Glycerin Market Market Trends
Growth Drivers
- Growth in the Production of Paper: In the manufacture of paper, glycerin serves as a plasticizer, humectant, and lubricant. Additionally, it may be added to other ingredients in specialized treatments, such as grease-proofing. Because numerous papers are used as food wrappers or in hygienic products, glycerin's nontoxicity, odor lessness, and stability meet additional crucial quality standards. Hence, with the growing production of paper the market is also growing.
- Surge in Use of Glycerin in Cosmetics Products: To add smoothness and lubrication, glycerin is a harmless ingredient encompassed in many cosmetic and personal care items, such as toothpaste, soap, shaving cream, and skin/hair care items. Glycerol is an effective humectant in cosmetics as a result of its hygroscopicity, hydrophilicity, and solubility in water. This allows for a more gradual process of drying by reducing moisture loss from the product.
- Rise in Production of Biofuel: For about every 5 to 6 gallons of biodiesel generated, production facilities for the fuel produce significant amounts of crude glycerol as a byproduct product. The largest by-product of biodiesel manufacturing is typically glycerol, which accounts for around 11% of the total weight. In other words, the production of biodiesel results in the production of about 2 pounds of glycerol per gallon. This means that a biodiesel plant that produces approximately 29 million gallons per year will produce around 11499 tonnes of 99.9% pure glycerol.
Challenges
- Availability of Substitutes for Glycerin - Over the future years, market expansion is anticipated to be constrained by the accessibility of numerous replacements with superior qualities. For instance, propylene glycol is frequently utilized as a cheaper alternative to glycerin in cosmetic and toiletry goods. Additionally, glycerin can be replaced by ceramides in skincare products including moisturizers and lotions.
- High Price of Glycerin
- Adverse Effect of Glycerin on Health for Some People when Consumed
Glycerin Market: Key Insights
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.
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).
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.6% |
|
Base Year Market Size (2024) |
USD 3.84 billion |
|
Forecast Year Market Size (2037) |
USD 8.68 billion |
|
Regional Scope |
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