Glycerol Market Size - By Product Type (Crude, Refined), By Source (Biodiesel, Fatty Acids, Fatty Alcohols, Soap Industry), By Application, Downstream Application & Global Forecast, 2022 - 2030

Industry Overview

Glycerol Market size surpassed USD 2 billion in 2021 and is projected to expand at over 7% CAGR between 2022 and 2030. Increasing product utilization across the food & beverages industries may foster market expansion.
 

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The rapid proliferation of the pharmaceutical and personal care industries across regions such as the Asia Pacific is likely to drive the demand for glycerol. Based on the Indian Economic Survey 2021, the pharmaceutical market in India accounted for US$ 42 billion in 2021 and is anticipated to cross US$ 65 billion by 2024 and reach US$ 120-130 billion by 2030.
 

Glycerol is extensively utilized across several end-use industries, including medical, pharmaceuticals, and personal care, as a means to provide lubrication, improve smoothness, and as a humectant. The topical use of the product is known to treat skin conditions such as Xerosis and Ichthyosis, spurring the demand. In addition, the increasing product utilization across the F&B industry in several food colors and taste solvents will spur the industry outlook.
 

Expansive application avenues to drive the demand for refined glycerol

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Based on product type, the glycerol market is bifurcated into crude and refined segments. The refined segment exceeded USD 1.5 billion in 2021 and is expected to exhibit over 8% CAGR during the analysis timeframe. Refined glycerol poses no toxic impact on human health as well as the environment and finds a wide range of applications across several end-use verticals, including food, cosmetics, pharmaceuticals, pet food, textiles, and daily chemicals. Besides, the increasing product utilization as a plasticizer, solubilizer, preserving, or moisturizing agent will positively impact the market landscape.
 

Growing environmental concerns to aid the growth of biodiesel as a prominent source

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With respect to source, the glycerol market is categorized into biodiesel, fatty alcohols, fatty acids, and soap industry. The biodiesel segment is anticipated to cross USD 3 billion by 2030. Biodiesel is a domestically manufactured, renewable, clean-burning alternative to petroleum diesel. It is extensively used across the industrial environment in applications ranging from alkyd resin to pharmaceuticals to food products, augmenting the product sales trajectory. The rising concerns pertaining to energy security and the focus on improving the environment and air quality will help the industry gain momentum in the foreseeable future.
 

Increasing utilization of glycerol in personal care products to increase industry revenues

In terms of applications, the glycerol market is classified into personal care, alkyd resins, pharmaceuticals, food & beverages, tobacco humectants, polyether polyols, and others. The personal care segment is set to cross USD 1.5 billion by 2030. The growing utilization of glycerol in cosmetics and personal care products, including hair conditions, moisturizers, etc., due to its natural origin may stimulate the market outlook. Additionally, the ability of glycerol to reduce viscosity, protect the skin against irritants, and moisturize the skin surface will foster its adoption in personal care products.
 

Proliferating demand from several end-use industries to aid the segment expansion

Regarding the downstream, the industry is fragmented into propylene glycol, epichlorohydrin, acrylic acid, 1,3-propanediol, and acrylonitrile. The propylene glycol segment accounted for over USD 4.5 billion in 2021 and is likely to depict more than 3.5% CAGR from 2022 to 2030. The increasing demand for propylene glycol in several products, including pharmaceuticals, veterinary medicines, tobacco, food, and personal care products to maintain moisture and absorb extra water will propel the market forecasts. Besides, the increasing usage of propylene glycol in plastics and paint industries, food colors and flavors, and the creation of fog and smog used in theatrical productions and fire-fighting training may bolster the industry landscape.
 

Increasing healthcare-associated expenditure to spur product demand across Asia Pacific

Asia Pacific glycerol market recorded USD 915 million in 2021 and is likely to grow at over 7.5% CAGR during the projection timeframe. The rising healthcare concerns and the higher expenditure on pharmaceuticals, medicinal, and healthcare products will boost the growth of the regional industry. Moreover, the positive outlook of the personal care and pharmaceutical sectors in countries such as India and China due to inflowing R&D investments and low cost of production will enable APAC to emerge as a lucrative avenue for the industry.
 

Product line expansion to emerge as a leading growth strategy

Prominent players in the glycerol market include P&G Chemicals, Kao Corporation, Archer Daniel Midland, Wilmar International, Dow Chemical Company, and BASF. These companies are focusing on expanding their product offerings and fostering strategic exchanges with new and established participants to safeguard their market position and create future growth prospects.
 

For instance, in June 2022, Kao Corp. introduced Bioré Guard Mos Block Serum, a natural citronella oil-based topical mosquito repellent. The serum has a widely expanding formula that blocks mosquitoes and provides shield-like coverage on the skin.
 

Impact of COVID-19 on glycerol market value

The COVID-19 pandemic had a varied impact on the glycerol industry. The temporary shut-down of several industries dealing in non-essential commodities, including chemicals, plastics, and fertilizers, hampered the market revenue. However, on the flip side, the surging demand for hand rubs, sanitizers, personal care products, and food & beverages helped the industry retain its potential during the crisis. With the lockdown restrictions nearly waived-off across several economies, the market is expected to experience further progression in the forthcoming years.
 

The glycerol market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD Million from 2017 to 2030 for the following segments:

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By Product Type

• Crude
• Refined

By Source

• Biodiesel
• Fatty Acids
• Fatty Alcohols
• Soap Industry

By Application

• Personal Care
• Pharmaceuticals
• Alkyd Resins
• Foods & Beverages
• Polyether Polyols
• Tobacco Humectants
• Others

By Downstream Application

• Propylene glycol
• Epichlorohydrin
• Acrylic Acid
• 1,3-Propanediol
• Acrylonitrile 

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Thailand
  • Malaysia
• Latin America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa