Global Glycerol Market 2019-2023 | 7% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Dec 17, 2019--
The global glycerol market is expected to post a CAGR of more than 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global glycerol market 2019-2023. (Graphic: Business Wire)
Glycerol is widely used as an excipient in many pharmaceutical products. For example, it is used in ointments and laxatives. It prevents dehydration of the body during vomiting and diarrhea. Similarly, in the personal care segment, glycerol is used in oral care, hair care, skin care products, and water-based personal lubricants. The rising demand for skin care and pharmaceutical products is expected to drive the growth of the global glycerol market during the forecast period.
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As per Technavio, the increasing demand for glycerol in propylene glycol and epichlorohydrin production will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Glycerol Market: Increasing Demand for Glycerol in Propylene Glycol and Epichlorohydrin Production
Propylene glycol, derived from glycerol, is emerging as a substitute for ethylene glycol in antifreeze products. The demand for propylene glycol is increasing in many applications such as functional fluids, unsaturated polyester resins, food, pharmaceuticals, liquid detergents, personal care, and others. It is also used as a deicing and anti-freeze agent in paints. Similarly, epichlorohydrin, which is derived by treating glycerol and hydrogen chloride, is widely used as a precursor in the synthesis of many organic compounds such as glycidyl nitrate. It is also used to manufacture tea bags, coffee filters and in water purification applications. The growing demand for propylene glycol and epichlorohydrin is expected to boost the growth of the market during the forecast period.
“Growing demand for glycerol from the food and beverages sector along with increasing demand for biodiesel will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Glycerol Market: Segmentation Analysis
This market report segments the global glycerol market by application (pharma and personal care, alkyd resins, food and beverages, polyether polyols, tobacco humectants, and others), source (biodiesel, fatty acids, fatty alcohols, and soap industry), and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the increased use of glycerol in detergents, soaps, shampoos, and other personal care products arising from growing consumer preference for eco-friendly products in the region.
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Five Forces Analysis
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PUB: 12/17/2019 11:30 AM/DISC: 12/17/2019 11:30 AM