Glycerol Derivatives Market (By Grade: Bio-based; By Product: 4-(hydroxymethyl)-1 3-dioxolan-2-one, Polyglycerol) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global glycerol derivatives market size was estimated at around USD 17 billion in 2023 and it is projected to hit around USD 32.04 billion by 2033, growing at a CAGR of 6.54% from 2024 to 2033. The glycerol derivatives market is witnessing significant growth and transformation, driven by diverse applications across various industries. 

Key Pointers

• Asia Pacific region led the market with the highest market share of 40% in 2023.
• By Grade, the bio-based grade segment held the largest revenue share of 56% in 2023.
• By Product, the polyglycerol segment generated the maximum market share of 33% in 2023.

Glycerol Derivatives Market Growth

The growth of the glycerol derivatives market is propelled by several key factors contributing to its expansion. Firstly, the increasing demand for sustainable and eco-friendly solutions has positioned glycerol derivatives as viable alternatives in various industries. Their versatile applications in pharmaceuticals, personal care, and food and beverages have significantly contributed to market growth. Additionally, the rising awareness among consumers regarding the benefits of glycerol derivatives, particularly in skincare and cosmetic products, has fueled their adoption. Moreover, the ongoing trend towards bio-based innovations has spurred research and development activities, leading to the creation of environmentally friendly glycerol derivatives. These factors collectively contribute to the market's positive trajectory, indicating a sustained upward growth in the glycerol derivatives sector.

Report Scope of the Glycerol Derivatives Market

Glycerol Derivatives Market Dynamics

Drivers

• Rising Demand in Pharmaceuticals: Within the pharmaceutical sector, glycerol derivatives play a crucial role in drug formulation. Their unique properties, including solubility and stability enhancement, contribute to the growing demand for these derivatives in the pharmaceutical industry.
• Cosmetic and Personal Care Industry Trends: Glycerol derivatives are widely incorporated into skincare and cosmetic products due to their moisturizing properties. The consumer shift towards natural and sustainable ingredients has led to an increased demand for glycerol derivatives in the cosmetic and personal care industry.

Restraints

• Raw Material Price Volatility: The glycerol derivatives market faces a significant challenge in the form of raw material price volatility, particularly in relation to glycerol. Fluctuations in the prices of glycerol can impact production costs, posing a restraint on market stability and profitability.
• Stringent Regulatory Compliance: Stringent regulatory standards and compliance requirements present a notable restraint for market participants. Adhering to complex regulatory frameworks demands continuous diligence and can pose challenges to the timely and cost-effective production of glycerol derivatives.

Opportunities

• Rising Demand for Bio-Based Solutions: The increasing emphasis on sustainability presents a significant opportunity for the glycerol derivatives market. There is a growing demand for bio-based derivatives as consumers and industries seek environmentally friendly alternatives. This trend creates avenues for innovation and the development of novel bio-derived glycerol derivatives.
• Exploration of New Applications: The versatile nature of glycerol derivatives opens doors to explore new applications across various industries. Market players have the opportunity to identify and capitalize on emerging trends, expanding the use of glycerol derivatives in fields such as renewable energy, bioplastics, and specialty chemicals.

Grade Insights

The bio-based grade segment held the largest revenue share of 56% in 2023. This supremacy is attributed to the escalating demand for products that align with sustainability and ecological considerations. Derived from renewable sources like vegetable oils, bio-based glycerol derivatives are recognized for their enhanced sustainability and eco-friendly profile.

Bio-based glycerol derivatives are gaining widespread acceptance across diverse industries such as cosmetics, personal care, food and beverage, pharmaceuticals, and others. This surge in popularity is attributed to their distinctive characteristics, including high viscosity, moisturizing effects, and emulsifying properties. Furthermore, the heightened awareness regarding the detrimental effects of petrochemicals, coupled with the growing inclination towards natural and organic products, propels the expansion of the bio-based glycerol derivatives market.

