Glycerin Market Size Worth USD 4.81 Billion in 2032 | Emergen Research

Vancouver, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global glycerin market size was USD 2.68 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.1% during the forecast period. Rising demand for glycerin in manufacturing personal care and pharmaceutical products is a key factor driving market revenue growth.

Government across countries are promoting to support net zero-emission by 2030, due to which the overall demand glycerin is expected to rise. According to International Energy Agency (IEA), demand for biofuels globally is expected to rise by 41 billion liters, which is around 28% between the 2021-2026.

In addition, glycerin is widely used as a sweetener in syrups, lozenges, as well as in eardrops, products, and topical creams in pharmaceutical application. Moreover, rising use of glycerin in lowering intraocular pressure in acute angle-closure glaucoma is also expected to drive market revenue growth during the forecast period. According to BrightFocus Foundation, 80 million individuals globally living with glaucoma, and it is anticipated to surpass 111 million by 2040.

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In addition, price fluctuations of biodiesel is another factor, which could restrain market revenue growth. For instance, according to the International Energy Agency (IEA), prices for biodiesel have increased between 20-30%. As a result, industries across the world are working cost reduction of raw materials to increase profitability.

Segment Insights

Grade Insights:

On the basis of grade, the glycerin market is segmented into crude glycerol and refined glycerol. The crude glycerin segment accounted for largest revenue share in the global glycerin market in 2022. This is because crude glycerin is a by-product of biodiesel and widely used in various industrial applications such as chemicals, cosmetics, detergents, plastics, and lacquer. The crude glycerin is a less pure form of glycerin, which has high energy content and can be an ideal substitute for boiler fuel

Application Insights:

On the basis of application, the global glycerin market is segmented into personal care, Food & Beverage (F&B), pharmaceuticals, tobacco humectants, industrial chemicals, and others. The personal care segment is expected to account for significantly large revenue share in the global glycerin market during the forecast period. This is because glycerin has excellent moisturizing properties, which is utilized in manufacturing various personal care products such as face creams, body lotions, hair care products, and other beauty solutions. Globally, personal and skincare companies are increasingly utilizing glycerin for new products development across organic skincare products which is in turn, rising demand for glycerin.

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Regional Insights:

The Asia Pacific accounted for largest revenue share in the global glycerin market in 2022 due to rapid procurement of glycerin in personal care and skin care products manufacturing. In addition, increasing number of consumers in Asia Pacific is another factor driving market revenue growth of this region. According to the United Nations Population Fund (UNFPA), the Asia Pacific region is home to 60 % of global population.

The Europe is expected to account for considerably large revenue share in the global glycerin market over the forecast period due to rising focus for using natural and sustainable products. The European Commission (EC) has established CEN/TC 411 standards for manufacturing Bio-based products for consumers. Glycerin is the by-product of biodiesel, which are derived from the seeds of oil- bearing crops.

Scope of Research

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Major Companies and Competitive Landscape

The global glycerin market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new glycerin products in the market. Some major players included in the global glycerin market report are:

• ADM
• Aemetis, Inc.
• BASF SE
• Cargill, Incorporated
• Dow 
• Emery Oleochemicals
• Godrej Industries Limited
• IOI Corporation Berhad
• Kao Corporation
• KLK OLEO
• Louis Dreyfus Company
• Münzer Bioindustrie GmbH
•  Musim Mas 
•  Oleon NV
• Renewable Biofuels
• Croda International Plc
• Wilmar International Ltd
• Procter & Gamble
• Solvay
• Quaker Chemical Corporation

Strategic Development

• On 5 December 2023, The Archer-Daniels-Midland Company, acquired São Paulo-based manufacturer of refined glycerin to enhance the capacity of around 400,000 metric tons per year.
• On 14 July 2023, Louis Dreyfus Company announced the expansion of its refining complex in Lampung, Indonesia, as a part of the Group’s strategic plans to expand downstream and diversify revenue through value-added products. The development will see the addition of glycerin refining capacity and edible oil packaging capabilities.
• On 27 July 2022, MSC, a Cyprus based ship management company signed a framework agreement with Quadrise Fuels International to trial its emulsion fuel and glycerin based marine biofuel. According to the deal MSC will carry out proof-of-concept tests and operational trials using Quadrise’s bioMSAR and MSAR fuels on one or more container vessels, with the final aim of commercializing the supply of these fuels to MSC’s global fleet.

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For the purpose of this report, Emergen Research has segmented the global glycerin market on the basis of Grade, Source Application and Region:

• Grade Outlook (Revenue USD Billion; 2019-2032)

• Source Outlook (Revenue, USD Billion; 2019-2032)
  • Biodiesel
  • Fatty Acids
  • Fatty Alcohols
  • Others
• Applications Outlook (Revenue, USD Billion,; 2019-2032)
• • Crude Glycerin
  • Refined Glycerin

• • • Personal Care
      • Moisturizer
      • Emollient
      • Hair care
    • Food and beverage
      • Sweetener
      • Humectant
      • Solvent
    • Pharmaceuticals
    • Tobacco Humectants
    • Industrial Chemicals
    • Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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