Glycerol Market Register a Decent CAGR Over 8.4% from 2016 to 2024
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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