Glycerol Market Expected to Reach $5.1 Billion by 2031-Allied Market Research

According to a new published report by Allied Market Research titled, “Glycerol Market by Source, Product and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2022–2031,” The global glycerol market garnered $4.3 billion in 2021, and is projected to reach $5.1 billion by 2031, growing at a CAGR of 1.7% from 2022 to 2031.

Glycerol is a colorless, transparent, and sweet liquid that can be found in both crude and refined forms. Its impure crude form is produced by biodiesel production and sold to major refineries for upgrading. It is a rich source of energy for non-ruminants like broilers, pigs, and hens. The refined form of the product, which is colorless and hygroscopic in nature, is used in foods & beverages, pharmaceuticals, alkyd resins, and polyether polyols.

When combined with water, glycerol has a lower freezing point than ethylene glycol, and is used in the cooling of a car radiator during winter, thus driving its use in automotive applications. In addition, it works as a moisturizer in cosmetics, allowing skin to absorb water from the air and eliminating dry and dull spots. Humectants aid in the retention of water in the skin, reducing water loss due to evaporation and maintaining intercellular water balance, keeping skin hydrated and nourished. These factors are likely to boost the growth of the glycerol market.

The glycerol market is segmented into source, product, end-user industry, and region. By source, the market is classified into biodiesel, fatty alcohol, fatty acid, and others. On the basis of product, the glycerol market is bifurcated into crude glycerol and refined glycerol. Depending on end-user industry, it is fragmented into personal care, food & beverages, pharmaceutical, and others. Region wise, the glycerol market is studied across North America, Europe, Asia-Pacific, and LAMEA. The glycerol market share is analyzed across all significant regions and countries.

Major players operating in the global glycerol market include IOI Oleochemical, Emery Oleochemicals, Kao Corporation, KLK OLEO, Oleon NV, Procter & Gamble Chemicals, Wilmar International Ltd., Musim Mas Group, Ecogreen Oleochemicals, and Croda International.

Other player operating in the glycerol market are avenit AG, Suzhou Yuanfang Chemical Co. Ltd., Luojiang Chenming Biological Products Co., Ajinomoto Health & Nutrition North America, Inc., IRIS BIOTECH GMBH, Global Bio-chem Technology Group Company Limited, and Akzo Nobel N.V.

Key Findings Of The Study

• The report outlines the current glycerol market trends and future scenario of the market from 2021 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The glycerol market size is provided in terms of revenue and volume.
• On the basis of source, the biodiesel segment is expected to grow at a CAGR of 2.6%, in terms of revenue, during the forecast period.
• Depending on product, the refined glycerol segment is expected to grow at a CAGR of 2.4%, in terms of revenue, during the forecast period.
• Europe contributed the 22.0% market share in 2021 and is projected to grow at CAGR of 1.7% during the forecast period.
• On the basis of end-use industry, the personal care industry has garnered 28.3% of market share and is projected to grow at 2.1% during the forecasted period.

Impact Of Covid-19 On The Global Glycerol Market

• The outbreak of COVID-19 in China and it’s spread across numerous countries around the world halted the manufacturing activities of industrial sectors, which correspondingly hampered glycerol manufacturing.
• In addition, the raw material procurement was hampered due to a lack of raw materials and a disrupted supply chain as a result of the COVID-19 outbreak.
• The COVID-19 pandemic is further expected to have significant impact on industrial participants operations, indirectly and directly with respect to customer behaviours, labour shortages or stoppages, inventory, sales, businesses, and manufacturing operations.
• As per the companies operating in the market, there are numerous uncertainties about the COVID-19 pandemic, comprising the scope of scientific and health problems, the expected period of the pandemic, and the political & economic disturbance it might cause.
• Manufacturing as well as the supply regions witnessed economic slowdown due to lockdown.
• Conversely, the packaged food industry witnessed increased sales and profit. The consumers were increasing inventories as much as possible in March 2020, i.e., the initial phase of pandemic. This increased demand for glycerol from the food & beverage industry.
• The COVID-19 pandemic further boosted the demand for glycerol in the pharmaceutical industry. Individuals who were infected with COVID-19 were suffering from muscle and joint pain, which led to increased demand for anti-inflammatory and pain killer drugs, thus leading to increased demand for glycerol.
• Personal care was one of the most affected sectors, owing to lockdown announced in several countries. Lockdown affected several construction and infrastructure projects due to supply chain disruptions and unavailability of workers.
• However, most of the industrial activities are back to normal due to the vaccination drive, which eventually resulted in decline in COVID-19 cases; thus, the demand for glycerol is presumed to be back to normal.
• Post COVID-19, biodiesel production is predicted to increase, which, in tur, will boost the production of glycerol. The demand for hand sanitizers has increased, and is predicted to rise significantly after COVID-19, owing to increased awareness about personal hygiene, thereby escalating the demand for glycerol.