Global Glycerol Carbonate Market – An Overview
Known as low volatile organic compound solvent, glycerol carbonate is witnessing an upward facing demand curve. From 2019 to 2027, the market for the stable and colorless liquid is anticipated to chart a robust growth rate, compounded annually, owing to a number of growth factors. This will create novel avenues for growth for global glycerol carbonate market over the stated period. Besides, valuation would see an increase.
Witnessing rapid adoption as an intermediate across a number of industries, the solvent is known for its superior biodegradability and low toxicity. Besides, their use in lithium ion batteries as an additive is also set to help the market chart a significant growth curve and the market for these batteries is also on an upward trajectory.
Some of the factors that are helping the global glycerol carbonate market stay buoyant over the forecast period are elucidated below:
- Glycerol carbonate is used in the cement and concrete industry as a curing agent. By the year 2030, volumes related to construction are set to grow by 85%. Studies reveal that the construction market itself is set to grow to a valuation of USD 15.5 trillion by the stated year. Besides, it is also noted that India, China, and the United States of America are the three countries that will hold a dominant market share of 75% over this period. And, this will help increase demand for cement and concrete, driving growth in the global glycerol carbonate market
- Demand for options that are eco-friendly is going up due to millennial population being more aware of their choices and government supporting such switches and initiatives that revolve around green living. This is set to boost the global glycerol carbonate market in a major way
Glycerol carbonate is a stable and colorless liquid that acts as a novel component. It is used in key applications in separation of the gas membrane. Glycerol carbonate is one of the promising chemical compounds owing to its ideal chemical properties. It possesses excellent biodegradability, low toxicity, and high boiling point. Glycerol carbonate is employed directly as an intermediate in various industrial applications. The ester compound of glycerol provides low VOC solvent properties. These ester carbonate compounds are highly used as an additive in lithium-ion batteries. It is used as a curing agent in the cement & concrete industry.
Glycerol is emerging as a promising compound for environmental protection due to its potential as low volatile organic compound solvent. Glycerol carbonate plays an important role in the synthesis of polycarbonates and polyurethanes. It is also emerging as a potential intermediate in the production of resins, plastic surfactants, and polymers. It also acts as a new solvent in various types of material manufacturing. Glycerol carbonate acts as a non-volatile solvent in the paint industry. Furthermore, it acts as a component in the coatings industry. Glycerol carbonate is extensively used as solvent in cosmetic, medical, and pharmaceutical industries.
Increase in demand for eco-friendly ester compounds to reduce greenhouse gas emission is a key factor likely to fuel the glycerol carbonate market during the forecast period. Glycerol is widely used in the concrete & cement industry due to its excellent curing properties, which are required in cement products. Rise in construction activities across the globe is projected to boost the demand for glycerol carbonate in the next few years. Glycerol is an easily available commodity, which is a by-product of biodiesel production. Therefore, high investment cost is associated with its purification and recycling in large volume due to the presence of high impurities. These factors are likely to hamper the glycerol carbonate market during the forecast period.
Glycerol Carbonate Market: Segmentation
Based on function type, the glycerol carbonate market can be segmented into solvents, additives, monomers, and chemical intermediates. The solvents segment is projected to dominate the global glycerol carbonate market during the forecast period. Glycerol carbonate is highly used as an organic solvent in several industries. This is expected to fuel the demand for glycerol carbonate in the next few years. Based on end-user industry, the glycerol carbonate market can be divided into detergents, cements, paints & coatings, and plastics. The cement industry is expected to hold major share of the market during the forecast period.
Glycerol Carbonate Market: Region-wise Outlook
Based on region, the global glycerol carbonate market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is likely to remain the dominant region of the glycerol carbonate market during the forecast period. Biodiesel companies across the region are focusing on increasing production capacities, especially in China and India. Hence, the prices of glycerol carbonate are estimated to decrease during the forecast period. The glycerol carbonate market in North America is projected to expand at a moderate pace in the near future. The glycerol carbonate market in Europe is also expected to expand at a moderate pace during the forecast period. Glycerol carbonate can be used as fuel additive in order to lower VOC emission. Prominent usage of fuel additives across Europe is projected to boost the glycerol carbonate market in the near future. The glycerol carbonate market in Latin America is also anticipated to expand at a moderate pace owing to rise in awareness about VOC emissions across the region. The market in Middle East & Africa is estimated to expand at a sluggish pace compared to that in Asia Pacific and Europe in the next few years.
Glycerol Carbonate Market: Key Players
Major companies operating in the global glycerol carbonate market include Huntsman Corporation, Eurisotop, KIC Chemicals Inc, and UBE Industries India Private Ltd.
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