Global Glycerin Market to Reach $3.4 Billion by 2026

Glycerin, an organic chemical, is a sweet, odorless, transparent and syrupy solvent. Glycerin has become one of the most basic and essential components for cereal manufacturers and dried fruit processors due to its capability to enhance shelf life of products. Growth in the global market is being spurred by increasing demand from end-use industries and strong contribution from developing regions, most notably Asia-Pacific. The increasing production of biodiesel has resulted in abundant supply of crude glycerin that can be used directly into animal feeds, as dust suppressant, freeze protection for coal, and grain storage. The oversupply and resulting decline in prices has allowed the use of glycerin for energy generation. In addition, the surplus supply of crude glycerin has led to availability of technical-grade glycerin that finds use in industrial applications like propylene glycol and epichlorohydrin production. Glycerin market is anticipated to gain considerably from rising demand for refined glycerin from new applications and epichlorohydrin production, mainly in Europe and Asia.

Amid the COVID-19 crisis, the global market for Glycerin estimated at US$2.4 Billion in the year 2020, is projected to reach a revised size of US$3.4 Billion by 2026, growing at a CAGR of 6.1% over the analysis period. Transesterification, one of the segments analyzed in the report, is projected to grow at a 6.4% CAGR to reach US$1.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Saponification segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 31.3% share of the global Glycerin market. Crude glycerin produced during the process accounts for 10% of overall output of biodiesel globally. The growing share of biodiesel is attributed to notable progress in the transesterification process that uses fatty acid or biodiesel to produce glycerin. The process is highly cost-effective for large-scale production of glycerin.

The U.S. Market is Estimated at $398.1 Million in 2021, While China is Forecast to Reach $808.6 Million by 2026

The Glycerin market in the U.S. is estimated at US$398.1 Million in the year 2021. The country currently accounts for a 16.2% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$808.6 Million in the year 2026 trailing a CAGR of 7.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR while Rest of European market (as defined in the study) will reach US$874.1 Million by the end of the analysis period. Asia-Pacific represents a major regional market for refined glycerin worldwide. Driven by the increasing use of glycerin in consumer goods, pharmaceutical products and other industries, the region is poised to witness sustained growth. The market also benefits from the rising use of glycerin in the personal care sector in South Korea, China and India. North American market is gaining from rising demand for glycerin from pharmaceutical and personal care industries.

Fat Splitting Segment to Reach $756.7 Million by 2026

In the global Fat Splitting segment, USA, Canada, Japan, China and Europe will drive the 6.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$363.6 Million in the year 2020 will reach a projected size of US$571.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$141.8 Million by the year 2026, while Latin America will expand at a 8% CAGR through the analysis period.