Glycerol is produced from biodiesel and is consider as clean-burning fuel across a wide range of industries. Moreover, glycerol is one of the key ingredients in the manufacturing of resins and gums which are further used to produce paints and coatings. Furthermore, it is also used in personal care products due to its humectants and solvents property.
The global glycerol market is estimated to be valued at US$ 2,716.59 million in 2021 and is expected to exhibit a CAGR of 7.7 % over the forecast period (2021-2028).
Asia Pacific held dominant position in the global glycerol market in 2020, accounting for 45.0% share in terms of volume, followed by Europe and North America, respectively.
Figure 1. Global Glycerol Market Value (US$ Mn), by Region, 2020
Growing consumers' preferences towards naturally sourced products and increasing demand for biodiesel from the transportation industry is augmenting the market growth of glycerol. Glycerol is one of the clean and renewable fuels, thus growing strict environmental rules ®ulations associated with carbon emissions is driving demand for biodiesel. Hence, the growing demand for naturally sourced products among consumers is projected to foster the market growth of glycerol.
Increasing demand for glycerol from personal care is expected to foster market growth. It is used in the production of personal care and cosmetic product such as moisturizers, shampoos, toothpaste, hair conditioners, and body wash. In moisturizing creams, it is used to smoothen the skin by offering moisture to the skin surface. Moreover, it is also used to add to shaving creams and eye drops. The growing demand for glycerol from personal care is projected to propel the market growth of glycerol.
Increasing use of glycerol in the pharmaceutical industry is expected to bring new market opportunities over the forecast period. It is used in the pharmaceutical industry to extract and prevent the inert substance from precipitating upon standing. Moreover, the growing demand for environment-friendly products and favorable government policies is also contributing to the market growth of the glycerol. Thus, the growing demand for glycerol from the pharmaceutical industry is propelling market growth.
The growing use of glycerol as a sweetener in foods for diabetic’s patients is expected to serve major opportunities in the near future. The growing prevalence of lifestyle diseases such as diabetes is again expected to drive glycerol as a sweetener in food products. Moreover, the increasing production of biofuels is also projected to offer profitable opportunities for the market of glycerol. Hence, growing demand for glycerol as a sweetener in low-carb diets and diabetic’s food is projected to foster the market growth.
|Base Year:||2020||Market Size in 2021:||US$ 2,716.59 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||7.7%||2028 Value Projection:||US$ 4,619.85 Mn|
Proctor & Gamble Chemicals, Dial Corporation, Croda, Dow Chemicals, Godrej Industries Ltd., Emery Oleochemicals, IOI Group, Kuala Lumpur Kepong Berhad, Wilmar International, and Sofiprotéol Group
|Restraints & Challenges:||
The increasing trend of using glycerol in various processed, dairy products, canned and functional foods is expected to propel the market growth. Glycerol is used as a sweetener, thickener, and humectants in the food formulations. Food grade glycerol is produced from vegetable, animal sources such as palm, coconut, and soybean. Moreover, it is also prepared synthetically from propylene. Thus, the growing demand for processed and dairy products is projected to foster market growth.
Growing strategic partnerships and agreements among key manufacturers is one of the emerging trends in the market. For instance, in January 2018, Archer Daniels Midland partners with Pacific Northwest National Laboratory to produce biobased propylene glycol, an alternative to petroleum-derived PG. The biobased PG is produced from renewable, low-carbon feedstocks, including sugar alcohols from sugar cane, corn, sunflowers, or soy.
Figure 2. Global Glycerol Market Share, By Application, 2020
Key Takeaways of the Graph:
The increasing price of vegetable oil and fatty alcohol is a major factor hindering the market growth of the glycerol. Also, the high price of raw materials due to growing demand from food and pharmaceutical applications is projected to propel the market growth of glycerol.
The costly refining process is projected to be expected to limiting the demand for glycerol. This factor is expected to hamper the market growth of the glycerol over the forecast period.
Glycerol is a sugar by-product derived from sugar cane that is found primarily in raw fruits and vegetables. It is also produced in the small intestine and liver. Glycerol is a simple polyols compound. It's a yellowish, colorless, tasteless, and non-toxic fluid. The glycerol backbone of glycerol is located in lipids called lipids. Because of its many health benefits, glycerol is used extensively in FDA-approved cold and wound removers. Its ability to draw moisture and replace damaged cells is what allows it to be so effective in treating these painful conditions. Because of its ability to change shape and become sticky when needed, glycerol is also used in the treatment of periodontitis and its gum disease-associated complications.
Increasing demand for glycerol from the personal care industry and growing demand for biodiesel from the transportation industry are a major factors driving growth of the glycerol market. Moreover, there is an increasing application of glycerol from the pharmaceutical industry which is again fostering growth of the market.
On the other hand, a costly refining process is expected to restrict growth of the market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.