The global glycerin market garnered a revenue of USD 3040.2 Million in the year 2019 and is further estimated to reach USD 4506.6 Million by the end of 2028 by growing at a CAGR of 4.72% during 2021-2028. The growth of the market can be attributed primarily to the growing demand for glycerin in the personal care and cosmetics industry. Glycerin is used as a humectant and emollient in skincare, haircare, oral care, and cosmetics among others for enhancing physical texture, inducing keratinocyte proliferation, healing of the wound, and reducing melanin intensity. Besides this, the growing skincare and beauty & personal care industry, coupled with the aging population and the increasing self-consciousness, are some of the additional factors anticipated to contribute to the market growth. Apart from this, the high demand for glycerin in the personal care and cosmetics industry is also estimated to accelerate the growth of the market during the forecast period. Glycerin is used widely in hand sanitizers and in oral healthcare products. Owing to the COVID-19 pandemic, the demand for hand sanitizers witnessed a massive surge, thereby raising the need amongst the manufacturers of hand sanitizers to source glycerin in high quantities. On the other hand, owing to the increasing oral health diseases globally, which according to the statistics by the World Health Organization (WHO) is recorded to affect 3.5 Billion people, is also anticipated to propel the market growth. The market is further projected to grow on account of the rising demand for glycerin from other end-use industries, such as pharmaceutical among others. In the pharmaceutical industry, glycerin is a powerful solution for the effective treatment of burns, bites, psoriasis, rashes, cut, calluses, and bedsores among others. Further, glycerin is also used in manufacturing allergen immunotherapies, cough syrups, expectorants, and elixirs. The global glycerin market is further projected to reach a market revenue of USD 3263.7 Million by the end of 2021.
Regionally, the global glycerin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is anticipated to hold the largest market share throughout the forecast period and further reach USD 27,411.9 Million by the end of 2028. The market in the region is further anticipated to grow with a CAGR of 5.3% during the forecast period. The growth of the market in the region can be attributed to the increasing production of biodiesel in the region, along with the rapidly growing food & beverage sector in several emerging economies in the region. Further, robust drug manufacturing activities supported by the rise in pharmaceutical contract manufacturing, along with the surge in demand for glycerin from several industrial sectors in the region are also estimated to accelerate the market growth during the forecast period in the Asia Pacific region. The market in the region is further segmented by country into India, China, Vietnam, South Korea, Japan, Singapore, Australia, and Rest of Asia Pacific, where the market in China is anticipated to hold the largest market share of 26.01% and generate the largest market revenue of USD 456.79 Million by the end of 2028. The market in India, on the other hand, is anticipated to grow with the highest CAGR of 5.94% during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global glycerin market is segmented by product type into refined and crude glycerin, out of which, the refined glycerin segment is anticipated to grow with the highest CAGR of 4.78% during the forecast period. Based on grade, the market is segmented into USP and technical grade. Amongst these segments, the USP grade is projected to hold the largest market share by the end of 2028 by growing at the highest CAGR of 4.79% during the forecast period. Further, the market is also segmented on the basis of source into biodiesel, fatty acids & esters, vegetable oils, animal fats, and others, out of which, the biodiesel segment is anticipated to gain the largest market revenue of USD 2988.41 Million by the end of 2028. Glycerin is a major by-product in the process of manufacturing bio-diesel. The demand for bio-diesel in the recent years has increased significantly owing to the need to lower atmospheric greenhouse gas emissions. With the growing utilization of bio-diesel worldwide, the amount of glycerin generated would also be high, which is anticipated to drive the growth of the segment during the forecast period. Based on application, the market is segmented into chemical intermediates and industrial applications, out of which, the industrial applications segment is anticipated to hold the largest market share throughout the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global glycerin market that are included in our report are Emery Oleochemicals, Wilmar International Ltd, IOI Oleo GmbH, Kao Corporation, Croda International Plc, KLK OLEO, Cargill, Incorporated, Procter & Gamble, Godrej Industries Limited, CREMER OLEO GmbH & Co. KG, and others.
FREQUENTLY ASKED QUESTIONS
The growing demand for glycerin across the end-user industries, along with the rising beauty and personal care industries, are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 4.72% over the forecast period, i.e., 2021-2028.
The market in the Asia Pacific is anticipated to display significant business opportunities in the near future.
The major players in the market are Emery Oleochemicals, Wilmar International Ltd, IOI Oleo GmbH, Kao Corporation, Croda International Plc, KLK OLEO, Cargill, Incorporated, Procter & Gamble, Godrej Industries Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, grade, source, application, and by region.
The biodiesel segment is anticipated to hold the largest market size and further gain a revenue of USD 2988.41 Million by the end of 2028.
The increasing availability of low-cost substitutes are estimated to hamper the market growth.
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