In terms of revenue, glycerol market was valued at US$ 1812.91 Mn in 2020 growing at a CAGR of 6% over the forecast period (2021 – 2029). Absolute Markets Insights (AMI) anticipates the market will accelerate on account of increasing biodiesel and oleochemical demand coupled with high rate of fossil fuel depletion. The rising need for hand sanitizers in the midst of pandemic is anticipated to fasten the market growth. The prevalence of Covid-19 pandemic has boosted the product demand, which is estimated to sustain over the forecast period.
Increasing Biodiesel Production is Projected to Drive the Market Growth over the Forecast Period (2021-2029)
Glycerol is the main by-product of biodiesel production. Also, high rate of fossil fuel depletion has pushed the industrial manufacturers to opt for renewable fuels. Production of glycerol through biodiesel production had flooded the market in the recent past; on account of which the prices of crude glycerol were lowered. However, the demand for glycerol is projected to increase on account of high consumption in production of chemical intermediates and cosmetic products. Improved standard of living among consumers has triggered the demand for innovative personal care products, which is subsequently projected to drive the glycerol market growth.
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Glycerol belongs to the alcohol family of organic compounds. It is produced by using different feedstocks and processes. For instance, it can be produced by propylene synthesis or by hydrolysis and transesterification of fatty oils/acids. Aforementioned methods of production are commercial in nature and characterization of glycerol streams are totally dependent on the process and feedstock. Some of the major driving factors for glycerol production are low production costs, commercial scaling up of technologies, and growing demand from personal care and cosmetics sector. Moreover, global adoption of refined glycerol owing to its high versatility in food and beverage, chemical, and pharmaceutical applications are further likely to drive the glycerol market growth in the extended run.
High demand in countries such as China, Russia, India, and Latin America was generated following the unprecedented fall of prices. In affluent economies, high demand was witnessed on account of growing application of epichlorohydrin used for epoxy resin production. However, the nature of market being highly reliant on interdependence between supply and demand, the prices of glycerol is projected to recover with growing demand from developing regions, especially South East Asia.
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High Demand for Hand Sanitizers Projected to Drive the Market Growth
The recent outbreak of coronavirus pandemic has played vital role in driving the demand for sanitizers and cleaning products. Soaring demand for hand sanitizers during covid created upsurge in glycerine demand as an emollient. On account of such factors various manufacturers were engaged in increasing their production capacity to meet the rising demand, this further is estimated to boost the demand for glycerine market in the extended run.
Also, glycerine content fluctuation occurred with advent of new studies, for instance, according to World Health Organization, ethanol-based hand rub formulation contains 1.4% glycerol formulation, which was used to protect skin against dryness and dermatitis. Moreover, the study concluded that for regions having tropical climate 0.5% glycerol formulation led better skin tolerance. Such a factor led small scale manufacturers of sanitizers to reconsider their options pertaining to glycerine content. However, albeit saturation of glycerol market, the production was affected on account of supply chain disruption and multiple shutdowns during pandemic.
Usage of Plant-Based Glycerol to Gain Traction over the Forecast Period (2021-2029)
The rising demand predominantly from Asia Pacific, where rapidly changing economies have contributed in fostering the standard of living, are projected to drive the demand for glycerine. Market participants are focused on advent of new glycerol applications for value added products. In addition, according to new EU regulations pertaining to organic foods are yet to be implemented by the year 2022. Such a factor is projected to push manufacturers toward driving the production for plant-based glycerol. This is projected to further drive the glycerol market growth over the forecast period. For instance, CREMER OLEO GmbH & Co. KG introduced various grades of organic refined glycerine, which were produced from palm, soybean oil, and karanja oil.
Some of the players operating in the global glycerol market are Cargill, Inc., Cremer Oleo GmbH & Co. Kg., Croda International, Emery Oleochemicals, Glaconchemie, Godrej Industries, Granol, Group Avril, IOI Group, Kao Corporation, KLK Oleo, P&G Chemicals, Sakamoto Yakuhin Kogyo Co. Ltd., Timur Oleochemicals and Wilmar International amongst other market participants.
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Global Glycerol Market:
- By Source:
- Biodiesel
- Vegetable Oils & Fats
- Others
- By Type:
- Crude
- Refined
- By Application:
- Food & Beverage
- Personal Care & Cosmetics
- Tobacco Humectants
- Pharmaceutical
- Textile
- Chemical & Materials
- Epichlorohydrin
- Nitroglycerine
- Lubricants
- Antifreeze Agents
- Polymer & plastic
- Others
- Animal Feed
- Other
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- North America
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