- Rising demand for refined form of glycerin from pharmaceutical, personal care, food and chemical applications is driving market growth.
- The market is fairly large and there are many players that have established themselves at domestic as well as global level.
- India and China are anticipated to emerge as high growth countries in the market.
Persistence Market Research’s new market research report titled “Glycerin Market: Global Industry Analysis 2013 – 2017 and Forecast, 2018 – 2028”, examines the market and offers critical insights for the duration between 2018 and 2028. As per the insights in the report, the glycerin market is expected to witness robust growth from 2018 to 2026 owing to rising demand for refined form of glycerin from pharmaceutical, personal care, food and chemical applications, among others.
The market was valued at $2.9 billion in 2017 & is expected to expand at a CAGR of 5.1% during the forecast period. Increasing annual income of consumers has led to a drastic increase in demand for personal care and other products where glycerin is used as a key ingredient. This explains the projected high growth of the glycerin market during the forecast period.
R&D for New Applications to Present Growth Opportunities for Market Players
The market is fairly large and there are many players that have established themselves at domestic as well as global level. The activities of these players are majorly focused on expansion and investments in high growth regions while expanding their production and refining capacity.
Besides consolidation, the glycerin market has been witnessing considerable growth because of increasing per capita consumption of personal care products across the globe. This is further aided by increasing annual incomes of consumers, which has increased their propensity to spend more on such products.
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The market is expected to grow at a significant rate owing to availability of opportunities in the form of research and development (R&D) for new and innovative applications of glycerin which can help increase consumption and channelize the surplus glycerin.
Refined form, Pharma & Food Grade and Biodiesel Source Segments to Remain Prominent in Glycerin Market
The market has been segmented on the basis of form, grade, source of production and applications besides regions.
- The consumption of glycerin is observed to be higher in the refined form as compared to the crude form and this trend is expected to continue throughout the forecast period. The purity of crude glycerin is very less. This limits the application of crude glycerin only as cattle feed or in plywood industry, among others.
- Also, most of the crude glycerin is processed into refined form as it the more preferred form of glycerin in terms of purity and applications. Refined glycerin is used in personal care, pharmaceutical, food and chemical industries. These industries are the top consumers of glycerin and hence, refined glycerin is projected to grow at a relatively faster CAGR of 4.8% throughout the forecast period
- Since glycerin goes into the production of consumer goods, it is mandatory for the manufacturers to offer glycerin duly certified for applications in which it is consumed. Mostly, the glycerin offered in general is graded as USP (United States Pharmacopeia), a grade that is compulsory for consumption in the U.S., or is marked with other grades, such as BP or EP, which are analogous to the American USP. These grades fall under the category of Pharma & Food grade and hence, Pharma & Food grade will be a faster growing grade than Technical Grade segment
- On the basis of source, the market is expected to witness relatively higher growth from Biodiesel source in regions such as North America and Europe. On the other hand, Fatty Acid & Fatty Alcohol source of production is expected to dominate the glycerin market in Asian regions.
China and India to Offer Ample Growth Opportunities in Market
Apart from North America and Europe, which hold significant shares in the market, India and China are anticipated to emerge as high growth countries in the market. This is primarily due to developing economies of these countries and rapid growth of industries that consume major shares of glycerin.
The report on Global Glycerin Market highlights some of the major companies that lead the global glycerin market, such as Archer Daniel Midland, IOI Corporation, Cargill, Incorporated, Dow Chemical Company (DowDupont), Godrej Industries Ltd, Kao Corporation and Kuala Lumpur Kepong Berhad, among others.