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