The global glycerin market is projected to grow at a CAGR of 6.91% to reach US$3.914 billion by 2025 from US$2.621 billion in 2019.
The usage of glycerin is rising in the different end-user industries such as pharmaceutical, food, and beverage, among others because it has a lot of different properties that it makes suitable for use in the end-user industries. In the food and beverage industry, glycerin is gaining popularity owing to its use as a thickening agent or to control the level of moisture present in the food and stabilize them if the food contains both water and oil. Glycerin is also regarded as a safe additive by the U.S. Food and Drug Administration (FDA). Moreover, its use in the pharmaceutical industry as an excipient and a humectant in the cosmetics industry is pushing the market growth over the forecast period. However, the availability of substitutes in the market poses a threat to the market growth over the forecast period. There are some of the end-users, which are still making use of chemicals such as propylene and ethylene glycol for applications, which include antifreeze and de-icing, thus, impacting the market growth.
Product Offerings by Major Market Players in the Glycerin Market
The market players are active in the market by offering and making available a variety of glycerin including crude and refined products with enhanced and advanced features in order to cater to the rising demands. This is in turn is enabling them improve their market position.
Some of the examples of product offerings are as follows:
Personal Care and cosmetics are estimated to grow at a significant pace over the forecast period owing to the growing efforts by the manufacturers to improve their product offerings while the pharmaceutical industry is estimated to hold a considerable share over the forecast period.
By the application segment, the pharmaceutical industry is estimated to hold a significant share over the forecast period owing to the fact that share is rising usage in different applications such as using glycerin as a sweetener in syrups, lozenges and as an excipient compound in various eyewash solutions. In addition, small amounts of glycerin are also used in the eardrops, topical creams, gel capsules among others, apart from the fact that it can be used as an ophthalmic agent, an osmotic diuretic. Thepersonal care and cosmetics are estimated to grow at a significant pace over the forecast period as the demand for more enhanced and refined personal care products is increasing among the different sections of the society, majorly women. Glycerin is being increasingly used in the different cosmetic products as it acts as a humectant and has moisturizing properties. This helps the skin stay supple and does not let it dry.
The Asia Pacific region is estimated to hold a considerable share in the forecast period owing to the fast-growing cosmetics and personal care industry in the countries such as China
The Asia Pacific region is estimated to hold a considerable share in the forecast period owing to the fact thatthe cosmetics industry and the personal care products manufacturing is increasing due to the rising demand from the individuals in the population. In addition, the low cost of manufacturing associated is furthering the demand of the chemical glycerin and bolstering the growth in the region.
In addition, the North American region is expected to show considerable growth over the forecast period, which is attributable to the fact that the chemical and petrochemical and food and beverage industries and are also contributing to the market position of the region.