Glycerol Formal Market By Purity Level (99% Purity, 95% Purity), By Application (Coatings, Adhesives, Resins, Others) By End-Use Industry (Food and Beverage, Pharmaceutical and Nutraceuticals, Personal Care and Cosmetic, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Glycerol Formal Market
The glycerol formal market was valued at $163.7 million in 2023 and is projected to reach $200.0 million by 2033, growing at a CAGR of 2.1% from 2024 to 2033.
The chemical reaction between glycerol and formaldehyde leads to the formation of glycerol formal. The chemical is recognized by other names such as formal glycerol and 1, 3-Dioxolan-2-one-4-methanol. Condensation of glycerol, a triol alcohol, and formaldehyde, a simple aldehyde, gives rise to glycerol formal, a cyclic acetal compound. The properties of glycerol formal make it ideal for usage in adhesives, resins, coatings, and as a solvent for dyes & pigments. The compound possesses excellent resistance to ozone, heat, and weathering, thus distinguishing it as a high-performance elastomer.
The glycerol formal market grows significantly due to constant demand for the compound from the pharmaceuticals industry. The compound is utilized as an intermediate during the synthesis of pharmaceuticals and as a solvent in pharmaceutical formulations, specifically for injectable drugs. In addition, the market augments due to surge in requirement for eco-friendly solvents and functional additives in the widely expanding coatings and paints sector owing to rapid increase in urbanization and infrastructure development. The applicability of glycerol formal as a green solvent is trending in diverse industries, including food & beverages and cosmetics. The remarkable attributes of the compound such as sustainability, low toxicity, and ability to dissolve a broad range of compounds have made it a prominent alternative to conventional solvents.
However, regulatory compliance and safety concerns are the significant challenges that restrain the glycerol formal market growth. Being a chemical, the compound is subject to stringent regulations pertaining to its usage, handling, and storage. According to the 2012 Hazard Communication Standard by Occupational Safety and Health Administration in the U.S., glycerol formal is a hazardous compound. It is known to cause serious eye damage, skin corrosion/irritation, reproductive toxicity., and specific target organ toxicity in single exposure.
Segment ReviewThe glycerol formal market is segmented into purity level, application, end-use industry, and region. On the basis of purity level, the market is bifurcated into 99% purity and 95% Purity. By application, it is divided into coatings, adhesives, resins, and others. As per end-use industry, it is categorized into food & beverage, pharmaceutical & nutraceuticals, personal care & cosmetic, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of purity level, the 99% purity segment is expected to dominate the market throughout the forecast period.
By application, the coatings segment is projected to be the highest shareholder by 2033.
As per end-use industry, the pharmaceutical & nutraceutical segment is anticipated to account for the highest market share during the forecast period.
Region wise, Asia-Pacific is predicted to be the highest revenue generator by 2033.
Competition AnalysisThe major players operating in the global glycerol formal market include Emery Oleochemicals, Oleon NV, Kao Corporation, Ecogreen Oleochemicals, Procter & Gamble Chemicals, Musim Mas Group, Wilmar International Ltd., Croda International, McGean, and Lambiotte & Cie. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy Purity Level99% Purity
95% Purity
By ApplicationCoatings
Adhesives
Resins
Others
By End-Use IndustryFood and Beverage
Pharmaceutical and Nutraceuticals
Personal Care and Cosmetic
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Rest of LAMEA
Key Market Players
Emery Oleochemicals
Oleon NV
Kao Corporation
Ecogreen Oleochemicals
Procter & Gamble Chemicals
Musim Mas Group
Wilmar International Ltd.
Croda International
McGean
Lambiotte & Cie