The global glycerin market is estimated to be valued at US$ 1,408.5 Mn by the end of 2016 and this is expected to increase to US$ 2,144.2 Mn by 2024, registering a CAGR of 5.4%. In a new publication titled “Glycerin Market: Global Industry Analysis and Forecast, 2016 - 2024”, Persistence Market Research analyzes the global glycerin market performance over an eight-year forecast period (2016–2024) and offers insights into the key factors and trends driving the market.
Key market drivers
Increase in the production of biodiesel, supported by governmental regulations over the mandatory blending of biodiesel has resulted in an increase in the production of biodiesel and an abundant availability of glycerin across the globe. Industrial focus over the utilization of glycerin in novel applications and for biochemical production are the growth driving factors for the global glycerin market. However, fluctuations in supply as well as availability of substitutes is likely to hinder growth of the global glycerin market over the forecast period.
The global glycerin market is segmented on the basis of Grade (Crude Glycerin, Refined Glycerin), Source (Biodiesel, Soap, Fatty Acid & Fatty Alcohol, Others), Application (Pharmaceuticals, Food & Beverage, Alkyd Resins, Personal Care, Industrial Chemicals, Polyether Polyols, Tobacco, Others), and Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa). In the Grade category, the Refined Glycerin segment is expected to increase 1.5X in terms of value in 2024 as compared to that in 2016 while the Crude Glycerin segment is projected to increase 1.4X in terms of value in 2024 as compared to that in 2016.
In the Source category, the Biodiesel segment is estimated to be valued at US$ 854.4 Mn by 2016 end and is expected to reach US$ 1,304.5 Mn by the end of 2024, registering a CAGR of 5.4% over the forecast period. The Fatty acid & Fatty Alcohol segment is estimated to be valued at US$ 429.4 Mn by 2016 end and is expected to reach US$ 660.3 Mn by the end of 2024, expanding at a CAGR of 5.5% over the forecast period.
In the Application category, the Personal Care segment is expected to increase 1.6X during the forecast period, with sales projected to be valued at US$ 702.1 Mn by 2024. In terms of volume, the Food & Beverage segment is estimated to reach 811,264.3 tons by 2016 end and is projected to increase to 1,118,259.9 tons by 2024, exhibiting a CAGR of 4.1% during the forecast period.
Among Regions, sales of glycerin in Asia Pacific is estimated to be valued at US$ 563.6 Mn by 2016 end and is expected to reach US$ 920.6 Mn by the end of 2024, registering a CAGR of 6.3% during 2016–2024. Asia Pacific is expected to emerge as the most attractive market in the global glycerin market by the end of the forecast period. North America is estimated to account for nearly 16.3% share of overall revenue generated from glycerin sales in 2016. Sales of glycerin in North America is estimated to be valued at US$ 230.2 Mn by 2016 end and is expected to reach US$ 338.6 Mn by the end of 2024. Sales revenue in the region is expected to increase at a CAGR of 4.9% over the forecast period.
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 market leaders profiled in the global glycerin market report. Development of new applications using low cost glycerin is a key growth strategy adopted by major players in the market.