Glycerin Market to Exhibit 5.2% CAGR till 2027; Increasing Awareness about Harmful Effects of Chemicals to Bolster Growth, says Fortune Business Insights™
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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 WorldHealth Organization (WHO), for instance, released its ethanol-based handrub 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.
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.
Drivers & Restraints-
Rising Adoption of Natural & Organic Ingredients by Cosmetics Firms to Aid Growth
The rising inclination of consumers towards naturalpersonal 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.
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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 (UK)
Kao Corporation (Japan)
Cargill Inc. (USA)
Godrej Industries (India)
P&G Chemicals (USA)
Cremer Oleo GmbH & Co. Kg (Germany)
Groupe Avril (France)
Timur Oleochemicals (Malaysia)
Sakamoto Yakuhin Kogyo Co., Ltd. (Japan)
Personal Care Segment to Generate Largest Share Backed by Usage in Toothpaste & Soaps
Based on application, the personal care segment generated 26.7% in terms of glycerine market share in 2019. 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 Pacificheld USD 733.0 billion in terms of revenue 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 49.5%share in China.
Europe, on the other hand, is a key producer ofglycerol 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 fromthe personal care and chemical industries in the U.S. will drive growth in North America.
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Key Players Focus on Expanding Their Production Capacities to Intensify Competition
The market houses a large number of prominent glycerine 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 ofEni started producing a new range of liquid hand disinfectant 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 glycerineas 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.
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