Glycerol Market size is forecast to reach $3.3 billion by 2025, after growing at a CAGR of 4.1% during 2020-2025. With rise in the consumption of personal care products, including toothpaste, hair conditioner, cosmetics, and moisturizers, the Glycerol market is witnessing an increase in demand. Growing public interest towards glycerol due to its non-toxicity and nutrition values will further enhance the overall market demand for Glycerol during the forecast period.
Source – Segment Analysis
Biodiesel segment holds the largest share in the Glycerol market. Biodiesel is a renewable, clean-burning diesel replacement that can be used in existing diesel engines without modification. It is domestically produced, commercially available advanced biofuel. Biodiesel is made through a chemical process called transesterification whereby the glycerin is separated from the fat or vegetable oil. The process leaves behind two products – methyl esters and glycerin. Biodiesel is an alternative fuel similar to conventional or ‘fossil’ diesel. Biodiesel can be produced from straight vegetable oil, animal oil/fats, tallow and waste cooking oil. Most biodiesel produced at present is produced from waste vegetable oil sourced from restaurants, chip shops, industrial food producers such as Birdseye etc. Though oil straight from the agricultural industry represents the greatest potential source it is not being produced commercially simply because the raw oil is too expensive.
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Application – Segment Analysis
Personal Care & Pharmaceuticals sector has been the primary market. Glycerol is widely used in many skin products for its nutritive value and healing properties. In addition, it has laxative and sweet tasting features. It is also incorporated in many health products. The increase in demand for these products as a result of improved lifestyle and awareness are key factors in driving the growth of this segment. Glycerin is used safely in numerous cosmetics and personal care products such as soaps, toothpaste, shaving cream, and skin/hair care products to provide smoothness and lubrication. It is also a well-known humectant that prevents the loss of moisture from products so they don’t dry out as quickly. Other functions for glycerin include use as a fragrance ingredient, denaturant, hair conditioning agent, oral care agent, skin conditioning agent— humectant, skin protectant, oral health care drug, and viscosity decreasing agent. Saponification of an oil/fat with caustic soda formed soap and soap lye.
Geography – Segment Analysis
Europe has dominated the Glycerol market with a share of more than xx%, followed by APAC & North America. Countries such as France, Italy, UK, and Germany are the major regions in Europe. Europe has been a dominant consumer of glycerol market due to high demand in segments of personal care, pharmaceuticals, and food & beverages. Use of glycerol as a raw material is on the rise for the production of epichlorohydrin and propylene glycol. According to UNICEF, till 1948 all glycerol was obtained as a by-product in making soaps from animal and vegetable fats and oils, but industrial syntheses based on propylene or sugar has accounted for an increasingly large percentage of production since that time. Glycerol has numerous uses. It is a basic ingredient in the gums and resins used to make many modern protective coatings such as automotive enamels and exterior house paints.
Drivers – Glycerol Market
Impact of COVID 19
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. But essential goods market have seen a sudden boost in the market growth because of the rise in demand. In the earlier phase of lockdown, it was so sudden that all essential goods in mall and supermarkets were wiped out in just few days.
Glycerol is widely used in many consumer products due to its non-toxicity and nutrition values, which will increase the market demand for Glycerol in the near future. Glycerol or glycerin is a colourless, odourless, viscous liquid that is sweet-tasting and mostly non-toxic. It is widely used in the food industry as a sweetener and humectant and in pharmaceutical formulations. Glycerol is an important component of triglycerides (i. e. fats and oils) and of phospholipids. Glycerol is a three-carbon substance that forms the backbone of fatty acids in fats. When the body uses stored fat as a source of energy, glycerol and fatty acids are released into the bloodstream. The glycerol component can be converted into glucose by the liver and provides energy for cellular metabolism.
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Challenges – Glycerol Market
High raw materials cost
High raw materials costs owing to increasing demand from food and pharmaceuticals applications are likely to create small hurdles for glycerol market. Because of the high raw material cost, the main product cost will become higher due to which the demand of product in the market will get lower down and eventually the growth of market will be get hampered. Crude glycerol obtained from the biodiesel plant consists of glycerol, water, organic and inorganic salts, soap, alcohol, traces of glycerides and vegetable colour.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Glycerol market. In 2019, the market of Glycerol has been consolidated by the top five players accounting for xx% of the share. Major players in the Glycerol Market are BASF, Wilmar International, Procter & Gamble Chemicals, Solvay SA, Kuala Lumpur Kepong Berhad, among others.
In July 2019, Solvay has entered into a definitive merger agreement with U.S.-based Cytec to acquire 100% of its share capital for US$ 75.25 per share in cash.
Asia-Pacific dominates the Glycerol market owing to increasing demand from applications such as personal care & pharmaceuticals, Alkyd Resins and Others.
Glycerol is widely used in many consumer products due to its non-toxicity and nutrition values, which will increase the market demand for Glycerol in the near future.
Impact of COVID 19, is likely to aid in the market growth of Glycerol Market.
High raw materials costs owing to increasing demand from food and pharmaceuticals applications are likely to create small hurdles for glycerol market.
Related Reports :
A. Glycerol Monooleate Market
B. Glycerin Market
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