Glycerine Market Value, Forecast, Growth Strategies, Benefits, Size, Expected Growth, Demand by 2028
The global glycerine market size is expected to reach USD 2.53 billion by 2028, exhibiting a CAGR of 5.3% during the forecast period. The increasing demand for bio-based fuels, such as biodiesel backed by rapid industrialization and urbanization, will aid the expansion of this market. This information is given by Fortune Business Insights™ in a report titled, “Glycerine Market, 2021-2028.” The report further states that the market size was USD 1.68 billion in 2020.
COVID-19 Pandemic: Rising Demand for Hand Sanitizers to Accelerate Growth
The emergence of the COVID-19 pandemic has surged the demand for hand sanitizers exponentially. Glycerin is mainly used in small proportions to manufacture hand rubs and sanitizers. The World Health Organization (WHO), for instance, released its ethanol-based hand rub formulation containing 1.45% glycerol to protect healthcare workers’ skin against dermatitis and dryness. We are providing in-depth reports to help you better understand the current situation.
Get Sample PDF
How Was This Report Developed?
Our highly skilled analysts have conducted extensive primary and secondary research to create this special report containing COVID-19 impact. Through desk research, they came up with relevant qualitative and quantitative data associated with research objectives. They have analyzed the data sourced through primary research, thereby building recommendations and conclusions. The secondary research includes Porter’s Five Forces analysis to gain insights into the bargaining power of every link present in the value chain.
Key Players Focus on Expanding Their Production Capacities to Intensify Competition
The market houses a large number of prominent manufacturers that are mainly focusing on expanding their production capacities to fulfill the high demand. Some of the others are using glycerine in the manufacturing of hand sanitizers to tackle the growing demand amid the COVID-19 pandemic. Below are the two latest industry developments:
- July 2020: Versalis, a wholly-owned subsidiary of Eni, started producing a new range of liquid hand disinfectants to meet the rising demand amid the COVID-19 pandemic. It will be marketed under the name ‘Invix.’ It was developed on the basis of the World Health Organization’s formulation. It contains glycerine as an emollient.
- September 2019: Emery Oleochemicals announced its investment in its Technical Development Center (TDC) in Germany to cater to the increasing demand. Every product is tested here. Also, the beneficial effect of additives is improved and adjusted. This new investment will strengthen the company’s position in the market.
A list of all the renowned glycerine producers operating in the global market:
- Wilmar International (Singapore)
- Emery Oleochemicals (Malaysia)
- IOI Group (Malaysia)
- KLK OLEO (Malaysia)
- Croda International (U.K.)
- Kao Corporation (Japan)
- Cargill Inc. (U.S.)
- Godrej Industries (India)
- P&G Chemicals (U.S.)
- Cremer Oleo GmbH & Co. Kg (Germany)
- Groupe Avril (France)
- GLACONCHEMIE (Germany)
- Granol (Brazil)
- Timur Oleochemicals (Malaysia)
- Sakamoto Yakuhin Kogyo Co., Ltd. (Japan)
Drivers & Restraints-
Rising Adoption of Natural & Organic Ingredients by Cosmetics Firms to Aid Growth
The rising inclination of consumers towards natural personal care and cosmetics products is set to propel the glycerine market growth in the coming years. This is mainly occurring because of the increasing awareness programs among the masses regarding the harmful effects of chemical ingredients. Hence, multiple reputed cosmetic manufacturers, such as L’Oréal, P&G, Unilever, and Johnson & Johnson, are extensively using natural and organic ingredients to cater to the high demand. However, as glycerine is obtained during the biodiesel manufacturing process as a by-product, refiners are facing challenges in terms of profit margins and production owing to the fluctuations in prices. It may hinder growth.
Personal Care Segment to Generate Largest Share Backed by Usage in Toothpaste & Soaps
Based on the application, the personal care segment generated 25.4% in terms of glycerine market share in 2020. This growth is attributable to the increasing usage of glycerine in the production of shaving cream, toothpaste, soaps, hair care, and skincare products. The segment is anticipated to procure the largest share throughout the forthcoming years, stoked by the ability of the product to provide conditioning and reduced viscosity.
Expansion of Personal Care Industry to Propel Growth in Asia Pacific
Geographically, Asia Pacific held USD 0.73 billion in terms of revenue in 2020, on account of the presence of some of the top companies in Japan, India, Indonesia, and Malaysia. China is set to dominate the regional market because of the expansion of the chemical, food, and personal care industry in the country. The USP grade segment accounted for a 49.7% share in China.
Europe, on the other hand, is a key producer of glycerol and biodiesel worldwide. The rising production of biodiesel stoked by the increasing demand from various European countries would accelerate growth. Besides, the high demand for glycerine from the personal care and chemical industries in the U.S. will drive growth in North America.
Inquire Before Buying This Report:
Read related posts:
Insulation Market Opportunities
Protective Clothing Market Growth
Protective Clothing Market Forecast
Insulation Market Opportunities
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]