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The global glycerine market size was USD 1,622.8 million in 2019 and is projected to reach USD 2,405.5 million by 2027, exhibiting a CAGR of 5.2% during the forecast period.
Glycerine, also known as glycerol is a technically versatile chemical due to the combination of physical and chemical properties. In addition, its exceptional compatibility with many other chemicals and easy handling are playing key roles in various industrial applications. Therefore, its versatility in terms of applications is further increasing the demand for refined glycerine in food production, global chemicals manufacturing, pharmaceuticals, personal & home care, and other specialty applications, along with other oleochemicals such as fatty alcohols, fatty acids, and esters. In order to tap such potential opportunities, key players operating in the regional market are investing to establish new plants and to increase their production capacities.
COVID-19 Pandemic to Augment Demand Backed by Urgent Need for Sanitizers
After the outbreak of the COVID-19 pandemic, the need for efficient hand sanitizers has increased. They are endorsed as an efficient product to combat the spread of coronavirus across the world. Glycerol is used in small proportion to produce hand rubs. Also, during the pandemic, the World Health Organization (WHO) recommended the usage of glycerol in hand sanitizers containing hydrogen peroxide, ethanol, and other chemicals. Therefore, the COVID-19 pandemic has fueled the demand for glycerin in hand sanitizer production. With increasing investment in disinfectant production by local players, the demand for glycerin is projected to increase for a short time.
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Increasing Biodiesel Production is a Prominent Trend
Rapid urbanization and industrialization have increased the need for an alternative bio-based fuel, such as biodiesel. The presence of limited fossil fuel reserves is increasing the demand for fuels from renewable feedstock. Biodiesel is obtained from natural resources such as animal fats & vegetable oils. It proved itself as an eco-friendly option to fossil fuels. Glycerine is considered to be a by-product of the biodiesel manufacturing process. Therefore, with the increasing biodiesel production, the glycerin supply and demand is projected to surge during the forecast period. According to the OECD-FAO Agricultural Output Report, the global biodiesel production is likely to reach around 44 billion liters by the end of 2028.
Rising Adoption of Natural Ingredients for Producing Cosmetics to Drive Growth
Backed by the rising awareness about the harmful effects of chemical ingredients, consumers are shifting towards 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 glycerine 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 the increasing demand for cosmetics, the adoption of glycerin is expected to rise during the forecast period.
Fluctuating Prices & Fewer Profit Margins May Confine Growth
Owing to the changing demand patterns of biodiesel, its production is uncertain in most of the key manufacturing countries. As glycerine is a key by-product of the biodiesel manufacturing process, the variations in production fluctuate the downstream prices of glycerin. Due to price fluctuations, refiners are facing challenges in terms of production and profit margins through sales. Such factors are anticipated to affect the growth of the market. However, with continuous technological advancements, the prices are expected to stabilize within a certain range and the impact of this restraint is likely to become less in the near future.
USP Grade Segment to Hold Significant Share Fueled by Rising Usage in Pharmaceutical Products
Based on grade, the global market is categorized into USP grade and technical grade. Technical grade glycerine is used in the manufacturing of polyether polyols, alkyd resins, epichlorohydrin, and other chemical market products. It is a refined product obtained from crude glycerin with most of the contaminants completely removed.
USP grade is termed as the United States Pharmacopeia grade. It is the pure form of glycerine variants that are specifically used in personal care, food, and pharmaceutical products. Products falling under this grade should pass through all regulations set by the U.S. Food and Drugs Administration (FDA). Owing to the high purity, the prices of USP grade products are higher, as compared to the industrial grades. Thus, the USP grade segment would hold a significant glycerine market share in the global market.
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Personal Care Segment to Account for the Largest Share in Global Market
Based on application, the global market is segmented into personal care, food & beverages, pharmaceuticals, polyether polyols, chemical intermediates, tobacco, and others. Glycerine is widely adopted in the manufacturing of soaps, toothpaste, shaving cream, skincare, and hair care products. It offers lubrication and smoothness in personal care products. Some of its other properties, such as humectant nature, ability to reduce viscosity, and conditioning play important roles in the cosmetics industry. 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 utilized in around 23,366 products including eye care, lip care, baby care, skincare, and other personal care products.
The chemical intermediate and food & beverage segments would hold prominent shares after the personal care segment in the global market. The 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. The polyether polyols, chemical intermediate, and tobacco segments are projected to indicate slower growth, as compared to the other segments for the long term. Strict regulations imposed on tobacco usage are expected to hamper the growth of these segments in the global market for glycerine in the near future.
Asia Pacific Glycerine Market Size, 2019 (USD Million)
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Asia Pacific generated the largest share in terms of value & volume in the global market in 2019. The presence of some of the top glycerol producing countries such as Malaysia, Indonesia, India, and Japan would result 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 Southeast Asia, the region is expected to exhibit the fastest growth during the foreseeable period. China was the leading contributor to the growth of the regional market with more than 60% share. Owing to the flourishing personal care, food, and chemical industries, China is projected to retain its dominance in the global market. However, the U.S.-China trade war is likely to restrict the market growth of the glycerine.
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, and Italy are a few of the leading producers and suppliers. Owing to the potential demand for biofuels in the European countries, the production of biodiesel is expected to increase in the future. This, in turn, is expected to have a positive impact on both the consumption and production of refined glycerol in the region.
In North America, the increasing demand for glycerol in the U.S. by chemical and personal care industries is set to drive growth. Also, the U.S. is expected to register considerable growth in the regional market.
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Latin America and the Middle East and Africa are projected to showcase significant growth in the global market due to the higher demand from polyether polyols, alkyd resins, and epichlorohydrin manufacturers. Also, significant investments in other end-use industries in these regions would fuel the growth of the market. In Africa, South Africa is the key market for personal care and cosmetics products. According to the Republic of South Africa’s Department of Trade and Industry, in 2018, the industry registered around USD 3.2 billion 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 boost the demand for this product in the region.
Key Players Are Focusing on Production Expansion to Gain a Competitive Edge
With the increasing demand, manufacturers are aiming to expand their production capacities and product innovations. For instance, Emery Oleochemicals, a key producer significantly invested in its production sites in Malaysia in the past few years. With the increasing global demand, the company is aiming to strengthen its market reach, as well as to improve its distribution network to better serve its consumers. Other key players such as KLK OLEO and Cargill are also focusing on extending their footprints with additional production capacities.
An Infographic Representation of Glycerine Market
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The global glycerine market report provides both qualitative & quantitative insights into the industry. Quantitative insights include the global market sizing in terms of value (USD million) & volume (kilo tons) across each segment, sub-segment, and region profiled in the scope of the study. Also, it covers market share analysis and growth rates of segments, sub-segments, and key counties across each region. Qualitative insight covers elaborative market dynamics such as drivers, restraints, growth opportunities, and key glycerine market trends. The competitive landscape section covers the detailed profiling of key players operating in the global market.
Value (USD Million) and Volume (Kilo Tons)
Fortune Business Insights says that the global market size was USD 1,622.8 million in 2019 and is projected to reach USD 2,405.5 million by 2027.
The global market is projected to grow at a CAGR of 5.2% during the forecast period (2020-2027).
Personal care is the leading application segment in the global market.
Multiple advantages of glycerine and its increasing demand from home & personal care product manufacturers are the key factors driving market growth.
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 key players in the global market.
Asia Pacific dominated the global market in terms of share in 2019.
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