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Glycerin Market to 2024: Trends, Business Strategies and Opportunities with Key Players Analysis

Press Release   •   Jan 02, 2017 02:25 EST

Glycerin, also referred to as glycerol or 1,2,3-propanetriol, is a polyhydric alcohol and part of triglycerides mainly found in vegetable and animal oil. Glycerin is derived either from natural resources or from petroleum feedstock. It is a byproduct generated during the manufacturing of biodiesel and soap. Some of the prominent applications of Glycerin include its use for moisture retention or as humectant in personal care. It is also used in medical formulations and industrial chemical manufacturing. In volume terms, global consumption of glycerin is expected to stand at 3,859 KT by the end of 2016. The global glycerin market is expected to register a volume CAGR of 4.0% over the forecast period (2016–2024). Increasing use of glycerin in personal care products is expected to lead to an increase in global glycerin consumption over the forecast period.

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Market dynamics

An increasing production of biodiesel and the regulations related to it; rising efforts towards the development of novel applications; and a growing preference and demand for bio-renewable chemicals are factors that are likely to boost the growth of the global glycerin market over the forecast period. However, fluctuations in supply as well as availability of substitutes is likely to hinder growth of the global glycerin market over the forecast period.

Market forecast by segmentation

The global glycerin market is segmented on the basis of Grade (Crude Glycerin, Refined Glycerin), Source (Biodiesel, Soap, Fatty Acid & Fatty Alcohol, Others), and Application (Pharmaceuticals, Food & Beverage, Alkyd Resins, Personal Care, Industrial Chemicals, Polyether Polyols, Tobacco, Others). The global sales revenue of the Refined Glycerin segment is projected to register a CAGR of 5.7% during the forecast period while the global sales revenue of the Crude Glycerin segment is expected to increase at a CAGR of 4.6% during the forecast period. The Refined Glycerin segment is likely to emerge as the most attractive segment in the global glycerin market by the end of the forecast period.

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The Biodiesel segment is estimated to account for 60.7% market share in terms of value by 2016 end and is expected to exhibit significant growth over the forecast period. The Fatty Acid & Fatty Alcohol segment is projected to expand at a CAGR of 5.5% during the forecast period.

The Personal Care segment is estimated to account for 30.4% market share in terms of value by the end of 2016 and is expected to exhibit significant growth over the forecast period. The Food & Beverage segment is projected to expand at a CAGR of 5.5% during the forecast period.

Key markets

The global glycerin market is segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The Asia Pacific market is estimated to account for 40.0% value share in the global glycerin market by the end of 2016 and is projected to exhibit the highest growth rate during the forecast period as compared to the other regions. Sales revenue of glycerin in North America and Europe is projected to expand at CAGRs of 4.9% and 4.5% respectively during the forecast period.

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Leading market players

Croda International Plc, Kuala Lumpur Kepong Berhad, Archer Daniels Midland Company, Procter & Gamble Chemicals, Kao Corporation, The Dow Chemical Company, Godrej Industries Ltd., Emery Oleochemicals, and Sakamoto Yakuhin kogyo Co. Ltd. are the leading companies currently dominating the global glycerin market. Over the past five years, there has been an increasing number of consolidations in the glycerin production industry. This is primarily attributed to efforts among companies towards meeting the increasing demand for glycerin and gaining access to high-growth markets of Asia Pacific as well as to strengthen their foothold in regions such as Europe and North America. Glycerin producers are focusing on the development of cost-effective procedures for refining crude glycerin to obtain refined grades such as technical grade and United States Pharmacopeia (USP) glycerin grade, which are value-added products.

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