Global Glycerol Carbonate Market Overview
The Glycerol Carbonate Market Size was estimated at 1.89 (USD Billion) in 2022. The Glycerol Carbonate Market Industry is expected to grow from 1.99(USD Billion) in 2023 to 3.26 (USD Billion) by 2032. The Glycerol Carbonate Market CAGR (growth rate) is expected to be around 5.63% during the forecast period (2024 - 2032).
Key Glycerol Carbonate Market Trends Highlighted
Key market drivers for glycerol carbonate include increasing demand from the personal care and cosmetics industry, rising use in pharmaceuticals and food additives, and growing adoption as a green and sustainable solvent in various industrial applications.However, opportunities in the glycerol carbonate market exist in the development of new applications in biobased materials, electronics or energy storage. There also exists a possibility of strategic partnerships and collaborative efforts between the manufacturers and the end-users to enhance innovation as well as growth in the market.Recent changes within the glycerol carbonate industry have been a positive shift to the utilization of bio-based and renewable feedstock materials that focus on sustainability. This has been aided by technological advancements and increased research over the years in order to reap the low-cost and high-volume production of glycerol carbonate, respectively.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Glycerol Carbonate Market Drivers
Increasing Demand for Bio-Based Chemicals
Glycerol carbonate is a bio-based and versatile chemical synthesized from renewable resources, including vegetable oils and glycerin. Considering the increased importance of sustainability and low carbon footprint, the demand for bio-based chemicals, including glycerol carbonate, has significantly increased. This market driver will accelerate the growth of the Glycerol Carbonate Market Industry throughout the forecasted period.
Expanding Applications in Various Industries
Glycerol carbonate has become of great importance in various industries, such as pharmaceuticals, personal care, food and beverage, and automotive. As a solvent and plasticizer, this ingredient is used in drug formulations, where it satisfies the requirements of chromatology solvents. Moreover, this component is an emollient and humectant in cosmetics. The growing number of applications raises the prospect of further growth in the selected market.
Supportive Government Regulations and Policies
Governments worldwide are implementing supportive regulations and policies to promote the adoption of bio-based chemicals and reduce dependency on fossil fuels. These regulations, such as tax incentives and carbon pricing mechanisms, encourage the production and use of sustainable chemicals like glycerol carbonate. Such favorable policy frameworks are expected to create a positive environment for the growth of the Glycerol Carbonate Market Industry.
Glycerol Carbonate Market Segment Insights
Glycerol Carbonate Market Applications Insights
The application segment of the Glycerol Carbonate Market is divided into biodiesel production, personal care and cosmetics, polycarbonates and polyurethanes, pharmaceuticals, coatings and inks, agriculture and leather and textiles.The sub-segment of biodiesel production is anticipated to hold the major market share as a result of the rising demand for renewable energy sources, and the personal care and cosmetics sub-segment is expected to witness a high growth rate on account of the increasing awareness about the benefits of glycerol carbonate in skin and hair care products. Moreover, the polycarbonates and polyurethanes sub-segment is expected to register a steady growth rate due to the rising application of glycerol carbonate to manufacture high-performing plastics.Pharmaceuticals is another subsegment where the demand will show a high increment as a result of increased usage of glycerol carbonate as solvent and excipient in the production of drugs. Moreover, the coatings and inks sub-segment will grow at a moderate pace due to the increased usage of glycerol carbonate as a solvent and plasticizer in paints and inks. The agriculture sub-segment is expected to grow at a moderate pace on account of the rising demand for glycerol carbonate to be used as fertilizer and soil amendment. Additionally, the leather and textiles sub-segment is anticipated to register a steady growth rate due to the increased application of glycerol carbonate as a softening and finishing agent in leather and textile products.Moreover, the growth will also be supported by government policies promoting renewable sources of energy and low-emission products.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Glycerol Carbonate Market Purity Level Insights
The first variable of differentiation regarding the Glycerol Carbonate Market involves the purity level. There are Low Purity, Medium Purity, High Purity, and Ultra-High Purity segments with variation outcomes. The High Purity area is projected to accrue the highest revenues regarding the identified market by 2024. The optimistic prognosis is driven by the increasing demand for high-purity glycerol carbonate exemplified by applications including the production of polycarbonates, pharmaceuticals, and cosmetics. A steady increase is expected for the Low Purity segment as well.The trend, in turn, is promoted by the growing demand for low-purity glycerol carbonate driven by activity fields. The Medium Purity and Ultra-High Purity divisions should see beneficial growth in the course of the designated timeframe.
