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Glycerine Market Size, Share & Industry Analysis, By Grade (USP Grade, and Technical Grade), By Application (Personal Care, Food & Beverages, Pharmaceuticals, Polyether Polyols, Chemical Intermediate, Tobacco, and Others), and Regional Forecast, 2024-2032

Last Updated: May 16, 2024 | Format: PDF | Report ID: FBI102168

 

KEY MARKET INSIGHTS

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The global glycerine market size was USD 1.94 billion in 2023 and is projected to grow from USD 2.05 billion in 2024 to USD 3.12 billion by 2032 at a CAGR of 5.3% during the forecast period (2024-2032).


Glycerin, also known as glycerol, is a technically versatile chemical due to the combination of physical and chemical properties. In addition, exceptional compatibility with many chemicals and easy handling are playing a key role in many industrial applications. Therefore, the versatility in applications is increasing demand for refined glycerine in food production, chemical manufacturing, pharmaceuticals, personal & home care, and other specialty applications with other oleochemicals such as fatty alcohols and fatty acids and esters. Therefore, the key players operating in the regional market are investing in establishing new plants and in increasing their production capacity.


After the COVID-19 outbreak, the need for an efficient hand sanitizer has been increased. Sanitizers are endorsed as an efficient product to combat the spread of the coronavirus across the world. Also, in a tropical climate, the WHO has modified an EBHR formulation with 0.5% glycerol which results in skin tolerance than the original formulation and, therefore, may offer the best stability between skin lenience and microbial efficiency. Thus, the COVID-19 pandemic fueled the product demand in hand sanitizer production.


Glycerine Market Trends


Increasing Biodiesel Production to Boost Product Supply and Demand


Rapid urbanization, along with industrialization, has increased the need for alternative bio-based fuels such as bio-diesel. Limited fossil fuel reserves encouraged the need for fuels from renewable feedstock. Biodiesel is obtained from natural resources such as animal fats & vegetable oils and proved itself as an eco-friendly option to fossil fuels. It is obtained as the by-product of the biodiesel manufacturing process. Therefore, with an increase in biodiesel production, the supply of glycerol is projected to increase during the forecast period. According to the OECD-FAO Agricultural Output Report, global biodiesel production is likely to reach around 44 billion liters by the end of 2028. Increasing concerns regarding the depletion of fossil fuels are surging the demand for alternatives, including demand for biodiesel, driving the biodiesel production activities. This is expected to propel glycerine market growth significantly.


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Glycerine Market Growth Factors


Rising Adoption of Natural Ingredients to Drive the Market Growth


With rising awareness of the harmful effects of chemical ingredients, consumers prefer natural cosmetics and personal care products. Therefore, global cosmetic manufacturers such as Johnson & Johnson, Unilever, P&G, L’Oréal, and others are significantly adopting natural ingredients such as glycerol to meet the growing demand. The product serves as an exceptional moisturizer as well as a humectant in cosmetics and toiletries. Also, it is eco-friendly, non-toxic, and water-soluble. It also functions as a fragrance ingredient, oral care & hair conditioning agent, and viscosity reducer. Therefore, with increasing demand for cosmetics, the product adoption is expected to increase during the forecast period.


Growing Product Demand in the Food and Beverage Industry to Boost the Market Growth


In recent years, there has been a sharp increase in the demand for glycerine in the food and beverage industry. The product is a colorless, odorless, viscous liquid commonly used as a sweetener and humectant. It is a versatile substance widely used in the food industry due to its unique properties. As a humectant, the product can attract and retain moisture, making it an excellent ingredient for preserving the freshness and texture of food products. It is commonly used in the production of confectionery, baked goods, and dairy products, where it helps maintain the moisture content and enhance the texture of the final product.


Glycerine also functions as a sweetener in high demand in the food and beverage industry. It has a sweet taste similar to sugar but fewer calories, making it a popular alternative to traditional sweeteners. Moreover, the product has several other benefits in the food industry. It is a non-toxic and non-carcinogenic substance, making it a safe ingredient for consumption. It also has a low glycemic index, which means it does not cause a significant increase in blood sugar levels. Overall, the growing product demand in the food and beverage industry is a testament to its versatility and effectiveness as an ingredient. Its unique properties make it an ideal choice for a wide range of food products and its safety and health benefits further enhance its appeal.


RESTRAINING FACTORS


Fluctuating Prices to Confine the Market Growth


Owing to the changing demand patterns of biodiesel, biodiesel production is uncertain in most of the key manufacturing countries. As glycerine is a key byproduct of the biodiesel manufacturing process, variations in production would fluctuate the downstream its prices. Due to price fluctuations, refiners are facing challenges in terms of production and profit margins through sales. Such factors are affecting the growth of the market. However, with continuous technological advancements, the prices are expected to stabilize within a certain price range. The impact of this restraint is expected to become less in the near future.


