PUBLISHER: Grand View Research | PRODUCT CODE: 1376125
PUBLISHER: Grand View Research | PRODUCT CODE: 1376125
The global glycerol market size is estimated to reach USD 5.67 billion by 2030, according to a new report by Grand View Research, Inc.. The market is expected to expand at a CAGR of 1.9% from 2023 to 2030. 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.