Glycerol Carbonate Market Derivatives Insights
The Glycerol Carbonate Market is segmented into derivatives, which include glycerol carbonate ester, glycerol carbonate polymer, glycerol carbonate oligomers, and glycerol carbonate derivatives. The derivatives segment is expected to witness significant growth over the forecast period due to the increasing demand for glycerol carbonate in various applications. The Glycerol Carbonate Market revenue for the derivatives segment is projected to reach USD 567.4 million by 2024, exhibiting a CAGR of 6.2% during the forecast period. This growth can be attributed to the rising demand for glycerol carbonate derivatives in the production of polyurethanes, coatings, and adhesives.Glycerol carbonate ester is a key derivative of glycerol carbonate, and it finds applications in the manufacturing of polyurethanes. The growing demand for polyurethanes in the automotive and construction industries is expected to drive the growth of the glycerol carbonate ester market. Glycerol carbonate polymer is another important derivative of glycerol carbonate, and it is used in the production of coatings and adhesives. The increasing demand for coatings and adhesives in the automotive, electronics, and packaging industries is expected to boost the growth of the glycerol carbonate polymer marketOverall, the derivatives segment of the Glycerol Carbonate Market is expected to continue to grow steadily over the forecast period. The increasing demand for glycerol carbonate derivatives in various industries is expected to the growth of this segment.
Glycerol Carbonate Market Grade Insights
The Glycerol Carbonate Market segmentation by grade comprises Technical Grade, Cosmetic Grade, Pharmaceutical Grade, and Food Grade. Among these, the Technical Grade segment held the largest market share in 2023, accounting for over 50% of the Glycerol Carbonate Market revenue. The growth of this segment can be attributed to the increasing demand for Glycerol Carbonate in the production of polyurethane resins, which are used in various applications such as coatings, adhesives, and sealants. The Cosmetic Grade segment is projected to witness the highest growth rate during the forecast period, owing to the rising demand for Glycerol Carbonate in skincare and hair care products.The Pharmaceutical Grade segment is expected to hold a significant market share, driven by the growing demand for Glycerol Carbonate in the production of pharmaceuticals and nutraceuticals. The food-grade segment is anticipated to grow steadily over the forecast period, supported by the increasing use of Glycerol Carbonate as a food additive and preservative.
Glycerol Carbonate Market End-User Insights
The glycerol carbonate market is segmented into end-users such as the biodiesel industry, personal care companies, pharmaceutical companies, polycarbonate and polyurethane manufacturers, textile and leather industries, and agrochemical companies. Among these end-users, the biodiesel industry is expected to account for the largest revenue share in 2023, owing to the increasing demand for biodiesel as a sustainable alternative to fossil fuels. The personal care and pharmaceutical industries are also expected to witness significant growth in the coming years, driven by the rising demand for glycerol carbonate in skin care products and pharmaceuticals.The textile and leather industries are also expected to contribute to the growth of the glycerol carbonate market, as it is used as a solvent and plasticizer in the production of textiles and leather goods. The agrochemical industry is also expected to witness moderate growth in the coming years, as glycerol carbonate is used as an intermediate in the production of pesticides and fertilizers.
Glycerol Carbonate Market Regional Insights
The Glycerol Carbonate Market segmentation by region includes North America, Europe, APAC, South America, and MEA. The market in North America is expected to hold the largest share of the market due to the presence of a large number of chemical and pharmaceutical companies in the region. The market in Europe is also expected to witness significant growth due to the increasing demand for glycerol carbonate from the automotive industry. The market in APAC is expected to grow at a rapid pace due to the increasing demand from the construction and packaging industries.The market in South America is expected to grow at a moderate pace due to the increasing demand from the cosmetics and personal care industry. The market in MEA is expected to grow at a slow pace due to the economic and political instability in the region. 
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Glycerol Carbonate Market Key Players And Competitive Insights
One of the general trends characteristics of the Glycerol Carbonate Market Competitive Landscape is major players trying not only to gain a substantial market share but also to keep it through on-going differentiation and innovation. Moreover, major players in the industry of Glyerol Carbonate Market are increasingly looking for ways to enhance their presence by offering innovations abroad and acquiring small brands that show promise. The development of the Glycerol Carbonate Market can be explained by the growing demand for more sustainable and friendly products as consumers become more aware of the environmental effects of chemicals and government regulations encourage the use of bio-based chemicals. The Glycerol Carbonate Market Competitive Landscape is expected to remain highly competitive, and the major leaders in the industry will continue to invest in differentiation and the introduction of better and more innovative products to keep and grow their market share.A significant company in the Glycerol Carbonate Market is Cargill, which offers a variety of glycerol carbonate products under the brand name Versadil. The company has exposure and has a presence in North America, Europe and Asia through manufacturing facilities. Cargill has a strong focus on sustainability and invests in R and D to make its products more environmentally friendly. Moreover, Cargill is very active in promoting the use of sustainable chemicals through industry associations and initiatives. Cardimax, another major player in the market, has a large international presence including manufacturing facilities in Europe and the Asia and North America regions. Moreover, Solvay invests in innovation through an R&D team focused on providing new applications for glycerol carbonate. In addition, Solvay has a strong focus on sustainability and has taken measures to decrease its environmental impact, for example, in its manufacturing plants.
