The global glycerin market reached a size of USD 2.2 Billion in 2024 and is projected to grow to USD 3.4 Billion by 2033, at a CAGR of 4.69% during the forecast period of 2025-2033. Growth is driven primarily by the rising demand for personal care products with moisturizing properties.
STUDY ASSUMPTION YEARS
- Base Year: 2024
- Historical Years: 2019-2024
- Forecast Year/Period: 2025-2033
GLYCERIN MARKET KEY TAKEAWAYS
- Current Market Size: USD 2.2 Billion in 2024
- CAGR: 4.69% during 2025-2033
- Forecast Period: 2025-2033
- The market is propelled by growing use of glycerin in pharmaceuticals for medicine and capsule production.
- Increasing demand for glycerin as a sweetener and preservative in the food industry supports growth.
- Asia Pacific dominates the market due to demand in personal care, cosmetics, and pharmaceuticals.
- The market is expanding gradually in Latin America and the Middle East & Africa, especially in healthcare and industrial applications.
- Dependence on biodiesel production poses a challenge, but alternative synthetic production methods present opportunities.
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MARKET GROWTH FACTORS
The pharmaceutical industry's increasing use of glycerin for medicine and capsule production is a major growth factor for the glycerin market. This application is driving demand due to glycerin's critical role in drug formulation and encapsulation, contributing significantly to market expansion during the forecast period.
Glycerin's rising use as a sweetener and preservative in the food industry is fueling market growth. Its multifunctional properties appeal to food manufacturers aiming to enhance product quality and shelf life, further stimulating the demand across this sector.
Sustainability trends are encouraging demand for biobased glycerin alternatives, notably in the chemical industry. For instance, Argent Energy's launch of a Europe’s largest biobased glycerin facility with 99.7% purity exemplifies the shift towards renewable glycerin. Such developments support the circular economy and reduce reliance on petrochemicals, underpinning future market growth.
MARKET SEGMENTATION
By Process
- Transesterification: Converts fats into biodiesel and glycerin, serving as a key glycerin production process.
- Saponification: Produces soap and glycerin, contributing to the glycerin market through traditional chemical processes.
- Fat Splitting: Separates fatty acids and glycerin using high-pressure steam, a critical method for glycerin extraction.
By Grade
- USP Grade: High-purity glycerin meeting strict quality standards, used in pharmaceuticals, food, and personal care products.
- Technical Grade: Less pure, commonly used in industrial applications such as antifreeze and chemical manufacturing.
By Source
- Biodiesels: Glycerin byproduct derived from biodiesel production via transesterification of fats and oils.
- Fatty Acids: Glycerin produced alongside fatty acid processing.
- Others: Includes additional unspecified sources of glycerin.
By Application
- Pharmaceuticals: Used in formulations for medicines and capsules.
- Food and Beverages: Employed as a sweetener and preservative.
- Personal Care and Cosmetics: Valued for moisturizing and hydrating properties.
- Industrial Chemicals: Utilized as a solvent and chemical intermediate.
- Others: Serves diverse purposes in sectors like textiles and tobacco.
By Region
- North America: Includes countries like the United States and Canada.
- Asia-Pacific: Covers China, Japan, India, South Korea, Australia, Indonesia, and others.
- Europe: Comprises Germany, France, the United Kingdom, Italy, Spain, Russia, and others.
- Latin America: Includes Brazil, Mexico, and other countries.
- Middle East and Africa: Covers various markets in these regions.
REGIONAL INSIGHTS
Asia Pacific dominates the glycerin market, driven by strong demand in the personal care, cosmetics, and pharmaceutical industries. This growth is fueled by rising disposable incomes and increasing consumer awareness about health and wellness. Other regions like Europe and North America also show significant demand, especially due to expanding applications in food, pharmaceuticals, and personal care. Latin America and the Middle East & Africa are witnessing gradual yet steady market growth, particularly in healthcare and industrial uses.
RECENT DEVELOPMENTS & NEWS
In October 2024, Argent Energy launched Europe's largest biobased, technical-grade glycerin production facility at the Port of Amsterdam, with a 50,000-ton capacity and 99.7% purity, offering a sustainable petrochemical alternative. In July 2024, Shiseido’s Maquillage expanded its dramatic essence liquid foundation line with a cushion format including glycerin for improved skin texture and hydration. In January 2024, Bubble Skincare introduced two serums featuring glycerin to soothe and hydrate skin while maintaining moisture barriers and reducing irritation.
KEY PLAYERS
- Archer-Daniels-Midland Company
- Avril Group
- BASF SE
- Cargill Incorporated
- Croda International PLC
- Emery Oleochemicals (PTT Global Chemical Public Company Limited)
- Godrej Industries Limited
- IOI Corporation Berhad
- Kao Corporation
- Kuala Lumpur Kepong Berhad
- Louis Dreyfus Company B.V.
- The Procter & Gamble Company
- Wilmar International Limited
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