Glycerine Market Overview
Physically, glycerine is a water-soluble, clear, nearly colorless, odorless, sticky, hygroscopic liquid, and has a high boiling point. Chemically, glycerine is a trihydric alcohol, having the potential of being reacted as an alcohol and are stable under most conditions. Glycerine is usually acquired from plant and animal sources. It has various known end uses which makes it desirable in various industrial and chemical sectors.
Market Size and Forecast
The glycerine market is expected to observe an attainable CAGR of around 4% during the period 2020-2028. The market is segmented by process, source, application, grade, and region. Amongst the applications, the industrial segment is expected to hold the largest market share during the forecast period on account of higher demand for glycerine in facial creams, toothpaste, and other cosmetics. Also, glycerine is used in medical preparations for providing lubrication. The pharmaceutical sector is dependent on glycerine for cough elixirs, syrups, and expectorants. Various pharmaceutical and food preparations require glycerine as an effective ingredient, as they can be used as an emulsifier, humectant sweetener, and levigating agent.
Strong demand from the pharmaceutical industry
The global healthcare setting has been moving quickly and individuals are paying more for health-related requirements attributed to their rising income and growing awareness around health-related problems. This, in turn, will boost the demand for glycerine in pharmaceuticals manufacturing across the globe, which sequentially would lead to the high intake of pharmaceutical ingredients and raw materials. CLICK TO DOWNLOAD SAMPLE REPORT
In the pharmaceutical industry, glycerine is used as a sweetener in syrups, lozenges, and as a bonding agent in eyewash solutions. A trace quantity of glycerine is used in ear drops, ointments for topical usages, and as a cough syrup in gel capsules, congestion, and suppositories. Largely, the toxicity from glycerine in pharmaceutical products is very less, and it has been categorized as GRAS (generally recognized as safe) by the U.S. Food and Drug Administration (FDA).
Rising demand for cosmetics and personal care products
Cosmetics and personal care are one of the fastest-growing segments across the world covering a wide diversity of trades, such as makeup, skincare, haircare, personal hygiene, fragrances, and others. Glycerine is largely used to enrich the smoothness and moisture content of the skin. It is found in facial moisturizer, body lotion, sun lotions, makeup, haircare, facial treatments, shaving cream, and others. It acts as a humectant, preventing the early loss of moisture from cosmetic products and it brings a cooling effect on the skin. There are certain aspirations such as budding alertness related to skin challenges, wish to maintain an even skin tone, call for anti-aging skin cosmetics, and longing to look beautiful and young is driving the growth of glycerine, thus allowing deeper market penetration and spreading out into newer markets.
Low profitability and accessibility to glycerine’s alternatives might hamper the growth of the overall glycerine market in the forecast period.
Our in-depth analysis of the glycerine market includes the following segments:
Geographically, the glycerine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America and Europe are estimated to register reasonable growth in the global glycerine market over the forecast period. Growing preferences for natural-based personal care products is the prime factor driving the demand for glycerine in these regions.
The Asia-Pacific region is expected to witness the largest share in the global glycerine market in the foreseeable forecast period owing to rapidly increasing consumption of glycerine in countries such as China, India, and South Korea for personal care products. The growth is attributed to a steady demand for hair care and oral care products accompanied by rising consumer curiosity in color cosmetics in the Asia-Pacific region.
Furthermore, low production cost, labor cost, and lenient rules in these regions are inspiring manufacturers to multiply their manufacturing units in these regions, which is projected to drive the demand for glycerine.
Around the world, the growing usage of biodiesel as fuel and compulsory blending with petroleum diesel in numerous countries are persuading biodiesel manufacturers to multiply their production capacities. And as glycerine is a by-product of biodiesel production, there has been a substantial rise in glycerine production around the world.
According to the IEA’s (International Energy Agency) Tracking Transport report of May 2019, 3% annual growth is expected in transport biofuel production over the next five years. It also tracked down9% of global transport fuel demand in 2019, compared to around a 3% level in 2018.
Furthermore, the demand for glycerine is further attributed to growing distresses associated with global climate change, unwavering energy, and fluctuating prices of crude oil that are expected to increase the demand for biodiesel.
The glycerine market is further classified based on region as follows:
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