Glycerol Carbonate Market By Application (Pharmaceuticals, Personal Care Products, Food & Beverages, Coatings, Polymers, Coatings, Lubricants, Bio-Based Products); By Grade (Industrial Grade, Pharmaceutical Grade); By Source (Natural Sources (such as vegetable oils), Synthetic Sources); By Production Process (Catalytic Synthesis, Transesterification); By End-use Industry (Pharmaceuticals, Personal Care, Food & Beverages, Coatings, Automotive, Construction, Electronics); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Glycerol Carbonate Insights

Glycerol carbonate may be a colorless, odorless, and water-soluble compound with the formula C4H6O4. It's a cyclic carbonate ester of glycerol, which is produced by reacting glycerol with urea and phosgene. It has several potential applications within the chemical and pharmaceutical industries. Glycerol carbonate is often used as a solvent, plasticizer, and monomer for the synthesis of polyesters, polyurethanes, and polycarbonates. It's also being investigated as a possible electrolyte for lithium-ion batteries thanks to its high ionic conductivity.

Glycerol Carbonate Market Share and Size

The global glycerol carbonate market is predicted to grow significantly within the coming years with a market size valued at USD 144.2 million in 2022 and is projected to succeed in USD 409.4 million by 2032, growing at a CAGR of 11.0% from 2023 to 2032. Glycerol carbonate may be a biodegradable and non-toxic compound that will be used as a replacement for traditional solvents and plasticizers that are harmful to the environment which may be a key driver for market growth.

Moreover, the growing demand for glycerol carbonate within the pharmaceutical and private care industries is predicted to drive market growth. Glycerol carbonate is employed as a staple within the synthesis of varied pharmaceutical intermediates and private care products like skin creams, lotions, and shampoos.

The Asia-Pacific region is predicted to dominate the glycerol carbonate market during the forecast period thanks to the presence of an outsized number of chemical and pharmaceutical manufacturers within the region. Europe and North America also are expected to contribute significantly to the market growth thanks to the increasing demand for eco-friendly materials in various industries.

Glycerol Carbonate Market Key Drivers

There are several key drivers for the growth of the global glycerol carbonate market, including:

• Favorable government regulations: Many governments around the world are implementing regulations and policies to market the utilization of eco-friendly and sustainable materials which is predicted to make a positive regulatory environment for the glycerol carbonate market.
• Growing demand from the food and beverage industry: Glycerol carbonate is employed as an artificial additive and preservative, especially within the wine industry, and its growing demand, especially in developing countries, is predicted to drive the expansion of the glycerol carbonate market.
• Growing demand from the pharmaceutical industry: Glycerol carbonate is employed as a staple within the synthesis of varied pharmaceutical intermediates, and its growing demand, especially in developing countries, is predicted to drive the expansion of the glycerol carbonate market.
• Growing use within the production of polymers: The utilization of glycerol carbonate as a solvent and intermediate within the production of varied polymers, like polycarbonates and polyurethanes, is predicted to drive market growth.
• Increase in industrial activities: The growing industrial activities across the world is predicted to be a key driver of market growth as glycerol carbonate is employed as a staple in various industrial applications.
• Increasing demand for bio-based products: The growing demand for sustainable and eco-friendly products is driving the utilization of glycerol carbonate as a feedstock within the production of bio-based products, like bioplastics.
• Increasing demand for sustainable and eco-friendly materials: Glycerol carbonate may be a biodegradable and non-toxic compound that will be used as a replacement for traditional solvents and plasticizers that are harmful to the environment.
• Increasing demand from the private care industry: Glycerol carbonate is additionally used as a staple within the production of private care products like skin creams, lotions, and shampoos, and its growing demand, especially in developing countries, is predicted to drive the expansion of the glycerol carbonate market.
• Rising use within the coatings and lubricants industry: The increasing use of glycerol carbonate as a staple within the production of coatings and lubricants is predicted to drive market growth.
• Rising prices for raw materials: The value of raw materials used to produce glycerol carbonate is rising, which is increasing the general cost of production and should act as a restraint on market growth.

Glycerol Carbonate Market Key Trend & Development

There are several key trends and developments in the global glycerol carbonate market, including:

• Expansion of production capacities: Many companies are expanding their production capacities for glycerol carbonate to satisfy the growing demand from various industries. for instance, in 2020, SK Innovation announced plans to take a position of $830 million to create a replacement glycerol carbonate production plant in South Korea.
• Growing demand from emerging economies: The demand for glycerol carbonate is growing rapidly in emerging economies like China and India thanks to the increasing demand for pharmaceuticals, care products, and food and beverages in these regions.
• Increasing partnerships and collaborations: Many companies are partnering with other players within the value chain to strengthen their market position and expand their product portfolios. for instance, in 2019, Merck KGaA entered into a partnership with ChromaDex to expand its portfolio of high-purity nicotinamide riboside (NR) products, which are synthesized using glycerol carbonate as a staple.
• Increasing research and development activities: Many companies are investing in research and development activities to develop new and innovative applications for glycerol carbonate. for instance, researchers are exploring the potential of glycerol carbonate as a possible electrolyte for lithium-ion batteries thanks to its high ionic conductivity.

