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Glycerol Derivatives Market Analysis, Size, Growth, Trends And Forecast 2024-2033
Glycerol Derivatives Market Analysis
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According to The Business Research Company's, The glycerol derivatives market size has grown strongly in recent years. It will grow from $15.04 billion in 2023 to $16.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to increased production of glycerol, increased focus on sustainability and reducing carbon footprint, increased demand from pharmaceuticals and cosmetics, and growth for the utilization of glycerol.
The glycerol derivatives market size is expected to see strong growth in the next few years. It will grow to $21.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing focus on sustainability and renewable resources, growing industrialization, increasing production of biodiesel, and growing demand for environmentally friendly chemicals, and increasing inventories. Major trends in the forecast period include advanced materials, healthcare innovations, advancements in green chemistry techniques, modular and scalable production systems, and collaboration and partnerships.
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Market Drivers and Trends:
The increased food and beverage industry is expected to propel the growth of the glycerol derivatives market going forward. The food and beverage industry refers to the sector that involves the production, processing, distribution, and sale of food and drink products. The food and beverage industries are increasing due to urbanization, economic growth, rising incomes, health and wellness trends, globalization, and social media influence. Glycerol derivatives are integral to the food and beverage industry, offering a wide range of functionalities that improve product quality, stability, and consumer appeal. For instance, in January 2022, according to Atradius NV, a Netherlands-based insurance company, the UK's food and beverage output increased by over 4.1% in 2021, following a 5.3% contraction in 2020. Therefore, the increased food and beverage industry is driving the growth of the glycerol derivatives market.
Major companies operating in the glycerol derivatives market are focusing on developing innovative products, such as wax-based pearlizers, to enhance the functionality and appeal of their offerings. Wax-based pearlizers are additives that utilize glycerol derivatives, such as glycerol oleate, to achieve opacifying and pearlescent effects in personal care products. For instance, in December 2022, BASF SE, a Germany-based chemical company, launched Euperlan NL Pearl, the first COSMOS-compliant, wax-based pearlizer made for rinse-off applications. This new pearlizer is readily biodegradable and suitable for ethylene oxide and sulfate surfactant-free solutions. Euperlan NL Pearl is composed of naturally derived ingredients such as hydrogenated vegetable oil, cocamidopropyl betaine, and glyceryl oleate. This glycerol derivative, glyceryl oleate, acts as an emulsifier, emollient, and skin conditioning agent, contributing to the pearlizer's excellent performance in hair care applications, including wet and dry combing tests, anti-hair breakage measurements, and suppleness tests.
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Major Key Players of the Market:
Shell Plc, Cargill Incorporated, Archer Daniels Midland Company, BASF SE, The Procter & Gamble Company, The Dow Chemical Company, ThyssenKrupp AG, Mitsubishi Chemical Corporation, Saudi Basic Industries Corporation, Merck KGaA, Evonik Industries AG, Solvay SA, Sasol Limited, Arkema SA, Akzo Nobel N.V., Kerry Group plc, Huntsman Corporation, Lonza Group AG, Nouryon, Clariant AG, Stepan Company, Croda International Plc, Tokyo Chemical Industry Co. Ltd., Sakamoto Yakuhin Kogyo Co. Ltd., Acuro Organics Limited, Haihang Industry Co. Ltd.
Glycerol Derivatives Market 2024 Key Insights:
• The glycerol derivatives market size is expected to see strong growth in the next few years. It will grow to $21.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Surge In Food And Beverage Industry Fuels Growth In Glycerol Derivatives Market
• Innovative Wax-Based Pearlizers Enhance Glycerol Derivatives Market
• Asia-Pacific was the largest region in the glycerol derivatives market in 2023
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