According to a market report, published by Sheer Analytics and Insights, the total glycerin market was valued at $1.89 billion in 2021 and it is expected to reach $4.7 billion at a CAGR of 8.90% through the forecast period. Glycerin is also known as glycerol and it is produced naturally through the alcoholic fermentation of sugars. Most of the glycerin is made from the hydrolysis of fats and oils. Glycerin is used as an ingredient in various food and beverage products to help keep the moisture. Thus, it is one of the major factors which have driven the market for the past few years. According to World Health Organization, glycerin’s safety has been confirmed as a food ingredient. Therefore, the glycerin market is expected to witness a huge profit during the forecast period from 2022 to 2032. Beauty industries are using glycerin in major applications such as pharmaceutical, personal care, and cosmetics. However, in the first half of the year 2020, the usage of such beauty products has fallen in industries due to complete lockdowns, international travel bans, and offline retail business closure. After the COVID-19 pandemic, the demand for glycerin is again driving the market.
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Based on the grade, the glycerin market is segmented into crude glycerin and refined glycerin. Crude glycerin is mostly used by pharmaceutical industries across the globe. The growth of urbanization along with industrialization has increased the need for bio-diesel. Bio-diesel is produced from animal fats and vegetable oils and proved itself to be an eco-friendly option. Hence, with the increasing demand for biodiesel production, the supply chain of glycerin products is expected to rise in the upcoming periods. With the increasing awareness of the bad effects of chemical ingredients, a large number of consumers prefer natural cosmetic products for personal use. Thus, global cosmetics manufacturers such as Unilever, L’Oreal, Johnson and Johnson, and others are adopting glycerin as natural ingredients to fulfill the increasing demand.
Technical grade glycerol is a refined product obtained from crude glycerin. It is used in the manufacture of polyether polyols, alkyd resins, epichlorohydrin, and other chemical products. USP grade is a kind of pure form of glycerin variants that are particularly used in personal care, pharmaceutical products, and food products. It has a huge demand in the North American countries such U.S and Canada. Moreover, it is largely adopted in producing toothpaste, soaps, skincare, shaving cream, and hair care products. In North America, rising demand for glycerol especially in the U.S is expected to drive the market growth due to the increasing usage of personal care and chemical industries.
Key players dominating the global glycerin market include Wilmar International (Singapore), Emery Oleochemicals (Malaysia), IOI Group (Malaysia), Croda International (U.K), Cargill Inc (U.S), Kao Corporation (Japan), P&G Chemicals (U.S), Godrej Industries (India), Groupe Avril (France), Granol (Brazil), Sakamoto Yakuhin Kogyo Company Limited (Japan), Twin Rivers Technology (U.S).
The Global Glycerin Market Has Been Segmented Into:
The Global Glycerin Market – by Grade:
The Global Glycerin Market – by Application:
The Global Glycerin Market – by Source:
Global Glycerin Market – By Geography
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