Global Glycerin Market Introduction:

  • Glycerine is a product which contains fats and oils that have been saponified, hydrolysed, or transesterified. These are recovered in a crude state and subsequently purified by distillation or ion exchange, or synthesized from propylene. Glycerine may also be produced by fermentation or hydrogenolysis of carbohydrates; however, currently these methods are not utilized for large scale industrial production.
  • Glycerine is utilized in various applications due to its technical versatility. The key to glycerine’s technical versatility is a unique combination of physical and chemical properties, ready compatibility with many other substances, and easy handling. Glycerine is also virtually nontoxic to human health and to the environment.
  • In terms of grade, the global glycerin market can be segmented into technical grade and pharmaceutical grade. The technical grade segment is expected to expand at significant pace during the forecast period owing to a rise in the use of technical grade glycerin as a platform chemical. In terms of manufacturing process, the global glycerin market can be classified into transesterification, saponification, fat splitting, and others. The transesterification segment is projected to expand at a significant pace during the forecast period. Transesterification is currently a widely adopted process to manufacture glycerin across the globe.

Key Drivers of Global Glycerin Market

  • Rise in use of glycerin in various industrial applications is expected to propel the market during the forecast period. Glycerin is utilized in diverse industrial applications such as personal care, pharmaceutical, food, alkyd resins, and automotive. Glycerin is a good solvent for numerous industrial compounds, pharmaceutical preparations, and flavour extracts. Several substances such as iodine, bromine, tannin, alkaloids, thymol, phenol, mercuric chloride, and boric acids are more soluble in glycerine as compared to that in water; therefore, glycerine is utilized to prepare highly concentrated solutions of these materials.

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  • Increase in use of glycerin in foods and beverages is projected to boost the market during the forecast period. In food and beverages, glycerine acts as a humectant, solvent, sweetener, and preservative. It also acts as a solvent for flavours and food colors in soft drinks and confections and as a humectant and softening agent in candy, cakes, and casings for meats and cheese. Glycerine is also employed in dry pet foods to retain moisture and enhance palatability. Another important, but indirect, use of glycerine in food processing is represented by monoglycerides, the glycerol esters of fatty acids, which are emulsifiers and stabilizers for several products.

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Global Glycerin Market Restraints

  • Volatility in prices of raw materials is projected to hamper the global glycerin market. Raw materials such as fats, carbohydrates, and oils are used in the preparation of glycerin. Prices of raw materials are witnessing volatility, as the supply chain has been disrupted due to the COVID-19 pandemic. Demand for these raw materials is also witnessing volatility. This hampers the prices significantly.
  • Lack of universal directives pertaining to applications of glycerin is also likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of glycerin. Companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the glycerin market, thereby restraining the market.

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COVID-19 Impact on Glycerin Market

  • Glycerin plays an important role in various end-user industries such as automotive, personal care, pharmaceutical, food, and alkyd resins. Numerous production facilities of these end-user industries have halted production due to the COVID-19 pandemic. This has adversely affected the demand for glycerin. However, demand for some pharmaceutical products has increased during the pandemic. This has created a demand for glycerin in the manufacture of such pharmaceutical products.
  • Key players operating in the global glycerin market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Several of these players have halted their production output for the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of glycerin. Thus, the glycerin market is expected to contract in 2020.

Asia Pacific to Hold Major Share of Global Glycerin Market

  • In terms of region, the global glycerin market can be split into North America, Asia Pacific, Europe, Middle East Asia& Africa and Latin America
  • Asia Pacific is projected to hold a significant share of the global glycerin market, in terms of consumption, during the forecast period. End-user industries such as automotive, pharmaceutical, food & beverage, and personal care, are expanding rapidly in the region. Rise in disposable income and improvement in standard of living in numerous countries in Asia Pacific are boosting the demand for personal care products. This, in turn, is augmenting the demand for glycerin. Additionally, a rise in production and sale of passenger vehicles in China, India, Japan, and South Korea is expected to increase the consumption of glycerin in automotive applications, thereby boosting the market in these countries.
  • North America is expected to account for vital share of the glycerin market during the forecast period owing to the presence of major market players and expansion of the food and beverage industry in the U.S. and Canada

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Prominent Key Players Operating in Global Glycerin Market

Major players operating in the global glycerin market are adopting various organic and inorganic growth strategies, such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development, to increase their regional presence and business operations. Key players operating in the market include;

  • BASF SE
  • Emery Oleochemicals
  • Wilmar International
  • Godrej Industries
  • Cargill Incorporated
  • P&G Chemicals
  • Kao Corporation
  • Avril Group
  • Vitusa Products Inc.
  • Twin Rivers Technologies
  • Timur Oleochemicals
  • Archer Daniels Midland Company
  • Croda International Plc
  • IOI Group
  • The Dow Chemical Company

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