Glycerin Market in South Korea is Approximated to Increase at a 7.8% CAGR from 2024 to 2034.

The global glycerin market has been forecasted to expand at 6.9% CAGR and climb to a value of US$ 48.03 billion by the end of the assessment period (2024 to 2034). In 2024, worldwide revenue from glycerin sales is projected at approximately US$ 24.64 billion, indicating substantial growth over the next decade. This trajectory underscores the rising importance of glycerin in diverse end-use sectors.

Glycerin is a by-product of biodiesel production, though it can also be derived from animal fats, crude oil, and vegetable oils. Its non-toxic nature, water miscibility, and humectant properties make it valuable across a range of industries, including cosmetics, food and beverages, pharmaceuticals, and chemicals. The increasing preference for sustainable and bio-based materials is expected to further strengthen glycerin's position in global markets.

Application & Grade Segmentation: Key Drivers

One of the major axes of segmentation in the glycerin market is based on grade-USP (pharmaceutical grade) and Technical grade. By 2034, technical-grade glycerin is projected to account for around 52% of total market revenue. Its relatively lower impurity levels make it highly suitable for manufacturing industrial chemicals such as polyether polyols, alkyd resins, and epichlorohydrin.

In pharmaceuticals, glycerin is widely used as an excipient, sweetener, and solubilizer. In food and beverages, it functions as a humectant, preservative, and sugar substitute, helping improve shelf life and product texture. In the personal care and cosmetics industry, it serves as a moisturizer and emulsifier, enhancing the sensory profile and stability of products. Additionally, glycerin plays a crucial role in the production of alkyd resins, tobacco processing, and various industrial chemical formulations.

Among these applications, the personal care and cosmetics segment is witnessing particularly strong momentum. The growing consumer preference for natural and clean-label products has encouraged global companies to incorporate glycerin as a safe, multifunctional ingredient in skincare, haircare, and hygiene products. The food and beverage sector is also experiencing increasing adoption due to glycerin's role as a sustainable alternative to synthetic additives.

Regional Trends & Market Drivers

East Asia is projected to capture approximately 38.4% of the global glycerin market by 2034. China, in particular, is emerging as a leading hub for production and consumption, supported by its expanding cosmetics, pharmaceuticals, and food processing industries.

In North America, the United States is expected to maintain steady growth, driven by increasing use of glycerin in personal care, pharmaceuticals, and industrial applications. Mandatory biodiesel blending requirements have also boosted glycerin production as a co-product, ensuring a stable supply chain.

Recent Developments & Strategic Moves

In recent years, several leading players have focused on strategic initiatives such as mergers, acquisitions, and capacity expansions to strengthen their positions. For instance, Oleochemical expanded its operations in the United States by acquiring a blending plant in Texas in 2022, enhancing its production capacity and operational footprint. Companies are also investing heavily in product customization, regional expansion, and value-added glycerin derivatives to cater to the evolving needs of end-use industries.

Competitive Landscape & Key Players

The global glycerin market features a competitive mix of established chemical giants and specialized oleochemical manufacturers. Major players include BASF SE, Wilmar International Ltd., LG Household & Healthcare Ltd., DowDuPont, SEPPIC S.A., Croda International Plc, Galaxy Surfactants, Huntsman Corporation, Pilot Chemical Company, Shanghai Fine Chemical Co., Emergy Oleochemicals, Cargill Inc., Kao Corporation, IOI Corporation Berhad, and Godrej Industries.

These companies differentiate themselves through their production scale, technological expertise, and vertical integration strategies. Some maintain cost advantages by owning feedstock sources such as oilseeds and fats, while others focus on producing high-purity USP-grade glycerin to serve pharmaceutical and personal care markets. Increasingly, companies are emphasizing sustainability, regulatory compliance, and innovation in formulation to maintain a competitive edge.

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