Glycerine Demand Boosts Growth in the Pharmaceutical Market
Glycerine is a simple polyol compound that is colorless, odorless, viscous water-soluble, clear, non-toxic, and is sweet in taste. Glycerine is usually acquired from plant and animal sources. It is a multipurpose chemical product used in a large variety of fields and is extensively used as a sweetener in the food industry and as a humectant in pharmaceutical formulations.
The glycerine market is anticipated to witness an achievable high CAGR during the forecast period, i.e., 2020–2028. The market is segmented by process, source, application, grade, and region. Among applications, the industrial application segment is estimated to hold the major market share during the forecast period on account of the significant demand for glycerine in various industries such as pharmaceutical, food preparation, cosmetics, and personal care.
Research Nester published a report titled “Glycerine Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the glycerine market in terms of market segmentation by process, by source, by application, by grade, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
Regionally, the glycerine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The Asia-Pacific region is projected to witness the major market share of the global glycerine market in the forecast period. This growth is attributed to a constant demand for hair care, cosmetics, oral products, along with rising consumer curiosity in color cosmetics in the region. Additionally, in countries such as China, India, and South Korea, there is a rapid increase in the consumption of glycerine. Lower production cost and labor cost, and lenient rules in these regions are motivating manufacturers to grow their business in these regions, which is expected to drive the demand for glycerine in Asia-Pacific.
North America and Europe are projected to record reasonable growth over the forecast period on account of the growing preferences for natural-based personal care products.
Growing awareness and consumption of biodiesel around the globe is affecting the demand for glycerine. As glycerine is a by-product of biodiesel, the overall production of glycerine would expand in these regions.Cosmetic
Global spending on medicines is increasing on account of people getting highly health-conscious. Further aging population, and increasing per capita income has also boosted the spending. This leads to an inclincation in demand for pharmaceutical products around the world.
Glycerine is utilized as a sweetener in syrups, lozenges, a bonding agent in eyewash solutions, a trace amount in ear drops, ointments for topical usages, and as cough syrup in gel capsules, congestion, and suppositories. It has low toxicity and has been categorized as GRAS (generally recognized as safe) by the US Food and Drug Administration (FDA).
Additionally, glycerine is largely used in cosmetics and personal care and food industry as a sweetener. Growing concerns for global climate change, unwavering energy, and fluctuating prices of crude oil are expected to increase the demand for biodiesel which in turn would further increase the global demand for glycerine.
However, low profitability and accessibility to glycerin’s alternatives might hamper the growth of the overall glycerine market in the forecast period.
