Glycerol Carbonate Market - Global Industry Report, 2030
Posted by aartimule on February 5th, 2021
Glycerol Carbonate Market: Introduction
In terms of value, the global glycerol carbonate market is anticipated to expand at a CAGR of 7% from 2020 to 2030. Glycerol carbonate is a highly used chemical due to its ideal physicochemical properties such as low toxicity, high stability, good biodegradability, low inflammability, and high boiling point. Glycerol carbonate is used in the production of detergents, owing to various advantages it offers such as improved hand-feel performance, solubility of laundry powders, and reduced pH of wash liquor. Glycerol carbonate is employed as a curing agent in cement and concrete applications. This stops water from evaporating too quickly, thus helping reduce cracking and dusting. It is used as a curing agent in various functions such as maintaining mixing water in concrete during the early hardening process, reducing loss of mixing water from the surface of the concrete, and accelerating strength gain using heat and additional moisture.
Increase in Demand for Laundry Detergents and Household Cleaners to Boost Glycerol Carbonate Market
The per capita consumption of detergents has been rising significantly, primarily in developing economies such as China, India, Brazil, and countries in ASEAN. The detergents sector in South Asia is expanding significantly, owing to an increase in disposable income of the people and burgeoning middle class in the sub-region. This is likely to propel the demand for detergents over the next few years. Rapid industrialization, improvement in lifestyle, and increase in penetration of FMCG products are other factors fueling the demand for laundry detergents and household cleaners. The global household cleaners industry is anticipated to expand at a CAGR of 3.9% during the forecast period. The increase in penetration of washing machines in developing countries has positively impacted the demand for detergents. Liquid detergents are made of various surfactants. Liquid detergents enhance the washing process through significant reduction of surface tension of water. They are employed for washing laundry as well as dishes. Optimum use of fragrances and conditioners in the formation of liquid detergents is resulting in improved popularity of liquid detergents. Ease of application, efficient cleaning process, and decline in wastage associated with the use of liquid detergents are driving the demand for liquid detergents in developed countries in North America and Europe. This, in turn, is boosting the glycerol carbonate market in these regions.
Solvents to be Leading Application Area of Glycerol Carbonate
Based on application, the solvents segment is projected to expand at a CAGR of more than 7.5% during the forecast period. This trend is likely to continue during the forecast period. The demand for monomers is expected to rise in the near future. Over the past few years, the demand for glycerol carbonate in solvents has been rising significantly in the U.S. The demand for plastics is expected to rise in the near future, owing to rapid growth of plastics and paint & coatings industries in the country. This is estimated to augment the glycerol carbonate market in the U.S.
Plastics to be Dominant End User of Glycerol Carbonate
Based on end use, the global glycerol carbonate market has been segregated into detergents, cements, fuels, paints & coatings, plastics, and others. In terms of consumption, plastics was the leading end use segment of the global glycerol carbonate market in 2019. This trend is expected to continue in the near future. The consumption of glycerol carbonate in plastics production in developing and developed countries is considerably high. Glycerol carbonate is primarily employed as a chemical intermediate in the production of polymers. Increase in demand for glycerol carbonate in the polymer sector is projected to drive the glycerol carbonate market during the forecast period.
Asia Pacific to be Lucrative Region of Glycerol Carbonate Market
In terms of consumption, Asia Pacific accounted for dominant share of the global glycerol carbonate market in 2019, due to large production of polymer and surfactant products in China, India, and countries in the ASEAN sub-region. Glycerol carbonate is used as a raw material and intermediate in these products. China constitutes significant share of the glycerol carbonate market in Asia Pacific. Numerous small- and medium-sized manufacturers of glycerol carbonate are located in China. The country exports majority of its products to developed as well as developing economies.
The global glycerol carbonate market is highly fragmented. Key players such as Huntsman International LLC, Eurisotop [Cambridge Isotope Laboratories, Inc. (CIL)], UBE Industries India Private Ltd., and TCI Chemicals (India) Pvt. Ltd. cumulatively held more than 50% share of the global market in 2019. Key manufacturers operating in the global glycerol carbonate market are Inkemia Green Chemicals Inc., Carbone Scientific Co., Ltd., Acros Organics B.V.B.A. (Thermo Fisher Scientific Company), GLACONCHEMIE GmbH, and ANHUI MEISENBAO CHEMICAL CO., LTD.
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Joined: April 16th, 2020
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