The latest report by IMARC Group, titled “Glycerin Market Report by Process (Transesterification, Saponification, Fat Splitting), Grade (USP Grade, Technical Grade), Source (Biodiesels, Fatty Acids, and Others), Application (Pharmaceuticals, Food and Beverages, Personal Care and Cosmetics, Industrial Chemicals, and Others), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global glycerin market size reached US$ 2.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.
Factors Affecting the Growth of the Glycerin Industry:
- Growing Industrial Demand:
Glycerin, recognized for its hygroscopic properties and non-toxic nature, plays an essential role across multiple industries, making it a highly sought-after compound. In the pharmaceutical sector, it is used as a solvent and sweetener in cough syrups and toothpaste, enhancing texture and stability. Moreover, the personal care industry incorporates glycerin in lotions and soaps for its moisturizing qualities. Additionally, its presence in food and beverages as a humectant and preservative extends shelf life and maintains quality. As these sectors continue to expand, particularly with growing global populations and economic development, the demand for glycerin propels market growth. This increasing requirement drives significant growth in the glycerin market, as industries seek sustainable and effective ingredients to improve product performance and consumer satisfaction.
- Increasing Biofuel Production:
As the global push toward sustainable and renewable energy sources intensifies, the production of biofuels, particularly biodiesel is contributing to the market growth. Glycerin is a by-product of biodiesel production, and its supply is closely tied to the dynamics of the biofuel market. Moreover, government policies promoting the use of renewable energy significantly influence biodiesel production, subsequently affecting glycerin availability. For instance, mandates for biofuel usage in transport fuel significantly boost biodiesel production, increasing glycerin supply. This relationship underscores glycerin’s status as an increasingly valuable resource within the green economy. Furthermore, as more nations commit to reducing carbon footprints and fostering renewable energy sectors, the glycerin market is expected to experience robust growth due to increased biodiesel production and the strategic positioning of glycerin as a sustainable by-product.
- Technological Innovations:
Technological advancements in the processing, purification, and utilization of glycerin are essential in enhancing its commercial appeal and expanding its market reach. Additionally, several innovations in purification technology allowed for higher purity levels of glycerin, which is crucial for demanding applications such as pharmaceuticals and food processing. Moreover, improved processing techniques have also reduced costs and minimized environmental impact, making glycerin production more efficient and sustainable. Along with this, ongoing research and development are continually uncovering new uses for glycerin, ranging from biodegradable plastics to cosmetic and personal care innovations. These technological strides improve the economic viability of glycerin manufacturing and drive industry growth by opening new markets and applications for this versatile compound.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
- Archer-Daniels-Midland Company
- Avril Group
- BASF SE
- Cargill Incorporated
- Croda International PLC
- Emery Oleochemicals (PTT Global Chemical Public Company Limited)
- Godrej Industries Limited
- IOI Corporation Berhad
- Kao Corporation
- Kuala Lumpur Kepong Berhad
- Louis Dreyfus Company B.V.
- The Procter & Gamble Company
- Wilmar International Limited.
Glycerin Market Report Segmentation:
By Process:
- Transesterification
- Saponification
- Fat Splitting
Transesterification holds the largest market share due to its efficiency in producing high-quality glycerin from various feedstocks.
By Grade:
- USP Grade
- Technical Grade
Technical grade represents the largest segment owing to its widespread use in industrial applications requiring lower purity standards.
By Source:
- Biodiesels
- Fatty Acids
- Others
Biodiesels dominate the market, as they are a primary source of glycerin production, derived from renewable feedstocks such as vegetable oils.
By Application:
- Pharmaceuticals
- Food and Beverages
- Personal Care and Cosmetics
- Industrial Chemicals
- Others
Personal care and cosmetics account for the largest market share owing to the growing demand for glycerin’s moisturizing properties in skincare products.
Regional Insight:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific’s dominance in the glycerin market is attributed to its burgeoning industrial sectors and increasing consumption of glycerin across various applications.
Global Glycerin Market Trends:
At present, glycerin is used in pharmaceutical formulations, particularly in cough syrups, suppositories, and as a component in some medications. Its non-toxic nature and ability to retain moisture make it suitable for various healthcare applications. Moreover, glycerin serves as a sweetener, humectant, and solvent in the food and beverage industry in products such as confectionery, dairy, and baked goods. There is an increased interest in glycerin as a food additive derived from natural sources like vegetable oils due to the growing demand for natural and organic food ingredients.
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