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| Glycerol Market Growth |
The global glycerol market is estimated to be valued at US$2.91 billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Glycerol, also known as glycerin, is a colorless liquid with a sweet taste. It
is widely used in various industries such as cosmetics, pharmaceuticals, food
and beverages, and biofuels. Glycerol serves as a raw material for the
production of biofuels, pharmaceuticals, and personal care products. It is also
used as a humectant, solvent, and preservative in various applications.
Market Key Trends:
One key trend in the glycerol market is the growing demand for biofuels. With
the increasing emphasis on sustainable energy sources and reducing carbon
emissions, the demand for biofuels, including biodiesel, is rising. Glycerol is
a byproduct of biodiesel production and can be further processed to produce
biofuels. This trend is driven by government regulations and incentives
promoting the use of biofuels as an alternative to fossil fuels.
Overall, the glycerol market is expected to witness significant growth in the
coming years, primarily driven by the increasing demand for biofuels and
pharmaceuticals.
Porter’s Analysis
Threat of New Entrants:
The Glycerol
Market Growth has a moderate threat of new entrants. While the market
offers lucrative opportunities for new players, the high initial investment
required for setting up glycerol production plants and the strict regulations
and certifications needed to comply with environmental standards act as
significant barriers to entry.
Bargaining Power of Buyers:
The bargaining power of buyers in the glycerol market is relatively high. The
market is highly competitive, with several key players vying for market share.
This gives buyers the advantage of negotiating prices and demanding
high-quality products. Additionally, the availability of substitute products
further strengthens the bargaining power of buyers.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the glycerol market is moderate. While
there are multiple suppliers of raw materials such as fats and oils, the prices
of these inputs can fluctuate, affecting the overall cost of glycerol
production. Suppliers with a strong market presence have more bargaining power,
especially if they offer differentiated products or have long-term contracts
with key players.
Threat of New Substitutes:
The glycerol market faces a moderate threat from new substitutes. With growing
environmental concerns and the push for sustainable alternatives, bio-based
chemicals are emerging as potential substitutes for glycerol. These substitutes
offer similar functionalities and can be produced from renewable sources, which
could affect the demand for glycerol.
Competitive Rivalry:
The competitive rivalry in the glycerol market is high. The market is dominated
by key players such as Proctor & Gamble Chemicals, Dial Corporation, Croda,
Dow Chemicals, and Godrej Industries Ltd. These players have strong brand
recognition, wide distribution networks, and a diverse product portfolio.
Additionally, the market is characterized by intense price competition and
continuous product innovations.
Key Takeaways
The global glycerol market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period
(2023-2030). This growth can be attributed to the increasing demand for
glycerol in various end-use industries, including personal care,
pharmaceuticals, and food and beverages. Glycerol is widely used as a
humectant, solvent, and sweetener, which makes it an essential ingredient in
these industries.
In terms of regional analysis, Asia Pacific is anticipated to be the
fastest-growing and dominating region in the glycerol market. The region is
witnessing rapid industrialization and urbanization, resulting in an increase
in personal care product consumption. Moreover, the availability of raw
materials at a lower cost and the presence of key market players in countries
like China and India contribute to the market's growth in the region.
Key players operating in the glycerol market include Proctor & Gamble
Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd.,
Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar
International, and Sofiprotéol Group. These players have a significant market
presence and are actively engaged in research and development activities to
introduce innovative products and expand their customer base. They are also
adopting strategies such as mergers, acquisitions, and collaborations to
strengthen their market position and gain a competitive edge.
Overall, the glycerol market is poised for substantial growth due to its
diverse applications and increasing demand from various industries. However,
players in the market need to focus on sustainable production practices and
innovation to stay competitive in this evolving market landscape.
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