Key Companies in the Glycerol Carbonate Market Include
Glycerol Carbonate Market Industry Developments
The glycerol carbonate market is projected to grow from an estimated USD 1.99 billion in 2023 to USD 3.26 billion by 2032, at a CAGR of 5.63% from 2024 to 2032. Increasing demand for glycerol carbonate in various applications such as pharmaceuticals, cosmetics, and personal care products is driving the market growth. The rising adoption of bio-based materials and the growing trend of green and sustainable solutions are also contributing to the market expansion. Additionally, government regulations and initiatives aimed at promoting the use of eco-friendly chemicals are expected to bolster market growth. Key market players are focusing on research and development to enhance the properties and applications of glycerol carbonate, which is anticipated to create new growth opportunities in the future.
Glycerol Carbonate Market Segmentation Insights
Glycerol Carbonate Market Applications Outlook
Glycerol Carbonate Market Purity Level Outlook
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Low Purity
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Medium Purity
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High Purity
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Ultra-High Purity
Glycerol Carbonate Market Derivatives Outlook
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Glycerol Carbonate Ester
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Glycerol Carbonate Polymer
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Glycerol Carbonate Oligomers
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Glycerol Carbonate Derivatives
Glycerol Carbonate Market Grade Outlook
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Technical Grade
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Cosmetic Grade
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Pharmaceutical Grade
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Food Grade
Glycerol Carbonate Market End-Users Outlook
Glycerol Carbonate Market Regional Outlook
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North America
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Europe
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South America
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Asia-Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.89(USD Billion) |
| Market Size 2023 |
1.99(USD Billion) |
| Market Size 2032 |
3.26(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.63% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Merck KGaA, Eastman Chemical Company, Toray Industries, Inc., The Dow Chemical Company, Sino Biopharm Co., Ltd., Solvay S.A., COSMO Specialty Chemicals GmbH Co. KG, Lanxess AG, Gland Pharma Limited, BASF SE, BioAmber Inc., Shandong Tiancheng Qiwang Chemicals Co., Ltd., SABIC, SACHEM, Inc., Evonik Industries AG |
| Segments Covered |
Applications, Purity Level, Derivatives, Grade, End-Users, Regional |
| Key Market Opportunities |
Increasing demand in food and beverage personal care and pharmaceutical industries Growing applications in biofuel production Surging demand for eco-friendly and sustainable alternatives Technological advancements in glycerol carbonate production Expanding research and development activities |
| Key Market Dynamics |
Rising demand for biobased solvents Increasing demand from the pharmaceutical industry Growing adoption of personal care products. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Glycerol Carbonate Market is anticipated to reach a valuation of approximately USD 1.99 Billion in 2023.
The Glycerol Carbonate Market is projected to expand at a CAGR of 5.63% from 2024 to 2032.
North American region is anticipated to dominate the Glycerol Carbonate Market in the coming years due to the growing demand for eco-friendly solvents and increasing production of bio-based chemicals in the region.
Glycerol Carbonate finds applications as a solvent in various industries, including paints and coatings, pharmaceuticals, and personal care products. It is also used as a fuel additive and in the production of polycarbonates.
Some of the key competitors in the Glycerol Carbonate Market include BASF, Cargill, Dow, Eastman Chemical Company, and Lanxess.
The growing demand for sustainable and eco-friendly solvents, increasing production of bio-based chemicals, and rising environmental regulations are the major factors driving the growth of the Glycerol Carbonate Market.
The Glycerol Carbonate Market is anticipated to reach a valuation of approximately USD 3.26 Billion by 2032.
The solvents segment is expected to hold the largest market share in the Glycerol Carbonate Market due to the increasing demand for eco-friendly solvents in various industries.
The key challenges faced by the Glycerol Carbonate Market include the availability of raw materials, fluctuating prices of glycerol, and intense competition from other solvents.
The COVID-19 pandemic had a moderate impact on the Glycerol Carbonate Market. The market experienced a decline in demand due to the temporary shutdown of various industries. However, the market is expected to recover in the coming years as industries resume operations and demand for sustainable solvents increases.
