Glycerol Market is Expected to Surpass US$ 4,619.85 Mn by 2028 - Coherent Market Insights

Definition of Market/Industry:

Glycerol is also known as glycerin and it belongs to the class organic compound. It is colorless and has a sweet taste with the non-toxic property. Moreover, it has antimicrobial and antiviral properties due to which it is used in wound treatment. Moreover, it is clean-burning fuel as it produced from biodiesel making it an ideal fuel for a wide range of industries.

Market Statistics:

The global glycerol market is expected to surpass US$ 4,619.85 Mn in terms of value by the end of 2028.

Drivers:

Growth in the paints and coating industry is driving the market growth of glycerol. The rise in construction activities due to increasing investment and the need for more infrastructures is fueling the demand for paints and coatings. The increasing population coupled with the robust growth in the urban populations especially across developing regions is again creating demand for residential as well as commercial infrastructures. Thus growing construction activities around the globe is driving demand for paints &coatings which in turn fueling the market growth of glycerol.

Market Opportunities

Emerging applications of glycerol are projected to provide lucrative opportunities over the forecast period. Increasing demand for crude glycerol from animal feed over corn as it is cheaply available. Moreover, glycerol is an ideal diet for non-ruminants such as hens, pigs, etc. due to its high absorption rate. Furthermore, it is also used as raw material for the manufacturing of epichlorohydrin, syngas, and propylene glycol. Thus, emerging such application of glycerol is projected to foster market growth.

Global Glycerol Market: Recent Developments

1. 9^th July 2021, According to the ICIS report, In the glycerin market, crude glycerin prices had nearly doubled from around US$ 300/ton in the early January to US$ 600/tones in the June, Glycerin is the byproduct of the biodiesel and oleo-chemicals production with output typically about 10% of the capacity of both process. Brazil was a major exporter of crude glycerin and its biodiesel blending mandate was crucial in determining glycerin supply.
2. 20^th June 2021,, Glycerin first quarter contract jumped up amid tightness in the market towards the end at the fourth quarter, limited availability was caused by a lack of upstream biodiesel production amid ongoing coronavirus restrictions which have dumped fuel demand while the refiner glycerol market is balanced ,glycerin buying interest is very strong due to ongoing shortage.
3. 19^th October 2021 ,over the past decade, global exports of glycol increased twice ,Both is volume and value terms .In 2020,global export of glycerol were estimated at 1.9m tones, increased by 2.5% to $1B is in 2020 south Korea is the highest imports growth rate doubling the value of purchase from around the world.

Market Restraints

Low-profit margins for glycerol refiners are expected to hamper the market growth of the glycerol. For instance, glycerol refiners earn approximately 2.5% to 3% profit on glycerol refining, however, profit margins can be raised by using new and advanced technology of production. Also, availability of substitutes such as diethylene glycol, ceramides, and sorbitol is again expected to hinder the market growth of the glycerol over the forecast period.

Global Glycerol Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on glycerol market.

To know the latest trends and insights prevalent in the Global Glycerol Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/glycerol-market-4800

Key Takeaways:

• The global glycerol market was valued at US$ 2,519.75 Mn in 2020 and is forecast to reach a value of US$ 4,619.85 Mn by 2028 at a CAGR of 7.7% between 2021 and 2028.
• The Biodiesel from the sources was valued US$ 1514.33 Mn in 2020 and is expected to witness a CAGR of 7.6% over the forecast period.

Market Trends

The increasing use of glycerol as a chemical intermediates in the manufacturing of the chemical product is a growing trend. Growth in the chemical industry due to increasing production of chemicals around the globe is driving demand for glycerol. According to the Cefic Facts & Figures 2020, global chemical turnover was valued at €3,347 billion in 2018. Moreover, global sales grew by 2.5% from €3,266 billion in 2017 to €3,347 billion in 2018. Thus, the growing production of chemical products is projected to foster market growth.

Growing demand for green chemicals due to the shifting trend of go green is projected to augment the market growth of glycerol. Also, increasing disposable income of the consumer is driving demand for glycerol as a natural ingredient in various consumer products such as personal care, cosmetic, food &beverages, and pharmaceutical drugs. In addition to this, growing research and development activities among key manufacturers for developing the innovative product with enhanced properties is again projected to foster the market growth of glycerol over the forecast period.

Competitive Section:

Company Names 

1. Proctor & Gamble Chemicals
2. Dial Corporation
3. Croda
4. Dow Chemicals
5. Godrej Industries Ltd.
6. Emery Oleochemicals
7. IOI Group
8. Kuala Lumpur Kepong Berhad
9. Wilmar International
10. Sofiprotéol Group