The global market size for glycerine is projected to achieve a value of USD 2.53 billion by 2028, showcasing a robust CAGR of 5.3% during the forecast period. The surge in demand for bio-based fuels, particularly biodiesel, driven by rapid industrialization and urbanization, is expected to fuel the market's expansion. These insights are detailed in a report titled “Glycerine Market, 2021-2028” by Fortune Business Insights™, which indicates that the market size stood at USD 1.68 billion in 2020.
Drivers & Restraints:
The increasing preference for natural and organic ingredients in personal care and cosmetics products among consumers is anticipated to drive growth in the glycerine market. This trend is fueled by growing awareness programs highlighting the harmful effects of chemical ingredients. Consequently, leading cosmetic manufacturers such as L’Oréal, P&G, Unilever, and Johnson & Johnson are increasingly incorporating natural and organic ingredients to meet rising demand. However, fluctuating prices pose challenges for refiners in terms of profit margins and production, as glycerine is obtained as a by-product during the biodiesel manufacturing process.
Segment:
The personal care segment, which accounted for 25.4% of the glycerine market share in 2020, is anticipated to continue generating the largest share. This is attributed to the increasing utilization of glycerine in the production of various personal care products such as shaving cream, toothpaste, soaps, hair care, and skincare products. The segment's growth is fueled by glycerine's ability to provide conditioning and reduce viscosity.
Regional Analysis:
Asia Pacific, with revenue of USD 0.73 billion in 2020, is poised for significant growth driven by the presence of leading companies in Japan, India, Indonesia, and Malaysia. China is expected to dominate the regional market due to the expansion of the chemical, food, and personal care industries. In Europe, a key producer of glycerol and biodiesel globally, the rising production of biodiesel driven by increasing demand from various European countries is expected to accelerate growth. Additionally, North America is witnessing high demand for glycerine from the personal care and chemical industries, further propelling market growth.
Information source:
https://www.fortunebusinessinsights.com/glycerine-market-102168
