Glycerin Market predicted to grow exponentially by 2024
Date: 2019-02-06   Author: Ronak Bora  Category: #market

Glycerin Market predicted to grow exponentially by 2024

The Asia Pacific glycerin market will witness high growth during the forecast period owing to the growing demand from personal care products. Increasing product demand from chemical intermediates manufacturers in the region along with an increasing demand for glycerin as a platform chemical, especially in China, will boost the overall regional demand of glycerin.

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Glycerin Market size is expected to grow significantly in the coming years owing to its properties such as colorless, odorless, transparent viscous liquid with a sweet taste, highly soluble in water or alcohol, and a great solvent for other materials which makes it find majority of applications into personal care products. The global personal care products market is expected to witness moderate growth, reaching approximately around USD 450.0 billion by 2017, and will grow significantly over the coming years. The product is also helpful in reducing numerous health problems, including skin irritation and constipation. It is an effective ingredient in various pharmaceutical and food preparations, as it can be used as an emulsifier, humectant sweetener and levigating agent. 

Glycerin is a by-product, generated while processing bio-diesel from animal fats, and vegetable oil. Growing demand for alternate fuel in Europe and North America along with growing preference for bio-renewable chemicals has increased the biodiesel consumption rapidly. This demand growth is further attributed with growing concerns related to global climate change, stable energy, and fluctuating crude oil prices are expected to increase biodiesel demand, which will subsequently increase the demand for glycerin during the forecast period.

Glycerin is mainly used in cosmetics and personal care products to enhance the smoothness and moisture content of the skin. It is found in facial moisturizer, body lotion, sunscreen, makeup, hair care, facial treatments, shaving cream etc. It acts as a humectant that prevents the premature loss of moisture from cosmetic products and it has a cooling effect on the skin. Growing awareness about skin challenges, urge to maintain an even skin tone, demand for anti-aging skin cosmetics and desire to look beautiful and young is driving the product sales, allow deeper penetration and expansion into newer markets. Moreover, increasing product demand from pharmaceutical end-user, will help the glycerin market to further grow till the end of forecast period.

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By grade the glycerin market is classified into refined glycerin, crude glycerin and others such as natural and blonde. There are three grades of refined glycerin, like technical grade, used in the production of chemicals but not suitable for consumption, USP grade (United States Pharmacopeia) is suitable for use in food or pharmaceuticals and Kosher grade glycerin, derived from plant oil sources and making it suitable for food & beverages.

On the basis of manufacturing process, glycerin market is divided into transesterification, saponification, fat splitting and others such as hydrolysis, etc. Among all these processes, the glycerin produced by transesterification process is expected to have a larger share compared to other processes. It will further increase its dominance due to the increasing demand for biodiesel production in the coming years.

Based on source, glycerin market is segmented into vegetable oils, bio-diesel, synthetic and others such as soaps, fatty acids etc. Biodiesel has become a major source of crude glycerin attributed to the advancement of transesterification and will significantly accelerate the glycerin market growth.

The application areas of the product include industrial as well as chemical intermediates. Some of the industrial applications are emulsifier, thickening agent, anti-caking, stabilizer and others such as alkyd resins, e-cigarette liquid, botanical extracts, vibration dampening, tobacco humectants, etc. It also acts as a raw material for the manufacture of different types of chemical intermediates, including plasticizers, surfactants, and solvents.

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Based on end-use industries, global glycerin market can be segmented into food & beverages, pharmaceuticals & healthcare, personal care, and others such as automotive, etc. The extensive use of the product in the personal care segment as a thickening agent, emulsifier, lubricant, and humectant will contribute to the growth of this segment. The additional advantages such as low toxicity and solubility will also supplement the glycerin market growth.

The glycerin market competitive landscape includes key players such as BASF SE, Emery Oleochemicals, Wilmar International, Godrej Industries, Cargill Incorporated, P&G Chemicals, Kao Corporation, Avril Group, Vitusa Products Inc., Twin Rivers Technologies, Timur Oleochemicals, Archer Daniels Midland Company, Croda International Plc, IOI Group, The Dow Chemical Company to name a few. In order to attain a dominant position in the global market, these players are focusing on research and development activities to introduce technological advancement and innovation.

 

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About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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