Global Glycerine Market Size, Share, Growth Analysis, By Application, By Grade, By Manufacturing Process, By Source - Industry Forecast 2022-2028

Global Glycerine Market size was valued at USD 3.3 billion in 2021, and it is expected to reach a value of USD 5.13 billion by 2028, at a CAGR of 5.3% over the forecast period (2022-2028).

Glycerin's main applications are in medicine, personal care goods, and cosmetics. The COVID-19 pandemic has had an effect on the beauty industry. As a result of months of lockdowns, international travel restrictions, and retail shop closures, sales, purchases, and usage have fallen in various cosmetic sectors. Yet, due to its increased use in hand sanitizers, soaps, handwash, and detergents, demand for glycerin has increased in end-user industries such as pharmaceutical and personal care during the pandemic.

The high demand from the pharmaceutical industry is likely to be one of the primary factors driving the glycerine market expansion in the near future. On the other hand, the majority of refined glycerin producers are preferring to adopt alternative glycerin substitutes in a number of end-user industries, which is expected to have an impact on market growth. Alternatives include diethylene glycol, ceramides, oils, and butter.

Glycerine is currently generated at a global rate of 2.9 million tonnes per year, according to estimates. This assessment takes into account all possible sources. In Europe, around 810,000 tonnes of glycerin were produced from vegetable oils, with an additional 150,000 tonnes created through the production of UCOME and waste fatty acid biodiesel. Furthermore, the synthesis of biodiesel from animal fats in categories 1 and 2 should provide an extra 45,000 MT; however, glycerol created through the manufacturing of biodiesel from waste can only be used for technical uses; it cannot be refined to USB grade, only to technical grade. The refined glycerine market is estimated to be 2 million metric tonnes in size, but it is rapidly expanding due to the rise of the pharmaceutical and personal care industries.

Europe and South-East Asia account for more than 55% of global demand for crude glycerine. Asia is the greatest producer and consumer of refined glycerine, accounting for around 35% of worldwide supply, while Europe is the main buyer of crude glycerine. Europe consumes 28% of the refined glycerine produced globally each year, while North America consumes roughly 19%.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Glycerine Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The global glycerine market has been segmented based on application, grade, manufacturing process, source,, and region. Based on application, the market is segmented into personal care, food & beverages, pharmaceuticals, polyether polyols, chemical intermediates, tobacco, and others. Based on manufacturing process, the market is segmented into transesterification, saponification, fat splitting, and others. Based on source, the market is segmented into vegetable oils, bio-diesel, synthetic, and others. Based on the grade, the market is segmented into USP grades and technical grades. Based on region, the glycerine market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

As consumers become more aware of the negative implications of chemical compounds, they prefer natural cosmetics and personal care products. To meet increased demand, leading global cosmetic companies such as Johnson & Johnson, Unilever, P&G, L'Oreal, and others are heavily adding natural ingredients such as glycerol. The item is a good humectant and moisturiser in cosmetics and personal care products. It is also non-toxic, water-soluble, and environmentally friendly. It also functions as a viscosity reducer, oral care and hair conditioning agent, and smell ingredient. As a result of the increased demand for cosmetics, greater glycerine usage is expected during the projected period.

Restraint

Because of changeable demand trends, the majority of major producing countries' biodiesel output is uncertain. Changes in production would effect the downstream costs of glycerine, a critical byproduct of the biodiesel synthesis process. Price shifts are causing problems for refiners' production and sales profit margins. These factors are having an effect on the growth of the glycerine market. Prices, however, are expected to stabilise within a specified price range due to ongoing technical advances. This restraint's impact is expected to diminish in the near future.

Market Trends

As a result of rising industrialization and urbanisation, the need for alternative bio-based fuels such as biodiesel has increased. Because of limited fossil fuel supply, demand for renewable energy has surged. Biodiesel is a more environmentally friendly fuel than fossil fuels because it is made from natural resources such as animal fats and vegetable oils. It is obtained as a byproduct of the manufacture of biodiesel. As a result of biodiesel production, Glycerol supply is expected to rise over the forecast period. World biodiesel output is expected to reach 44 billion litres by 2028, according to the OECD-FAO Agricultural Output Report. Concerns regarding the need for alternatives are growing as a result of the depletion of fossil fuels, notably the demand for powering the production of biodiesel.