Glycerine Market Segmentation Analysis


By Grade Analysis


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Technical Grade Segment to Hold the Largest Share owing to its Widespread Applications


Based on grade, the global market is categorized into USP grade and technical grade. The technical grade segment is projected to hold a major share in the market. It is used to manufacture polyether polyols, alkyd resins, epichlorohydrin, and other chemical products. It is a refined product from crude glycerine with most of the contaminants completely removed. USP grade is also termed the United States pharmacopeia grade. This grade is a pure form of glycerine variants that are specifically used in personal care, food products, and pharmaceuticals products. The product to be called as USP grade should pass through all regulations set by the U.S. Food and Drugs Administration. Owing to the high purity, USP grade prices are higher compared to industrial grades. Thus, the segment held a significant revenue share in the global market.


By Application Analysis


Personal Care Segment to Account for the Largest Share due to Increasing Product Adoption


Based on application, the global market is segmented as personal care, food & beverages, pharmaceuticals, polyether polyols, chemical intermediates, tobacco, and others. The personal care segment is set to hold a major share in the market. It is widely adopted in manufacturing soaps, toothpaste, shaving cream, skincare, and hair care products. It offers lubrication and smoothness in personal care products. Others properties such as humectant nature, ability to reduce viscosity, conditioning play important roles in cosmetics. According to the Voluntary Cosmetic Registration Program by the U.S. Food and Drug Administration, glycerol was the third popular ingredient used in cosmetics. The product was used in around 23,366 products, including eye care, lip care, baby care, skincare, and other personal care products.


The chemical intermediate and food & beverage segment hold prominent share after personal care segment in the global market. Increasing adoption of processed food & vegetables is expected to drive the growth of the food & beverage segment. The pharmaceuticals segment is likely to register a CAGR of 6.4% during the forecast period. Polyether polyols, chemical intermediate, and tobacco segments are projected to indicate slower growth as compared to other segments for the long term. Strict regulations imposed on tobacco usage are expected to hamper this segment's growth in the market in the near future.


REGIONAL INSIGHTS


Asia Pacific Glycerine Market Size, 2023 (USD Billion)

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Asia Pacific contributed the largest glycerine market share (value & volume) in the global market in 2023. The high presence of top glycerol-producing countries such as Malaysia, Indonesia, India, and Japan has resulted in a competitive environment in terms of production technologies and securing production capacities in the region. Also, on account of the favorable growth of end-use industries in China, India, and South East Asia, the region is expected to register the fastest growth during the foreseeable period. China was the leading contributor to the growth of Asia Pacific market with more than 60% market share. Owing to the flourishing personal care, food, and chemical industry, China is projected to retain its dominance in the global market. However, the U.S.-China trade war is restricting the market growth.


Europe is the key producer of biodiesel and glycerol in the world. Also, the region accounts for the second-largest share of the global market, followed by North America. In Europe, Germany, France, Netherlands, Italy are a few of the leading producers are the supplier of glycerine. Owing to the potential demand for biofuels in European countries, biodiesel production is expected to increase in the future. This, in turn, is expected to positively impact both the consumption and production of refined glycerol in the region. In North America, increasing demand for glycerol in the U.S. by chemical and personal care industries is driving the market's growth. Also, the U.S. is expected to register significant growth in the regional market.


Latin America, Middle East, and Africa are projected to indicate significant growth in the market due to higher demand from polyether polyols, alkyd resins, epichlorohydrin manufacturers. Also, significant investments in other end-use industries in these regions are fueling the growth of the market. In Africa, South Africa is the key market for personal care and cosmetics products. According to the Department of Trade and Industry, Republic of South Africa, in 2018, the industry registered around USD 3.2 billion in revenue in South Africa. Also, the report estimated that household spending on personal care products is expected to increase by 25% in the next five years. Such factors are expected to boot product demand in the region.


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List of Key Companies in Glycerine Market


Key Players Are Focusing on Production Expansion


With the increasing demand for glycerol, manufacturers are focusing on expanding production capacities and product innovation. For instance, Emery Oleochemicals, a key producer, has significantly invested in Malaysia's production sites in the past few years. With increasing demand globally, the company is aiming to strengthen its market reach and improve its distribution network to serve its consumers better. Other key players such as KLK OLEO, Cargill are also focusing on extending their footprints with additional production capacities.


