Demand is skyrocketing Global glycerin market will reach $3 billion

A study published by market research firm GlobalMarketInsights on industry reports and forecasts for the glycerin market size shows that in 2014, the global glycerin market was 2.47 million tons. Between 2015 and 2022, applications in the food industry, pharmaceuticals, personal care and healthcare are increasing and are expected to drive demand for glycerol.

Glycerol demand soared

By 2022, the global glycerin market will reach $3.04 billion. Changes in environmental protection priorities, as well as consumer spending on pharmaceuticals, food and beverages, and personal care products, will also drive demand for glycerin.

Since biodiesel is a preferred source of glycerol and accounts for more than 65% of the global glycerol market share, 10 years ago, the European Union introduced the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) regulation to reduce crude oil. The reliance, while promoting the production of biobased alternatives such as biodiesel, may drive demand for glycerol.

Glycerin has been used in personal care and pharmaceuticals for more than 950,000 tons. It is expected that by 2023, this data will grow steadily at a rate of more than 6.5% CAGR. Glycerin provides nutritional value and therapeutic properties, making it an ideal choice for personal care and pharmaceutical applications. In Asia Pacific and Latin America, increasing consumer health awareness and lifestyle improvements may drive demand for glycerin products.

Potential applications for downstream glycerol include epichlorohydrin, 1-3 propanediol and propylene glycol. Glycerin has the potential to be used as a chemical platform for the regenerative production of chemicals. It provides an environmentally friendly and economical alternative to petrochemicals. The sharp increase in demand for alternative fuels should boost demand for oleochemicals. As the demand for biodegradable and sustainable products continues to increase, the demand for oleochemicals may increase. Glycerol has biodegradable and non-toxic properties which make it a suitable substitute for diethylene glycol and propylene glycol.

The use of glycerol in the field of alkyd resins may increase at a rate of more than 6% per CAGR. They are used to produce protective coatings such as paints, varnishes and enamels. The development of the construction industry, as well as the acceleration of industrialization and the increasing number of renovation activities are expected to drive demand for products. The development of the European market may be slightly weak, with a CAGR of 5.5%. The demand for glycerin in the cosmetics market in Germany, France and the United Kingdom is likely to increase the demand for glycerin as a humectant in personal care products.

By 2022, the global glycerin market is expected to reach 4.1 million tons, with an average compound annual growth rate of 6.6%. Increasing consumer awareness of health and hygiene, as well as rising disposable incomes of the middle class, will lead to an expansion of end-use applications and drive demand for glycerol.

Expanded application range

The Asia-Pacific glycerin market, led by India, China, Japan, Malaysia and Indonesia, is the dominant region, accounting for more than 35% of the global glycerin market. Increased spending in the construction industry and increased demand for alkyd resins in the mechanical and construction sectors may drive demand for glycerin products. By 2023, the size of the Asia Pacific fatty alcohol market is likely to exceed 170,000 tons, and its CAGR will be 8.1%.

In 2014, glycerin was valued at more than $220 million in the food and beverage industry. Glycerin has been widely used in food preservatives, sweeteners, solvents and humectants. In addition, it is used as a sugar substitute. The improvement in end-user lifestyles may have a positive impact on market size. The European Food Standards Agency has announced that glycerin can be used in food additives, which will expand the range of applications of glycerol.

The size of the North American fatty acid market is likely to grow at a rate of 4.9% CAGR and is close to 140,000 tons.

In 2015, the global glycerin market share was dominated by four major companies, which together accounted for more than 65% of the total.


Post time: Aug-20-2019