NEWARK, N.J., March 11, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global glycerin market is expected to grow from USD 2.60 billion in 2020 to USD 7.21 billion by 2030, at a CAGR of 6.9% during the forecast period 2021-2030.
Glycerin is the component of triglycerides that are usually found in vegetable oil, animal fat, and crude oil. Glycerin is an organic alcohol, which is fully miscible in water. It is also miscible in various other substances and compounds. Glycerin is also known as propane-1,2,3-triol, glycerol, trihydroxypropane, 1,2,3-propanotriol, glycer-itol or glycidic alcohol. It is a sugary and clear liquid with a sweet taste. It contains three hydrophilic hydroxyl groups, which are accountable for being hygroscopic. Instead of being crystallized, glycerin tends to super cool at low temperatures. Aqueous glycerin solutions resist freezing and are utilized as antifreeze in cooling systems. Glycerin does not oxidize at room temperature but can be easily oxidized by other oxidizing agents. Additionally, glycerol has low pressure and low volatility that is connected with the hygroscopic property of the compound.
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Steady economic development in developing and emerging nations such as China, India, Brazil, and Southeast Asian countries coupled with the rising per capita income and expenditure of the people is expected to drive the market growth and development. Glycerin is used as a solvent and lubricant in personal care products such as shampoo, conditioners, etc. Thus, the demand for glycerin is expected to fuel the market growth and development. The rising adoption rate of glycerin in the food & beverage industry is going to provide significant growth opportunities to the manufacturers. The majority demand for glycerin has been coming from processed food manufacturing companies because glycerin is used as a food preservative. Glycerin is also gaining its value in dairy as a sweetener and confectionery industry.
Major players in the global glycerin market are Emery Oleochemicals, IOI Oleochemicals, Wilmar International Ltd., Kuala Lumpur Kepong Berhad, Godrej Industries, The DOW Chemical Company (Olin Corporation), Cremer Oleo GmbH & Co. Kg, PT Smart TBK, Vitusa Products Inc., PT. Bakrie Sumatera Plantations TBK, Croda International PLC, Cargill Incorporated, P&G Chemicals, KAO Corporation, Avril Group, Twin Rivers Technologies Inc., Pacific Oleochemicals Sdn Bhd, PT Sumi Asih Oleochemicals Industry, PT Cisadane Raya Chemicals, Vegetable Vitamin Foods Company (VVF), Sakamoto Yakuhin Kogyo Co., Ltd., and Timur Oleochemicals among others. To capture the global glycerin market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, joint ventures, collaborations, and partnerships.
- In June 2017, Croda International PLC celebrated its new opening of an additional production plant at a manufacturing site in the Netherlands. The glycerin water will be used to create biogas in the new bio-fermenter-based plant.
- In May 2019, Aemetis, Inc. announced that its subsidiary Universal Biofuels India bagged a biodiesel supply contract with the three Indian government-owned Oil Marketing Companies in a public tender process.
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The biodiesel segment is expected to register a faster growth of 7.2% over the forecast period
The source segment is divided into biodiesel and soaps. The biodiesel segment is expected to expand at a faster growth of 7.2% over the forecast period. The segment growth is attributed to growing demand for sustainable and renewable energy resources.
The trans-esterification segment dominated the market with a market share of around 53% in 2020
The process segment includes saponification, trans-esterification, and fat splitting. The trans-esterification segment dominated the market with a share of around 53% in 2020. The segment growth is attributed to trans-esterification of triglycerides with alcohols in the production of biodiesel.
The refined segment dominated the market in 2020
The grade segment includes crude and refined. The refined segment growth is mainly attributed to the rising acceptance of refined glycerin in the pharmaceutical, cosmetics, food and beverage, and personal care industry sectors.
The personal care segment dominated the market with a market share of around 38% in 2020
The end-user segment is divided into pharmaceutical, chemical, food & beverages, personal care, tobacco, and others. The personal care segment dominated the market with a market share of more than 35% in 2020. The demand for glycerin in cosmetics and healthcare industries is expected to rise, thereby, boosting the glycerin market size. The food packing industry is going to have the fastest growth during the forecast period.
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Regional Segment Analysis of the Glycerin Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East & Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region emerged as the largest market for the glycerin market with a share of more than 30% in 2020. The regional growth is attributed growth and development in this region and fuelling demand for personal care products. Further, growing demand from food & beverages industries is also expected to drive the growth of glycerin in this region. Europe region is projected to hold the second-largest market share of around 27% in 2020. The regional growth is attributed to the stable growth of biodiesel production in and across the region.
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About the report:
The global glycerin market is analyzed on the basis of value (USD billion), volume (Kilotons), import (Kilotons), export (Kilotons). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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