The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research’s new market research report titled “Glycerin Market: Global Industry Analysis 2013 – 2017 and Forecast, 2018 – 2028”, examines the market and offers critical insights for the duration between 2018 and 2028. As per the insights in the report, the glycerin market is expected to witness robust growth from 2018 to 2026 owing to rising demand for refined form of glycerin from pharmaceutical, personal care, food and chemical applications, among others.
The market was valuated at US$ 2,868.2 Mn in 2017 & is expected to expand at a CAGR of 5.1% during the forecast period. Increasing annual income of consumers has led to a drastic increase in demand for personal care and other products where glycerin is used as a key ingredient. This explains the projected high growth of the glycerin market during the forecast period.
R&D for New Applications to Present Growth Opportunities for Market Players
The market is fairly large and there are many players that have established themselves at domestic as well as global level. The activities of these players are majorly focused on expansion and investments in high growth regions while expanding their production and refining capacity.
Besides consolidation, the glycerin market has been witnessing considerable growth because of increasing per capita consumption of personal care products across the globe. This is further aided by increasing annual incomes of consumers, which has increased their propensity to spend more on such products.
The market is expected to grow at a significant rate owing to availability of opportunities in the form of research and development (R&D) for new and innovative applications of glycerin which can help increase consumption and channelize the surplus glycerin.
Refined form, Pharma & Food Grade and Biodiesel Source Segments to Remain Prominent in Glycerin Market
The market has been segmented on the basis of form, grade, source of production and applications besides regions.
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China and India to Offer Ample Growth Opportunities in Market
Apart from North America and Europe, which hold significant shares in the market, India and China are anticipated to emerge as high growth countries in the market. This is primarily due to developing economies of these countries and rapid growth of industries that consume major shares of glycerin.
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