According to a new research report by Global Market Insights Inc., the Glycidol Market size is set to surpass USD 180.5 million by 2026. The market is expected to grow owing to increasing demand from plastic manufacturing and paint industry.
Increasing instances of chronic health diseases such as diabetes, blood pressure, heart problems and obesity, among others and rising number of cases of infection transmitted diseases such as COVID-19 are likely to drive the attention of people towards the importance of cleanliness and personal hygiene during the forecast period, thus boosting the glycidol market growth. Furthermore, the increasing awareness among people regarding personal grooming and the importance of looking presentable may raise the demand for cosmetic preparations.
Increasing demand from pharmaceutical sector should trigger the growth of glycidol with purity above 97%
Increasing awareness among people regarding the need to maintain personal health and hygiene is driving the attention of people towards pharmaceutical formulations used to overcome the problems of heart diseases, blood pressure, diabetes and obesity. This is expected to raise the demand for very high purity glycidol for manufacturing pharmaceutical drugs.
Major pharmaceutical drug manufacturers are targeting the use of the product with purity above 97% for manufacturing medicines which are compatible with human body tissues and pose no risk to human health, thus propelling the glycidol market growth.
The increasing applications of the product with purity above 97% in manufacturing cardiac drugs which lower high blood pressure, restore the heart rhythm (antiarrhythmitic) and improve the overall work of the heart muscle may provide promising opportunities for the use of the product in pharmaceutical and healthcare sector in the years to come. Glycidol above 97% segment is expected to reach USD 15 Million by 2026 growing at a CAGR of 3.2% over the review period.
Browse key industry insights spread across 210 pages with 290 market data tables and 20 figures & charts from the report, “Global Glycidol Market Size By Grade (Glycidol below 95%, Glycidol 96%, Glycidol 97%, Glycidol above 97%), By Application (Production of Surface Active Compounds (Cosmetic Preparations, Laundry Detergents, Others), Additives in Plastics, Paints, Photographic Chemicals, Pharmaceuticals, Biocides, Others), By Distribution Channel (Online,s Offline), Industry Analysis Report, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing demand for vinyl plastic products and rising applications of paints in the construction and automotive sector to augment the market growth
Increase in the use of vinyl plastic products in different end-use industries such as construction, transport, packaging, healthcare, electrical and apparel is likely to raise the demand for the product as an additive in vinyl polymer production. The rising applications of PVC resin in pipes, insulation on electric wires or flooring and in different areas where the sterile environment is the top priority is expected to further drive the glycidol market growth.
The paints application is expected to surpass USD 55 million by 2026 owing to changing preference of consumers towards cars with more vibrant colors and cars. Also, inclination towards pearlescent or glossy color effect is providing demanding applications to different types of paints, which requires glycidol as a solvent in its manufacture may raise the product demand in automotive sector.
Presence of regional distributors to foster the growth of offline distribution channel
Key players are focusing on entering collaborations and tie-ups for marketing and selling their products, which may boost the growth of offline distribution channel. Offline distribution channel is expected grow at a CAGR of over 4.5% throughout the forecast period. The ability of regional distributors to bridge the gap between manufacturers and end-users through their well-established distribution network may promote the growth of offline distribution channel.
Moreover, the ability of regional distributors to enhance the client reach through their vast geographical network is expected to further boost the glycidol market growth. For instance, distributors such as Sigma Aldrich have a well-distributed distribution network in different regions across the world. Also, sourcing the products from developing regions through third-party chemical distributors enables manufacturers to save cost and time and strengthen their presence in the developing regions, thus fostering the growth of offline distribution channel.
Rapidly growing pharmaceutical sector coupled with increasing instances of chronic diseases may foster the business growth in North America
North America is expected to witness healthy growth during the forecast period owing to the rapid growth of pharmaceutical sector in the region. The growing prevalence of chronic health diseases such as heart problems, blood pressure and diabetes, among others is increasing the consumption of pharmaceutical drugs, thus raising the glycidol market demand.
North America glycidol market is expected to reach USD 50 Million by 2026 growing at a CAGR of 5.0% throughout the assessment period. The increasing consumer awareness regarding the need to maintain personal health and hygiene may further contribute to the market growth.
Major players are adopting inorganic growth strategies such as mergers, acquisitions and partnerships to strengthen their distribution networks and enhance their existing product portfolio. The primary market players in the glycidol industry include HBCChem, Meryer (Shanghai) Chemical Technology Co., Ltd., Acros Organics, FUJIFILM WAKO PURE CHEMICAL CORPORATION, KANTO CHEMICAL CO. INC., Hangzhou Dayangchem, Nacalai Tesque, The Good Scents Company, FINETECH INDUSTRY LIMITED and LGC Group.