The Market for glycerin is expected to grow at a CAGR of 4.35% during the forecast period of 2019- 2024. One of the key factors driving market growth is the strong demand from the pharmaceutical industry. However, the availability of substitutes is likely to restrain the market.
- Increasing use in personal care and cosmetics industries is also likely to drive the market studied.
- Antifreeze and de-icing applications as a substitute for propylene and ethylene glycols is expected to provide growth opportunity for the market in the coming years.
- Among the geographical segments, Asia-pacific is likely to dominate the market studied during the forecast period.
Pharmaceuticals Application to Dominate the Market
- In the pharmaceutical industry, glycerin is used as a sweetener in syrups, lozenges, and as an excipient in eyewash solutions.
- A Trace amount of glycerin is used in ear drops, creams for topical uses, and as expectorants in gel capsules, congestion, and suppositories.
- As an individual prescription product, glycerin is used as a hyperosmotic, ophthalmic agent, an osmotic diuretic. It is used in eye drops in the treatment of glaucoma to reduce the intraocular pressure, and as a solution or suppository for short-term treatment of constipation.
- Glycerin is used externally on the skin as a moisturizer and can be applied intravenously to reduce pressure inside the brain.
- The overall toxicity from glycerin is pharmaceutical products is very low, and it has been classified as GRAS (generally recognized as safe) by the US Food and Drug Administration (FDA).
- Inhalation of glycerin can cause toxicity due to its low volatility, but prolonged ingestion can cause elevated fat or sugar levels in the blood. Skin irritation is unlikely unless the skin is damaged. However, if somebody comes in contact with bulk quantities of glycerin, eye irritation may occur.
- Hence, owing to the above-mentioned factors, growth in the pharmaceutical sector is expected to dominate the glycerin market during the forecast period.
Asia-Pacific to Dominate the Market
- In 2018, Asia-Pacific accounted for the major share of the global glycerin market.
- 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 in 2018-2019.
- China is becoming the largest market in terms of cosmetics and skincare products, globally. The beauty sector, in the country, witnessed a growth of around 5% in the time period of 2008-2018. 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. In 2018, the country had more than 35,000 processing and manufacturing plants that churned out food products for the country's residents.
- In India, government initiatives, such as the Swachh Bharat Mission, promote health and hygiene. Such initiatives, along with 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.
- Hence, owing to the above-mentioned factors Asia-Pacific is likely to dominate the market during the forecast period.
The global glycerin market is consolidated, with top players accounting for the major share of the market demand.The top market players include IOI Oleo GmbH (IOI Group), Emery Oleochemicals, Wilmar International, Kuala Lumpur Kepong Berhad (KLK OLEO), and Musim Mas.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support