"Overview of Glycerol market"
The Global Glycerol Market was Valued at US$ 2.5 Bn in 2018 and it is Expected to Reach More than US$ 4.2 Bn by 2027, Likely to Grow with the CAGR of 6.2 % During the Forecast Period.
Glycerol is a chemical formula that are used to reduce microorganism level by killing them. The global Glycerol market has shown tremendous growth and projected to grow rapidly during the forecast period. Some of the factors fuelling the growth of global market include rising awareness regarding health and wellness, growing number of infectious diseases, and increasing demand for hygiene products.
Rising Demand from Several End-Users is Anticipated to Propel the Market Growth
Glycerol has registered wide adoption from personal care sector due to its characteristics of acting as solvents and humectants. Glycerol is very effective moisturizer in several cosmetic products and it reduce dull and dry patches by helping the skin absorb water from air. Humectants keep the skin well nourished and hydrated by maintaining water level on an intercellular level and minimize chance of water loss caused by evaporation. These factors are likely to surge the demand for glycerol among large consumer base.
Moreover, glycerol has registered huge demand from motion picture sector during filming scene which involves water to stop parts from drying quickly. This is also used as a replacement of water in the process of ultrasonic testing owing to its advanced features such as low cost, high acoustic impedance of 2.42 MRayl, non-toxic, and non-corrosive. Additionally, glycerine is used in several segments due to its nutritious value and non-toxicity. The applications of glycerine range from preservatives, food sweeteners to antifreeze chemicals. These all factors are anticipated to fuel the growth of global market over the forecast period.
Based on Source, the Biodiesel segment led the global market by occupying maximum share in 2018
Initially, synthetic sources were used for the production of glycerol. However, biodiesel has gained popularity as a significant source of glycerol since last few years. This is mainly due to rising prevalence of transesterification processes i.e. the process of glycerol production by using fatty alcohol or biodiesel. Moreover, as compared to synthetic processes, biodiesel is cost efficient when it comes to large production. This is anticipated to fuel the segment growth during the forecast timespan.
Personal Care Segment is Estimated to Dominate the Global Market Whereas the Polyether Polyols Segment is Expected to Witness Rapid Growth Throughout the Forecast Period
Based on application, personal care segment is anticipated to occupy highest share throughout the forecast period. Glycerol has healing and nutritive properties which makes it applicable for multiple skin care products. It also offers sweet and laxative tasting features which is expected to surge its demand in many health products. Moreover, changing lifestyle and rising awareness regarding benefits of glycerol is expected to propel the segment growth.
On the other hand, the polyether polyols segment is anticipated to witness significant growth in coming years. The growth of the segment can be credited to rising demand for glycerol in chewing gums and other low-calorie sweeteners as it remains unaffected by bacteria activities.
Europe is Anticipated to Lead the Global Market During the Forecast Timespan
By geography, Europe is anticipated to dominate the global market by holding maximum share throughout the forecast period. In Europe, glycerol has registered high demand from different industry verticals including food & beverages, pharmaceutical, and personal care. Moreover, glycerol is used as a raw material in the production of propylene glycol and epichlorohydrin. This is expected to favour the growth of glycerol market in Europe.
Moreover, Asia Pacific is expected to witness rapid growth in coming years. The growth of Asia Pacific is fuelled by significant production capacity of epichlorohydrin in China by using glycerol. Also, presence of prominent players such as Kuala Lumpur Kepong Berhad and Sumi Asih Oleochemical Industry is estimated to support the regional growth.
Furthermore, in Middle East the mature coatings and paints sector is anticipated to surge the demand of glycerol for allied and alkyd resins products.
Key players operating in global Glycerol market include Vitusa Product, Cognis Corporation, Emery Oleochemicals LLC, Sofiprotéol Group, Cremer Gruppe, Wilmar International, Dial Corporation, Procter & Gamble Chemicals, Kashima Chemical Co., Ltd., Solvay SA, Sumi Asih Oleochemical Industry, Kuala Lumpur Kepong Berhad, and Sakamoto Yakuhin Kogyo Company Ltd.
Global Glycerol Market by Source
- Fatty Alcohols
- Fatty Acids
Global Glycerol Market by Application
- Polyether Polyols
- Alkyd Resins
- Personal Care
Global Glycerol Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America