LIST OF KEY COMPANIES PROFILED



  • Wilmar International (Singapore)

  • Emery Oleochemicals (Malaysia)

  • IOI Group (Malaysia)

  • KLK OLEO (Malaysia)  

  • Croda International (U.K.)

  • Kao Corporation (Japan)  

  • Cargill Inc. (U.S.)

  • Godrej Industries (India)

  • P&G Chemicals (U.S.)

  • Cremer Oleo GmbH & Co. Kg (Germany)

  • Groupe Avril (France)

  • GLACONCHEMIE (Germany)

  • Granol (Brazil)

  • Timur Oleochemicals (Malaysia)

  • Sakamoto Yakuhin Kogyo Co., Ltd. (Japan)


KEY INDUSTRY DEVELOPMENTS



  • July 2023 - Louis Dreyfus Company plans to expand its refining complex in Lampung, Indonesia, by adding glycerin refining capacity and edible oil packaging capabilities. The move is in line with the growing global demand for refined glycerin. The new facility would complement the company's existing glycerin refining activities in the U.S. and Germany. The new plant would manufacture USP grade glycerin and offer various food grade packaging options.

  • May 2023 - BASF developed a process that converts glycerol to renewable propylene glycol (BioPG). In partnership with ORLEN Południe and Air Liquide Engineering & Construction, BASF executed a project that utilizes this technology. The new plant supports ORLEN Południe's objective of achieving CO2 neutrality by 2050.

  • December 2022 - Argent Energy shared plans to construct a Glycerine Refinery in the Port of Amsterdam, which would produce 50,000 tons of refined glycerine per year. This would mark the company's entry into the chemical market and expand their sustainable product portfolio. The move highlights their commitment to sustainable practices and reducing their environmental impact.

  • July 2021 - ENI and BASF launched a newly joined initiative to produce advanced bio-propanol from glycerin. The technology to be developed involves the conversion of glycerine to propanol.

  • April 2020 - Croda International, a specialty chemical manufacturing company, supported the sanitizer manufacturers during the COVID-19 by supplying additional glycerin-free of charge to the customer base in western Europe.


REPORT COVERAGE


An Infographic Representation of Glycerine Market

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The market research report provides both qualitative & quantitative insights into the global market. Quantitative insights include the global market sizing in terms of value (USD Billion) & Volume (Kilo Tons) across each segment, sub-segment, and region profiled in the scope of the study. Also, the report covers market share analysis and growth rates of the segment, sub-segments, and key counties across each region. Qualitative insight covers elaborative market dynamics such as drivers, restraints, growth opportunities, key trends related to the market. The competitive landscape section covers detailed company profiling of the key players operating in the market.


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Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.3% from 2024 to 2032



Unit



Value (USD Billion) and Volume (Million Tons)



Segmentation



By Grade



  • USP Grade

  • Technical Grade



By Application



  • Personal Care

  • Food & Beverages

  • Pharmaceuticals

  • Polyether Polyols

  • Chemical Intermediate

  • Tobacco

  • Others



By Region



  • North America (By Grade, By Application, By Country)

    • U.S. (By Grade)

    • Canada (By Grade)



  • Europe (By Grade, By Application, By Country)

    • Germany (By Grade)

    • U.K. (By Grade)

    • France (By Grade)

    • Italy (By Grade)

    • Rest of Europe (By Grade)



  • Asia Pacific (By Grade, By Application, By Country)

    • China (By Grade)

    • Japan (By Grade)

    • India (By Grade)

    • ASEAN (By Grade)

    • Rest of Asia Pacific (By Grade)



  • Latin America (By Grade, By Application, By Country)

    • Brazil (By Grade)

    • Mexico (By Grade)

    • Rest of Latin America (By Grade)



  • Middle East & Africa (By Grade, By Application, By Country)

    • Middle East (By Grade)

    • Africa (By Grade)








Frequently Asked Questions

A research report by Fortune Business Insights states that the global market size was USD 1.94 billion in 2023 and is projected to reach USD 3.12 billion by 2032.

The global market is expected to grow at a CAGR of 5.3% during the forecast period (2024-2032).

Personal care is the leading application segment in the global market.

The key factors driving the market growth are the multiple advantages of glycerine and increasing demand for the same from home & personal care product manufacturers.

Wilmar International, Emery Oleochemicals, IOI Group, KLK OLEO, Croda International, Kao Corporation, Cargill Inc., Godrej Industries, P&G Chemicals, Cremer Oleo GmbH & Co. Kg, Groupe Avril, GLACONCHEMIE, Granol, Timur Oleochemicals, and Sakamoto Yakuhin Kogyo Co., Ltd. are the leading players in the global market.

Asia Pacific dominated the global market in 2023.

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