The global glycerin market is projected to reach USD 3.12 billion by 2021, at a CAGR of 6.8% during the forecast period. The global glycerin industry is witnessing growth due to the increasing applications and increasing demand in the Asia-Pacific region, mainly from China, Thailand, Malaysia, and India.
The growing use of glycerin as a platform chemical due to its easy availability and lower cost is expected to lead to the growth in demand for glycerin over the next few years. High investments are witnessed across industries in R&D to come up with new formulations of chemicals, which can accommodate the cost of these conversion processes and help to generate higher profits.
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Fat splitting is expected to witness the fastest growth over the next five years. This is a method for producing fatty acids with glycerin as a by-product, whereby the steam molecule breaks fatty acid from its triglyceride molecular structure. Growing preference for natural ingredients in personal & beauty care products among consumers is expected to benefit the growth of glycerin produced through fat splitting or hydrolysis. Glycerin produced from various plant lipids is called vegetable glycerin. Typical plant oils used to produce glycerin are palm oils, soy oils, coconut oils, and other oils. The growing demand for naturally derived products is expected to benefit the demand for glycerin produced from vegetable oils.
Rise in technical grade glycerin in manufacturing various chemicals is expected to benefit the segment. Technical grade glycerin acts as a platform chemical for the production of chemical intermediates. Increased use of chemicals such as 1,3 propanediol, alkyd resins, propylene glycol, and epichlorohydrin in end-use industries such as tobacco, furniture, construction, and paint & coatings are expected to drive the market for technical grade glycerin.
In terms of application, the market for glycerin used in manufacturing chemical intermediates is expected to register the highest growth. Refined glycerin is mostly used in personal care, food & beverages, and pharmaceuticals industries.
The market in the Asia-Pacific region is projected to grow at the fastest CAGR from 2016 to 2021. Increasing demand for glycerin for manufacturing chemical intermediates in emerging countries such as India, China, and Southeast Asian countries is expected to drive the glycerin market. Chemical manufacturing hubs in the region are expected to lead to an increase in demand for glycerin. A steady rise in the consumption of glycerin in personal care and beauty care products has been witnessed in these countries during the past few years.
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The key players profiled in the report include Emery Oleochemicals (Malaysia), IOI Oleochemicals (Malaysia), KLK Berhad (Malaysia), Wilmar International (Singapore), Godrej Industries (India), Croda International Plc (U.K.), P&G Chemicals (U.S.), Kao Corporation (Japan), Avril Group (France), Cargill Incorporated (U.S.), Cremer (Germany), PT Smart Tbk (Indonesia), Vitusa Products Inc. (U.S.), Pacific Oleochemicals Sdn Bhd (Malaysia), PT Cisadane Raya Chemicals (Indonesia), Sakamoto Yakuhin Kogyo Co., Ltd. (Japan), PT Sumi Asih Oleochemicals Industry (China), Twin Rivers Technologies (U.S.), Olin Corporation (U.S.), PT Bakrie Sumatera Plantations Tbk (Indonesia), Timur Oleochemicals (Malaysia), Vegetable Vitamin Foods Company Pvt Ltd. (India) and others.
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