Concurrently, the petroleum-based grade segment is experiencing notable growth, driven by mounting concerns about the environmental repercussions of petroleum-derived products. The escalating demand for sustainable and eco-friendly alternatives has prompted a notable shift towards bio-based glycerol derivatives. Despite this shift, the market for petroleum-based glycerol derivatives is anticipated to maintain significance, buoyed by sustained demand in existing applications and the exploration of new applications across various industries.

Product Insights

The polyglycerol segment had the largest market share of 33% in 2023. This prevalence can be attributed to the increasing utilization of polyglycerols as emulsifiers, solubilizing agents, and moisturizing agents. Recognized for their sustainability and environmental friendliness, polyglycerols stand out as a safer alternative to conventional petroleum-based emulsifiers, including ingredients like propylene glycol.

The food and beverage industry significantly contributes to the widespread use of polyglycerols, particularly as emulsifiers and solubilizing agents. Their application in baked goods, dairy products, and sauces enhances texture and stability. Furthermore, the escalating demand for natural and organic cosmetics and personal care products is a key driver propelling the growth of polyglycerols in the cosmetics and personal care industry.

The 1, 3-propanediol (PDO) product segment is experiencing noteworthy growth, primarily fueled by the expanding personal care and cosmetics industry. In this sector, PDO serves as a crucial component, employed as a moisturizing agent, solubilizer, and carrier in various skincare and hair care products. PDO also finds application in the food and beverage industry, where it serves as a humectant and emulsifier, enhancing the texture and stability of diverse products. As the demand for PDO continues its ascent, the overall market is expected to witness substantial growth in tandem with the increasing utilization of this versatile product.

Regional Insights

Asia Pacific region dominated the market with the largest market share of 40% in 2023. This ascendancy is attributed to the surging demand for bio-based products, coupled with the increased need for personal care and pharmaceutical items, particularly in countries like China and India. Asia-Pacific stands out as a major hub for glycerol production and consumption, with China, India, and Indonesia ranking among the largest producers of both biodiesel and glycerol.

The robust growth of the food and beverage industry has been a significant catalyst for the market, especially as the food processing sector anticipates lucrative expansion in China. The Chinese market is poised for profitable growth in food manufacturing, boasting over 35,000 processing and manufacturing facilities. This growth is propelled by changing consumer lifestyles, increasing purchasing power, and a burgeoning middle-class population. These factors contribute to the rising demand for food additives, consequently driving the demand for glycerol derivatives in the country throughout the forecast period.

Europe, holding the position as a key global producer of glycerol and biodiesel, secures the second-largest share in the global market. Noteworthy producers in Europe include Germany, Italy, France, and the Netherlands. The continent exhibits a substantial demand for biofuels, with an expected increase in biodiesel production over the forecast period, positively influencing the glycerol derivatives market. The first quarter of 2022 witnessed an improved supply of glycerol derivatives, attributed to the availability of feedstock and large-scale biodiesel production.

Key Companies

• Zhangjiagang Glory Biomaterial Co., Ltd.
• Shell Chemical Lp
• Tokyo Chemical Industry Co., Ltd.
• DuPont
• Solvay
• Croda International Plc
• Cargill, Incorporated
• Primient Covation LLC
• Haihang Industry Co., Ltd
• Sakamoto Yakuhin kogyo Co., Ltd.
• Spiga Nord S.p.A.
• Stepan Company
• thyssenkrupp AG
• Acuro Organics Limited
• Repsol

Glycerol Derivatives Market Segmentations:

By Grade

• Bio-based
• Petroleum-based

By Product

• 4-(hydroxymethyl)-1 3-dioxolan-2-one
  • Pharmaceutical
  • Solvents
  • Polymers
  • Others
• Polyglycerol
  • Food & Beverage
  • Pharmaceuticals
  • Personal care
  • Others
• Propane-1 2 3-triyl triacetate
  • Personal Care & Cosmetics
  • Pharmaceutical
  • Dyes
  • Others
• 1 3 propanediol
  • Polytrimethylene Terephthalate (PTT)
  • Polyurethane (PU)
  • Personal Care & Detergents
  • Others
• Propylene Glycol
  • Food & Beverage
  • Pharmaceutical
  • Cosmetics & Personal Care
  • Construction
  • Transportation
  • Others
• Others

By Region

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa