Glycerol Carbonate Market: Overview
- Glycerol carbonate is used in key applications in separation of gas membrane. It is a promising chemical compound, owing to its superior chemical properties. It possesses outstanding biodegradability, high boiling point, and low toxicity. Glycerol carbonate is used directly as an intermediate in various industrial applications. Furthermore, ester compound of glycerol offers low VOC solvent properties. Ester carbonate compounds are primarily employed as additives in lithium-ion batteries. Glycerol carbonate is used as a curing agent in the cement & concrete industry.
- Glycerol is developing as a promising compound for environmental protection due to its potential as low volatile organic compound solvent. Additionally, glycerol carbonate plays an important role in synthesis of polyurethanes and polycarbonates. Glycerol carbonate is also emerging as a potential intermediate in the production of plastic surfactants, resins, and polymers. It acts as a new solvent in manufacturing of different types of materials. It also acts as a non-volatile solvent in the paint industry. Furthermore, glycerol carbonate acts as a component in the coatings industry. Glycerol carbonate is widely used as solvent in cosmetic, medical, and pharmaceutical industries.
- In terms of value, the global glycerol carbonate market is anticipated to expand at a CAGR of 7% during the forecast period to reach US$ 2.4 Bn by 2031.
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- Asia Pacific was the prominent region of the global glycerol carbonate market in 2019. The market in the region is expected to expand at a CAGR of more than 7.5% between 2022 and 2031.
- Plastic is one of the highly functional, esthetic, and sustainable material in the modern world. It has replaced several materials such as metal, concrete, and wood as it is lightweight, corrosion proof, economical, and esthetically appealing. Glycerol carbonate is a bio-based material, which is used in various applications such as polymers and plastics, polyesters, polycarbonates, polyamides, and polyurethane plastic coatings. Increase in adoption of bio-based material such as glycerol carbonate in the manufacture of plastics-based products is a major factor anticipated to drive the global glycerol carbonate market during the forecast period.
Solvents to Drive Demand for Glycerol Carbonate
- Based on application, solvents was the major segment with 25% share of the global glycerol carbonate market in 2019. It is estimated to continue its dominance in the global glycerol carbonate market between 2022 and 2031. Glycerol carbonate is an eco-friendly compound that can be employed as a solvent in the production of various chemicals. It offers various advantages over the conventional organic solvents. As a solvent, glycerol carbonate is employed in numerous applications such as detergents, paints and coatings, personal care products, and lithium-ion batteries.
Rise in Demand for Glycerol Carbonate in Various End-use Industries
- In terms of end-use, plastics was the major segment with more than 30% share of the global glycerol carbonate market in 2019. It is estimated to continue its dominance between 2022 and 2031. Glycerol carbonate is employed directly or as an intermediate in various synthetic and industrial applications. Glycerol carbonate and its esters are potentially low-VOC solvents due to their high boiling point, low volatility, and high flash point. Thus, glycerol carbonate is used as electrolyte liquid carrier, general purpose solvent, additive in lithium-ion and lithium batteries, curing agent in concrete and cement, and additive in cosmetics. It is also employed in detergents, liquid gas separation system, and plant vitalizer. Furthermore, it is used as a blowing agent. Glycerol carbonate can also be converted into chemical intermediates, which are then employed in the production of surfactants, epichlorohydrin, and polymers.
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Key Highlights of Glycerol Carbonate Market
- In terms of volume, Asia Pacific constituted prominent share of the global glycerol carbonate market in 2019. Demand for glycerol carbonate in the region is projected to rise during the forecast period, owing to rapid growth in the usage of plastics, cement, and detergents in Asia Pacific. The market in Asia Pacific is estimated to continue to expand at a rapid pace during the forecast period, owing to the increase in demand for glycerol carbonate in various end-use applications such as fuel, paints & coatings, and lithium-ion batteries in the region.
- Glycerol carbonate is often utilized in elastomers, surfactants, adhesives, inks, paints, electrolyzers, lubricants, and personal care products due to its excellent water solubility, biodegradability, low flammability, low toxicity, and low viscosity. Additionally, glycerol carbonate molecules that contain carbonate group and hydroxyl group exhibit high reactivity with amine, alcohol, carboxylic acid, isocyanate, and ketone. This, in turn, is driving the adoption of glycerol carbonate in various end-use industries.
Glycerol Carbonate: Competition Landscape
- Manufacturers are focusing on expanding their production capacities in order to meet the demand for glycerol carbonate in solvents and pharmaceutical applications
- Key players operating in the global glycerol carbonate market are
- Huntsman International LLC
- Eurisotop [Cambridge Isotope Laboratories, Inc. (CIL)]
- UBE Industries India Private Ltd.
- Inkemia Green Chemicals Inc.
- TCI Chemicals (India) Pvt. Ltd.
- Carbone Scientific Co., Ltd.
- Acros Organics B.V.B.A. (Thermo Fisher Scientific Company)
- GLACONCHEMIE GmbH
- ANHUI MEISENBAO CHEMICAL CO., LTD.
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