Glycerol Market: Personal Care And Cosmetics Segment Dominated And Accounted For The Largest Revenue Share
Glycerol Industry Overview
The global glycerol market size is estimated to reach USD 3.7 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2027. Improved standard of living coupled with growing consumer demand for high quality and innovative personal care products is expected to drive the market over the forecast period. Glycerol is a thick, clear, and odorless polyol that belongs to the alcohol family of organic compounds. It is produced by the hydrolysis of fats and natural oils present in plants and animals.
The raw materials used in the production of the product are primarily vegetable oils, animal fats, sugar alcohol, and fatty acids, among others. Local manufacturers in the developed economies of Europe and North America mainly source these raw material ingredients due to the lack of availability in their regions. As glycerol is obtained from biodiesel, it is renewable in nature and a clean-burning fuel, which is widely used for industrial purposes.
The market is highly concentrated with the presence of big players like BASF SE, P&G Chemicals, Cargill Incorporated, DOW, and Wilmar International Inc. They are among the top producers of various grades of glycerol and cater to the growing demand from an array of end-use markets such as cosmetics, pharmaceuticals, feed, and food and beverage.
Asia Pacific dominated the market in 2020 and is predicted to witness the highest CAGR over the forecast period. Factors such as changing lifestyle patterns, growing consumption of convenience foods, and the rising number of working women in the region are anticipated to boost the food and beverage market in the predicted years. This, in turn, is anticipated to drive the demand for glycerol in the region.
Glycerol Market Segmentation
Grand View Research has segmented the global glycerol market on the basis of source, type, end-use, and region:
Based on the Source Insights, the market is segmented into Biodiesel, Fatty Alcohols, Fatty Acids, and Soap.
- The soap segment accounted for more than 10.0% of the revenue share in 2020. This is attributed to increasing demand for soaps mainly in the personal care application, as it imparts moisture to the skin, which is anticipated to positively impact market growth over the forecast period.
- The fatty alcoholssegment is predicted to witness the highest CAGR in the forecast period. This is attributed to its wide usage in the manufacturing of surfactants and detergents. Also, they are used as industrial solvents and as components in the cosmetics, and food and beverage industries. The growing demand for fatty alcohol in the aforementioned industries is likely to trigger product demand and thus, is expected to boost market growth for glycerol over the forecast period.
Based on the Type Insights, the market is segmented into Crude, and Refined.
- Refined glycerol is generated through laboratory-controlled hydrolysis, transesterification, and saponification processes. It is derived from several kinds of vegetable oils. Further refining of crude glycerol depends on the economics and the availability of production facilities in a particular region.
- The crude segment is predicted to witness a CAGR of 5.9% in the predicted years. Crude glycerol mostly contains impurities such as free fatty acids and methanol, making it a less preferred product in the market for glycerol. The rising demand for crude glycerol in personal care and nutraceuticals applications is expected to positively impact the market growth over the projected years.
Based on the End-use Insights, the market is segmented into Food & Beverage, Pharmaceutical, Nutraceutical, Personal Care & Cosmetics, Industrial, and Others.
- The pharmaceutical segment is projected to witness the most significant CAGR in the forecast period. This is attributed to the usage of the product in pharmaceuticals owing to its nutritive value and healing properties. Additionally, it is found in toothpaste, mouthwashes, expectorants, elixirs, cough syrups, and allergen immunotherapy among others.
- Other applications of the product include food preservatives, tobacco, and the production of perfumes and explosives. In perfumes, the substance is used as a fixative to retain the scent of the perfume for longer periods. When added to water and alcohols in perfumes, it helps other ingredients dissolve at a faster rate.
Glycerol Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly competitive in nature due to the presence of a large number of multinationals that are engaged in constant research and development activities. Companies such as BASF SE, Procter & Gamble, Cargill, Dow, and Wilmar International dominate the market with a range of products for each application market and their global brand presence. A majority of these companies have integrated their business operations across the value chain to incur maximum profit at the lowest investment.
The global companies are also focusing on capacity expansions, signing partnership agreements with distributors, and various other operational strategies to gain an edge in the competitive market space. For instance, companies such as BASF SE have opened a new food application and development center in Johannesburg, South Africa to help the company focus on value-added customized developments related to glycerol with improved service quality. Some of the prominent players in the glycerol market include:
- Cargill Incorporated
- BASF SE
- Procter & Gamble Chemicals
- Oleon NV
- KLK OLEO
- Dow Chemical Company
- ADM
- Wilmar International Ltd.
- Pacific Oleochemicals Sdn Bhd
- Kao Corporation
- Emery Oleochemicals
- United Coconut Chemicals, Inc.
- Godrej Industries Limited
- Monarch Chemicals Limited
- Aemetis Inc.
- CREMER OLEO GmbH & Co. KG
- Sakamoto Yakuhin Kogyo Co., Ltd.
- Fine Chemicals & Scientific Co.
Order a free sample PDF of the Glycerol Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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