Glycerol Carbonate Market Segmentation

The global glycerol carbonate market can be segmented based on the following factors:

• By Application
  • Pharmaceuticals
  • Personal Care Products
  • Food & Beverages
  • Coatings
  • Polymers
  • Coatings
  • Lubricants
  • Bio-Based Products
• By Grade
  • Industrial Grade
  • Pharmaceutical Grade
• By Source
  • Natural Sources (such as vegetable oils)
  • Synthetic Sources (such as petrochemicals)
• By Production Process
  • Catalytic Synthesis
  • Transesterification
• By End-use Industry
  • Pharmaceuticals
  • Personal Care
  • Food & Beverages
  • Coatings
  • Automotive
  • Construction
  • Electronics
• By Geography
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Glycerol Carbonate Market Regional Synopsis:

The glycerol carbonate market in North America is expected to witness significant growth in the coming years, owing to the increasing demand from the pharmaceuticals and personal care industries. The market size in 2022 was estimated to be around $34.4 million, with a CAGR of around 7.0% (2023-2032). The market is expected to be worth around $67.7 million by 2032.

Europe is a significant market for glycerol carbonate, with a market size of around $27.6 million in 2026. The market is expected to witness moderate growth in the coming years, owing to the increasing demand from the food and beverages and coatings industries. The CAGR for the region is estimated to be around 5.0% (2023-2032) and is expected to be worth around $45.0 million by 2032.

Asia-Pacific is expected to be the fastest-growing market for glycerol carbonate, with a CAGR of around 10.0% (2023-2032). The market size in the region was estimated to be around $24.2 million in 2022 and is expected to be worth around $63.0 million by 2032 driven by the increasing demand from the pharmaceuticals, personal care, and food and beverages industries.

Latin America is expected to hold a significant share of the glycerol carbonate market due to the growing demand for sustainable and eco-friendly materials in the region. The market size was valued at $19.0 million in 2022, with a CAGR of 4.5% (2023-2032), and is expected to be worth around $30.0 million by 2032 driven by the presence of major pharmaceutical and personal care companies.

The market for glycerol carbonate in the Middle East & Africa is expected to witness moderate growth in the coming years, owing to the increasing demand from the coatings and personal care industries. The market size in 2022 was estimated to be around $11.0 million and is expected to grow with a CAGR of 3.8% during the forecast period (2023-2032) to reach an estimated worth of $16.0 million by 2032.

Japan Glycerol Carbonate Market

The glycerol carbonate market in Japan is predicted to witness moderate growth during the forecast period (2023-2032). The demand for glycerol carbonate in Japan is primarily driven by the growing specialization in sustainability and eco-friendly materials within the region. the utilization of glycerol carbonate in various applications like pharmaceuticals, care, and coatings is additionally expected to drive the demand for glycerol carbonate within the region. The market size was valued at $5.5 million in 2022, with a CAGR of 3.9% to succeed in an estimated worth of around $8.0 million by 2032. the main players operating within the glycerol carbonate market in Japan include Daicel Corporation, Kishida Chemical Co., Ltd., and Mitsui Chemicals, Inc.

Glycerol Carbonate Market Key Challenges:

The glycerol carbonate market faces several key challenges that could hinder its growth during the forecast period. Some of the major challenges include:

1. Competition from other bio-based materials: Glycerol carbonate faces competition from other bio-based materials, like polylactic acid (PLA) and polyhydroxyalkanoates (PHA), which supply similar properties and performance which could limit the adoption of glycerol carbonate in various applications.
2. High production cost: the assembly of glycerol carbonate involves several steps and requires specialized equipment, which increases the assembly cost making production less cost-effective compared to other conventional materials, which could limit its adoption.
3. Lack of awareness and understanding: The shortage of awareness and understanding of glycerol carbonate and its benefits among end-users and consumers could limit its adoption and growth within the market.
4. Limited availability of raw materials: The assembly of glycerol carbonate requires glycerol, which is especially obtained from vegetable oils or animal fats. The limited availability of those raw materials could impact the assembly of glycerol carbonate and limit its supply.
5. Stringent regulations: The assembly and use of glycerol carbonate are subject to stringent regulations associated with health, safety, and environmental concerns. Compliance with these regulations can increase the assembly cost and limit its adoption in various applications.

Glycerol Carbonate Market Key global players:

Some of the key global players operating in the glycerol carbonate market include:

• Anhui Jinao Chemical Co., Ltd.
• BASF SE
• Boc Sciences.
• Daicel Corporation
• Haihang Industry Co., Ltd.
• Hefei TNJ Chemical Industry Co., Ltd.
• Huntsman Corporation
• Kishida Chemical Co., Ltd.
• Merck KGaA
• Mitsui Chemicals, Inc.
• MP Biomedicals, LLC
• Osaka Organic Chemical Industry Ltd.
• Shandong Shida Shenghua Chemical Group Co., Ltd.
• TCI Chemicals (India) Pvt. Ltd.
• Zhengzhou Yibang Industry & Commerce Co., Ltd.
• Zhonglan Industry Co., Ltd.

These companies are involved in various activities such as product development, mergers and acquisitions, partnerships, and collaborations to expand their presence in the glycerol carbonate market. These players are known for their strong distribution networks, large production capacities, and strong research and development capabilities. They are expected to continue to dominate the market in the coming years.