Glycerol Market may surpass USD 5 billion by 2024; according to a new research report.
Surging demand for biofuels owing to rising influence on low VOC content fuels and minimizing emission has led to growth in demand for biodiesel, thus increasing its production which is likely to drive glycerol market. It is primarily obtained from the transesterification process as a byproduct during biodiesel production. Moreover, biodiesel is considered as a cost effective source for commercial production which may act as another contributing factor towards industry growth.
U.S. glycerol industry from personal care application is anticipated to reach 250 kilo tons by 2024. It has wide application in varied cosmetic formulations including skin care creams, moisturizers, hair conditioners, shampoos owing to its hygroscopic properties, nontoxic & multifunctional nature which may propel industry growth. Moreover, glycerin helps in retaining skin moisture, treat dry skin, maintaining skin water balance and enhances skin appearance.
UK glycerol market from food & beverage application may observe gains at up to 6% by 2024. It is used as a food additive which acts as a humectant , solvent and natural sweetener along with its ability to add bulk and texture to the products, thus promoting industry growth. Glycerin taste sweet but does not metabolizes sugar in the body which makes it suitable for diabetic and low carb dieters. Growing awareness towards health management along with rising occurrence of diabetes will propel product demand.
Accessibility of potential alternatives including diethyl glycol and ceramides may challenge industry profitability. In addition, vegetable oil serves as a key raw material to produce fatty acids and biodiesel for glycerin production. Scarcity of raw material supply owing to its application in other industries such as chemical processing, food and paints & coatings may affect glycerol market price trends. However, supporting regulatory policies by FDA regarding GRAS approval of glycerol will have positive effect on product demand.
Glycerol market from soap industry may surpass USD 140 million by 2024. Soap manufacturing involves saponification of oils & fats which helps in removal of glycerin as a byproduct. Growth in soap & detergent industry owing rising consumer hygiene consciousness along with availability of improved and efficient products will stimulate product demand in this sector.
China glycerol industry from pharmaceutical applications is projected to reach 55 kilo tons by 2024. Glycerin is widely used in medicinal formulations such as syrups, lozenges, and gel capsules owing its emollient, solvent, moisturizing, sweetening properties which is likely to fuel product demand. It also finds application in creams and ointments to prevent them from drying and out and act as preservative. High investments in research to develop novel pharma products along with growing healthcare expenditure will stimulate industry growth.
Global glycerol market share is slightly fragmented with key players operating in the market includes Solvay SA, Wilmar International, DOW Chemicals, Godrej Industries, BASF and P&G Chemicals. Major producers are developing novel applications for crude glycerol which includes animal feed and chemical intermediate along with focus on technological advancements to develop cost effective purification techniques which will further boost glycerin market growth.