Glycerine Market TOC
Glycerin Market size is expected to reach USD 7.53 billion by the end of 2035, growing at a CAGR of 6.5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of glycerin was USD 3.37 billion. Moreover, the market is expected to garner a value of 4,502.9 thousand tons, up from a value of 2,245.8 thousand tons. This value is projected to grow at a CAGR of 5.5%. The major factor for the growth of this sector is the rising demand for beverages and dairy products. Milk and milk products are consumed by over 6 billion people globally, most of whom reside in developing nations. As a food ingredient, glycerin is primarily used as a sweetener, thickener, and humectant.
Moreover, glycerin also has one of the major uses in tobacco and cigarettes to give it a sweet taste and produce vapor. As a consequence, with the growing consumption of tobacco and cigarettes, the market is experiencing great expansion. According to the World Health Organization, all across the world there are about 1.3 billion of population who consume tobacco products among most of them resides low- and middle-income nations.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6.5% |
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Base Year Market Size (2022) |
USD 3.37 Billion |
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Forecast Year Market Size (2035) |
USD 7.53 Billion |
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Regional Scope |
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Source (Biodiesel, Vegetable Oils, Animal Fats, Synthetic)
The biodiesel segment in the glycerin market is expected to garner the highest revenue of USD 4.1 billion by the end of 2035. However, the vegetable oils segment is poised to grow at the highest CAGR of 6.8% over the forecast period. The growth of the segment can be propelled by the increasing use of vegetable oil glycerin. Vegetable fats that contain triglycerides, such as soybean, coconut, or palm oils, undergo heating under pressure with an alkaline catalyst and water in a process known as hydrolysis to produce vegetable glycerin. The glycerin separates from the fatty acids as a result of hydrolysis and mixes with the water. Moreover, vegetable oil glycerin can potentially be of slightly better quality considering the usually lower impurity levels seen in vegetable oils compared to animal fats.
Grade (USP Grade, Technical Grade)
Glycerin market from the USP grade segment is anticipated to generate the highest revenue by the end of 2035. This could be owing to the growing use of glycerin in food products and medicines. Pharmaceutical grade is a very high purity grade of chemical or solvent that is safe to be used in many pharmaceutical and personal care products, chemicals must meet strict potency and purity requirements specified by the USP or US Pharmacopoeia. Therefore, this grade is estimated to be necessary for the growth of any food or pharmaceutical products that contain glycerin.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Source |
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Grade |
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Manufacturing Process |
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Application |
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APAC Market Forecast
The glycerin market in Asia Pacific is set to capture the largest revenue of USD 3.01 billion by the end of 2035, up from a revenue of USD 1.27 billion in the year 2022. Further, the market in this region is projected to grow at the highest CAGR of 7.0% over the forecast period. The growth of this sector in this region is expected to be influenced by growing demand for biodiesel. In 2022, the Asia-Pacific region produced about 385 thousand barrels of oil equivalent per day of biofuel.
North American Market Analysis
The North America glycerin market is estimated to have significant growth over the forecast period. Due to plentiful supplies of soybean oil and great profitability, the biodiesel business in North America has been growing rapidly, which has also positively impacted the glycerin sector. Another cause for market expansion is thought to be the existence of significant important companies within the region in addition to the presence of reliable glycerin production facilities in the area.
Author Credits: Smruti Ranjan, Rajrani Baghel
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