The global glycerol market is projected to surpass USD 3 billion by 2024. Glycerol is used extensively in a variety of consumer products on account of to its nutrition values and non-toxicity. The applications of glycerol range from various food preservatives & sweeteners to anti-freeze chemicals & explosives. Moreover, it is a potential chemical platform for the renewable production of various chemicals. It provides a nature-friendly and economical alternative.
A rapid growth in
various healthcare technologies is anticipated to boost the market growth over
the forecast period (from 2016 to 2024). However, the uncertain supply of
feedstock is likely to hinder the growth of the global market. Moreover, low
margins for refining methods may also further hamper the overall market growth.
The global market is divided into applications, sources, and regions.
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The pharmaceuticals
and personal care were the dominating application sectors of the glycerol
market in 2015. However, the food & beverages sector is estimated to become
the fastest-growing application sector with a healthy CAGR of over 8.4 %
during the forecast period. This can be attributed to the improving lifestyle
in various developing economies that further results into the increased
consumption and demands for packed and processed foods. Polyether polyols
sector is also witnessing a rapid growth due to rising usage of low-cal
sweeteners in various food products. Other applications include perfume
production, explosive production, tobacco humectants, etc.
The biodiesel sector
was the biggest source for the production of glycerol in 2015. It occupied over
63 % of the overall market share. However, the fatty alcohols sector is
estimated to be the leading source for the glycerol production with a CAGR of
over 9 % from 2016 to 2024.
Asia-Pacific was the
largest regional glycerol market in 2015 that held over 40 % of the global
market volume. The region is further estimated to be the leading market for
glycerol growing at a CAGR of over 8 % during the estimated years. The
Europe region was also dominating glycerol consumer on account of high demands
in the pharmaceuticals, food & beverages, and personal care sectors. The
product demands from the Middle East & Africa are also likely to increase.
Some of the major
market players include Cognis Corp.; Solvay SA; Procter & Gamble Chemicals;
Kuala Lumpur Kepong Berhad; Wilmar International; Godrej Industries Ltd.; and
Sofiproteol Group.
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