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568591

Glycerin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Published: | Mordor Intelligence Pvt Ltd | 130 Pages | Delivery time: 2-3 business days

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Glycerin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 130 Pages
Delivery time: 2-3 business days
  • Description
  • Table of Contents

The glycerin market was valued at around 4 million metric ton in 2020, and the market is projected to register a CAGR of over 6% during the forecast period (2021-2026).

Pharmaceutical, personal care, and cosmetics are the major applications of glycerin. The COVID-19 pandemic has altered the beauty industry. As a result of months of consumer lockdowns, international travel bans, and retail business closures, sales, purchases, and usage have fallen across many beauty segments. However, the demand for glycerin has increased for end-user industries like pharmaceutical and personal care during COVID-19, owing to its increased usage in hand sanitizers, soaps, handwash, and detergents.

Key Highlights

  • In the short term, one of the key factors driving the market growth is the strong demand from the pharmaceutical industry.
  • Moreover, in the medium term, increasing usage in the personal care and cosmetics industries is also expected to drive the market studied.
  • On the flip side, most of the manufacturers of refined glycerin are opting for alternative substitutes of glycerin in various end-user industries, and this is likely to affect the market growth. Some of the substitutes include diethylene glycol, ceramides, oils, butter, etc. ​
  • Among the geographical segments, Asia-Pacific is likely to dominate the market studied during the forecast period.

Key Market Trends

Personal Care and Cosmetics Application to Dominate the Market Growth

  • Glycerin is used safely in numerous personal care and cosmetics, such as toothpaste, soaps, shaving creams, and skin and hair products, to provide smoothness and lubrication. It helps to prevent the loss of moisture from products so that they do not dry out. For this reason, glycerin is used as denaturants, fragrance ingredients, oral care agents, hair conditioning agents, skin protectants, and viscosity-decreasing agents.
  • Glycerin is very good for the human skin. It helps in repairing the skin barrier, reducing transepidermal water loss, and restoring the lipid's water barrier function. Glycerin is the most popular among all the humectants that are used in personal care products.
  • According to the 2019 data by FDA's Voluntary Cosmetic Registration Program (VCRP), glycerin is the third most frequently used ingredient in cosmetics after water and fragrance. It is reported that the item is used in more than 23,366 products, which include lipsticks, bath soaps, detergents, hair dyes and colors, skincare products, baby products, suntan preparations, and products that are applied near the eye.
  • Glycerin is listed in EU's Inventory of Cosmetic Ingredients and is not restricted in any way. Glycerin derived from raw materials of animal origin must comply with the European Union animal by-products regulations.
  • It is also used in spray products, such as hair sprays (in pump spray products up to 30% and in propellent spray products up to 10%), suntan products (in pump spray products up to 10% and in propellent spray products up to 6%), face and neck products (up to 10%), body and hand products (up to 5%), and moisturizing products (up to 3.3%).
  • The personal care and cosmetic industry has been growing at a robust rate worldwide, which is majorly fueled by the increasing hygiene awareness, increased demand for the industry product with growing women employment, significant addition in demand from the young generation in regions like Asia-Pacific and the Middle Eastern countries, growing aging population in countries (like United States, Canada, and China), and growing income levels.
  • With the growth in the demand for glycerin in soaps, handwash, and detergents during the COVID-19 pandemic, the demand for glycerin increased, particularly from the personal care industry.
  • Hence, all such factors are expected to continue driving the demand for glycerin for its application in personal care and cosmetic products during the forecast period.

