Global Glycerin Market Overview 2023-2028
The global glycerin market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.6% during 2023-2028.
Glycerin is a colorless, odorless, and sweet-tasting organic compound that belongs to the alcohol family. It is available as natural glycerin, which is derived from fats and oils, such as vegetable oil or animal fats. It is also manufactured as synthetic glycerin, which is produced through chemical processes and is less expensive than natural glycerin. It encompasses crude glycerin, which is a byproduct of biodiesel production, containing impurities and requiring further refining before use in various applications. It is hygroscopic, which means it readily absorbs moisture from its surroundings. It is a clear, viscous liquid that is soluble in water and alcohol. It has a high boiling point and a low freezing point, which makes it suitable for various applications. It is a non-toxic, non-corrosive, and stable compound. It does not react with most substances, making it safe for use in different contexts. Glycerin is known for its moisturizing benefits, improving skin hydration, and preventing skin conditions like dryness, itching, and flakiness.
Global Glycerin Market Trends and Drivers:
At present, the increasing utilization of glycerin as a sweetener, thickening agent, and preservative in baked goods, beverages, and confectionery products represents one of the crucial factors impelling the growth of the market. Besides this, the escalating demand for bio-based and sustainable products is leading to a rise in the production and consumption of bio-glycerin, which is derived from renewable sources, such as vegetable oils and animal fats. In addition, the stringent quality and safety standards to maintain the safety and quality of pharmaceutical products is necessitating the utilization of high-quality glycerin. Apart from this, government incentives and policies promoting the use of biofuels to reduce greenhouse gas emissions and dependence on fossil fuels are supporting the market growth. Additionally, the increasing employment of glycerin as a solvent, antifreeze, and a component in the production of various chemicals and materials is contributing to the market growth. Furthermore, the rising adoption of glycerin in the textile industry to soften and condition fabrics and prevent fiber damage is bolstering the market growth.
- Growing Demand for Personal Care and Cosmetics: Glycerin is a common ingredient in personal care products and cosmetics due to its moisturizing and skin-conditioning properties. With the increasing focus on personal grooming and skincare, the demand for glycerin in this sector is on the rise. Consumers are seeking products with natural and safe ingredients, which has led to a surge in the use of glycerin in cosmetic formulations.
- Pharmaceutical Applications: Glycerin has long been used in pharmaceuticals as a solvent, sweetener, and humectant. Its role in the pharmaceutical industry has expanded as it is used in the formulation of various oral and topical medications. The pharmaceutical sector’s growth and research into novel drug delivery systems have boosted glycerin demand.
- Biodiesel Production: Glycerin is a co-product of biodiesel production. As the world looks to reduce its carbon footprint and embrace cleaner energy sources, biodiesel production has increased. This growth has contributed to a surplus of glycerin in the market. Finding innovative ways to utilize this surplus has become a key trend.
- Food and Beverage Industry: Glycerin is commonly used in the food and beverage industry as a food additive and sweetener. It also serves as a sugar substitute in certain low-calorie and sugar-free products. With the growing health-conscious consumer base, the demand for such products has increased, driving the demand for glycerin in the food and beverage sector.
- Emerging Markets: Developing economies in Asia, Latin America, and Africa have witnessed rapid industrialization and urbanization. This has led to increased disposable income and changing consumer preferences. Consequently, the glycerin market has expanded into these regions as well, with a focus on various applications such as personal care, food, and pharmaceuticals.
- Shift Towards Sustainable and Natural Ingredients: The global trend towards sustainability and the use of natural ingredients is influencing the glycerin market. Consumers are becoming more aware of the products they use and their impact on the environment. Glycerin, derived from natural sources, aligns with this trend, and companies are increasingly emphasizing the sustainability of their glycerin sourcing and production processes.
- Technological Advancements: Ongoing research and technological advancements have led to more efficient and cost-effective glycerin production methods. This has increased the competitiveness of glycerin in various industries and has the potential to further expand its applications.
- Regulatory Changes: The glycerin market is subject to various regulations and standards, especially in the food, pharmaceutical, and cosmetic sectors. Keeping up with changing regulations and ensuring compliance is a key consideration for companies operating in this market. Regulatory changes can influence the production and use of glycerin in these sectors.
- Global Economic Factors: Economic factors such as exchange rates, trade policies, and global economic stability can impact the glycerin market. For instance, trade tariffs and currency fluctuations can affect the pricing and availability of glycerin in different regions.
Global Glycerin Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are:
Archer-Daniels-Midland Company, Avril Group, BASF SE, Cargill Incorporated, Croda International PLC, Emery Oleochemicals (PTT Global Chemical Public Company Limited), Godrej Industries Limited, IOI Corporation Berhad, Kao Corporation, Kuala Lumpur Kepong Berhad, Louis Dreyfus Company B.V., The Procter & Gamble Company and Wilmar International Limited.
The report segmented the market on the basis of region, process, grade, source and application.
Breakup by Process:
- Fat Splitting
Breakup by Grade:
- USP Grade
- Technical Grade
Breakup by Source:
- Fatty Acids
Breakup by Application:
- Food and Beverages
- Personal Care and Cosmetics
- Industrial Chemicals
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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