers and acquisitions are among the key strategies adopted by major players in the global glycerol market.
For more insights, read- https://www.ukwebwire.com/glycerol-market-trends-size-and-share-analysis/
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