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Glycerol Market size worth $3.04bn by 2022

09-22-2016 05:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: GMI

Global Glycerol Market size was 2.47 million tons in 2014, as reported in the latest study published by Global Market Insights, Inc. Increasing application across food industry, pharmaceuticals, personal care and healthcare is forecast to drive demand from 2015 to 2022.

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Glycerol market size is set to reach USD 3.04 billion by 2022. Changing environmental priorities with increasing customer spending on medicines, food & beverage, and personal care products is anticipated to propel demand.

Bio diesel was preferred source accounting over 65% of global market share. REACH regulations meant for reducing dependence on crude oil by simultaneously promoting the production of bio-based alternative such as bio-diesel may drive demand. Personal care & pharmaceuticals application accounted over 950 kilo tons and is forecast to witness steady gains over 6.5% CAGR up to 2023. Glycerol offers nutritional value & healing properties which makes them desirable across personal care and pharmaceuticals application. Increasing health awareness coupled with improving lifestyles of customers mainly in APAC & LATAM may drive product demand.

Glycerol downstream potential applications include epichlorohydrin, 1-3 propanediol and propylene glycol. Glycerol holds potential as a chemical platform for renewable production of chemicals. It provides an environmental friendly and economical alternative for petrochemical based products. Surging demand for alternative fuel should drive oleochemical demand. Oleochemical demand may witness growth owing to increased need for biodegradable and sustainable products. Glycerol is bio-degradable and non-toxic making it a suitable substitute to DEG and propylene glycol.

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Alkyd resins application may observe gains at over 6% CAGR. These are used in making protective coatings as paints, varnishes and enamels. Growing construction industry coupled with rapid industrialization & increasing renovation activities is forecast to propel product demand. Europe may witness sluggish gains at 5.5% CAGR. Cosmetic demand in Germany, France, and UK were significant and is likely to boost glycerol demand as moisturizer in personal care products.

However, uncertain feedstock supply is expected to hinder market growth and affect glycerol market price trend owing to increasing food consumption. Global vegetable oil consumption was 122 million tons in 2008 and increased over 170 million tons by 2014.

Key insights from the report include:
Global glycerol market size is estimated to reach 4.1 million tons by 2022, with estimated gains at 6.6% CAGR. Growing consumer consciousness towards health & hygiene accompanied by rise in middle class disposable income has led to end use expansion, fueling demand.

APAC, led mainly by India, China, Japan, Malaysia and Indonesia glycerol market size, was dominant region accounting over 35% of total revenue. Growth in construction spending coupled with increasing alkyd resins demand in machinery & construction may propel product demand. Asia Pacific fatty alcohol market size may reach over 170 kilo tons by 2023 with 8.1% CAGR.

Food & beverage application was valued above USD 220 million in 2014. Glycerol has application across food preservatives, sweeteners, solvent, and humectants. Furthermore, it is used as sugar substitute. Enhancing lifestyles of end users may positively impact market size. European Union’s Foods Standards Agency has declared glycerol in food additives resulting in increased application scope.

North America fatty acid market size may witness 4.9% CAGR and reach close to 140 kilo tons.

Global glycerol market share is consolidated with four major companies accounting over 65% in 2015. Major industry participants include IOI group, Wilmar International, KL Kepong, and Emery Oleochemicals.

Other notable participants include, Dow Chemical, P&G, Solvay SA, BASF, Sofiproteol Group, Godrej Industries, Kuala Lumpur Kepong Berhad, Croda International, Archer Daniel Midland, United Coconut Chemicals, Vitusa Products, Cargill, Ecogreen Oleochemicals and Evonik.

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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