Asia-Pacific to Dominate the Market

  • Asia-Pacific accounted for the major share of the global glycerin market, owing to emerging countries like China, India, and Japan.
  • China is one of the largest consumers of glycerin. Cosmetics and personal care is one of the fastest-growing sectors in the country. Covering a wide variety of industries, such as makeup, skincare, haircare, personal hygiene, fragrances, etc., the Chinese cosmetics and personal care market experienced positive growth.
  • China is becoming the largest market in terms of cosmetics and skincare products globally. Continuous growth in population is another factor fueling the demand for personal care products, soaps, and detergents in the country, which, in turn, is augmenting the market studied.
  • The food processing industry is expected to expand at a lucrative rate in the Chinese glycerin market. The country has more than 35,000 processing and manufacturing plants that churned out food products for the country's residents.
  • China also has the world's second-largest market for pharmaceuticals and is the fastest emerging market for the sector. The country has a large and diverse domestic drug industry, comprising around 5,000 manufacturers, of which many are small- or medium-sized, and base their businesses on generics, active pharmaceutical ingredients (APIs), or traditional Chinese medicine.
  • In India, government initiatives, such as the Swachh Bharat Mission, promote health and hygiene. Such initiatives, along with the growing usage of soaps and detergent, have led to the growth of the soap manufacturing industry, which is further boosting the demand for glycerin in the country.
  • According to India Brand Equity Foundation, the beauty, cosmetic, and grooming market is expected to reach USD 20 billion by 2025.
  • Furthermore, with the increase in demand for soaps and detergents as well as sanitizers in the region, the demand for glycerin has increased during the COVID-19 pandemic.
  • Hence, owing to the above-mentioned factors, Asia-Pacific is likely to dominate the market during the forecast period.

Competitive Landscape

The glycerin market is consolidated, with top players accounting for the major share of the market demand. The major players include IOI Corporation Berhad, Emery Oleochemicals, Wilmar International Ltd, KLK OLEO, and Musim Mas, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Product Code: 55457

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Strong Demand from the Pharmaceutical Industry
    • 4.1.2 Increasing Use in the Personal Care and Cosmetics Industries
  • 4.2 Restraints
    • 4.2.1 Availability of Substitutes
    • 4.2.2 Impact of COVID-19 on End-User Industries Like Industrial Chemicals
  • 4.3 Industry Value Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Consumers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition
  • 4.5 Feedstock Analysis

5 MARKET SEGMENTATION

  • 5.1 Grade
    • 5.1.1 Crude Glycerin
    • 5.1.2 Refined Glycerin
  • 5.2 Source
    • 5.2.1 Biodiesels
    • 5.2.2 Fatty Acids
    • 5.2.3 Fatty Alcohols
    • 5.2.4 Other Sources
  • 5.3 Application
    • 5.3.1 Pharmaceuticals
    • 5.3.2 Food and Beverage
    • 5.3.3 Alkyd Resins
    • 5.3.4 Personal Care and Cosmetics
    • 5.3.5 Industrial Chemicals
    • 5.3.6 Polyether Polyols
    • 5.3.7 Tobacco Humectants
    • 5.3.8 Other Applications
  • 5.4 Geography
    • 5.4.1 Asia-Pacific
      • 5.4.1.1 China
      • 5.4.1.2 India
      • 5.4.1.3 Japan
      • 5.4.1.4 South Korea
      • 5.4.1.5 Rest of Asia-Pacific
    • 5.4.2 North America
      • 5.4.2.1 United States
      • 5.4.2.2 Canada
      • 5.4.2.3 Mexico
    • 5.4.3 Europe
      • 5.4.3.1 Germany
      • 5.4.3.2 France
      • 5.4.3.3 United Kingdom
      • 5.4.3.4 Italy
      • 5.4.3.5 Rest of the Europe
    • 5.4.4 South America
      • 5.4.4.1 Brazil
      • 5.4.4.2 Argentina
      • 5.4.4.3 Rest of South America
    • 5.4.5 Middle-East and Africa
      • 5.4.5.1 Saudi Arabia
      • 5.4.5.2 South Africa
      • 5.4.5.3 Rest of Middle-East and Africa

6 COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Ranking Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 Archer Daniels Midland Company
    • 6.4.2 Biodex-SA
    • 6.4.3 Cargill Incorporated
    • 6.4.4 Musim Mas
    • 6.4.5 Emery Oleochemicals
    • 6.4.6 Godrej Industries Limited
    • 6.4.7 IOI Corporation Berhad
    • 6.4.8 Kao Corporation
    • 6.4.9 KLK OLEO
    • 6.4.10 Louis Dreyfus Company
    • 6.4.11 Oleon NV
    • 6.4.12 P&G Chemicals
    • 6.4.13 Thai Glycerine Co. Ltd
    • 6.4.14 Aemetis
    • 6.4.15 Vance Group Ltd
    • 6.4.16 Dow
    • 6.4.17 Wilmar International Ltd
    • 6.4.18 Munzer Bioindustrie GmbH
    • 6.4.19 RB FUELS
    • 6.4.20 Vantage Specialty Chemicals
    • 6.4.21 Sebacic India Limited

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Antifreeze and De-icing Applications as a Substitute for Propylene and Ethylene Glycols