Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Glycerine Market Size

The global glycerine market value was approximately USD 3.35 billion in 2023. The market is projected to grow at a CAGR of 3% between 2024 and 2032, reaching a value of around USD 4.40 billion by 2032.

Global Glycerine Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 3.35
Market Size 2032 USD Billion 4.40
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 3.0%
CAGR 2024-2032 - Market by Region Asia Pacific 4.7%
CAGR 2024-2032 - Market by Country India 4.6%
CAGR 2024-2032 - Market by Country Germany 4.0%
CAGR 2024-2032 - Market by Source Biodiesel 3.3%
CAGR 2024-2032 - Market by Application Food and Beverage 3.4%
Market Share by Country 2023 USA 22.2%

Glycerine Market Outlook

  • Glycerine is finding new applications in areas such as in the medical field as a solvent or softening agent.
  • The shift towards sustainability has led to a rise in the production of bio-based glycerine.
  • Innovations in production and purification technologies are improving the efficiency and sustainability of glycerine manufacturing.

glycerine market

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Global Glycerine Market Growth

Glycerine is a substance of saponified, hydrolysed, transesterified fats and oils. It is either manufactured from propylene or recovered in a crude state and then refined by distillation or ion exchange. Glycerine can also be made by fermenting carbohydrates or via hydrogenolysis of carbohydrates; however, these processes are not currently used for large-scale industrial manufacturing.

According to the glycerine industry analysis, rising usage of glycerine in various industrial applications such as personal care, pharmaceuticals, food, alkyd resins, and automotive, is expected to propel the glycerine market growth during the forecast period.

With changing lifestyles and eating habits in developing and developed regions, the demand for fast foods or convenience foods is increasing which is likely to drive the demand for additives, such as glycerine, for use as sweeteners, solvents, or preservatives. Another important but indirect use of glycerine in food processing is represented by monoglycerides, the glycerol esters of fatty acids, emulsifiers and stabilisers for several products.

Recent Developments and Market Trends

Date Company Action
May 2023 Lucas Meyer Cosmetics by IFF Unveiled a line of four products leveraging ‘phygital’ under the name Sci-Feel with two of its formulations - Jelly Juice and Cream Shock - featuring Glycerine Codex as a key ingredient.
May 2023 Hamdard Laboratories WAQF Bangladesh Introduced its latest offering, Ihram Neem Glycerin soap.
Jul 2023 Louis Dreyfus Company (LDC) Unveiled its plans to enhance its refining complex in Lampung, Indonesia, by incorporating glycerine refining capabilities and expanding into edible oil packaging.
Jan 2024 The Bodyshop company Announced that it became fully vegan by integrating ingredients like glycerine, squalene, and stearic acid, all of which are derived from plant sources.
Trends Impact
Expanding applications in the pharmaceutical and personal care sectors The pharmaceutical and cosmetic applications of glycerine are significantly expanding, supported by robust growth of the pharmaceutical sector and increasing global consumption of cosmetics.
Diversification of glycerine sources While biodiesel remains a primary source of glycerine, there is a trend towards diversifying feedstocks, including the use of vegetable oils and fats.
Growth in emerging markets Emerging markets in Asia, Africa, and South America are experiencing rapid growth in demand for glycerine due to expanding industrial sectors and rising consumer spending.
Technological advancements in production Technological innovations in the production and purification processes of glycerine are making it more efficient and cost-effective to produce high-purity grades.

Glycerine Industry Trends

Technological innovations in the production and purification processes of glycerine have significantly transformed the market, making it more efficient and cost-effective to produce high-purity grades of glycerine. A significant portion of glycerine is produced as a by-product of biodiesel manufacturing, and innovations in biodiesel production technology not only increase the yield of biodiesel but also enhance the efficiency of glycerine extraction, resulting in higher initial purity levels, further boosting the glycerine market development.

Industry Outlook

US refined glycerine imports fluctuated significantly from January 2020 to December 2021, according to customs data. The monthly import volumes ranged from around 6,500 tons to peaks of approximately 26,900 tons. Major contributing countries included Brazil, China, Indonesia, Malaysia, and Germany, with Brazil and Indonesia often leading in export volumes.

In mid-2020, there was a notable spike in imports, reaching 21,600 tons in July, driven primarily by increased imports from Brazil and Indonesia. This peak was followed by a decline, with imports dropping to around 9,800 tons in September 2020. Another significant peak occurred in November 2021, with imports rising to 19,600 tons, heavily supported by Brazil and Indonesia.

Throughout 2021, imports generally increased, with notable peaks in August and November, suggesting a strong demand for refined glycerine in the US market.

EU-28 refined glycerine imports from January 2020 to November 2021 showed significant variations, according to customs data. The monthly import volumes fluctuated, with peaks reaching up to 14,300 tons in June 2020. The primary contributing countries included Indonesia, Malaysia, and China, with Indonesia frequently being the largest exporter.

In mid-2020, particularly in June and July, there were notable peaks in imports, with June recording the highest at 14,300 tons and July at 13,000 tons. These spikes were largely driven by substantial increases in shipments from Indonesia and Malaysia. A subsequent peak occurred in August 2020, reaching 8,800 tons.

From September 2020 to March 2021, import volumes were relatively lower, fluctuating between 2,100 and 6,200 tons. A slight recovery was seen in April and May 2021, with imports stabilizing around 5,600 to 5,800 tons. However, the volumes generally remained below the mid-2020 peak levels.

Throughout 2021, the imports showed minor peaks in July and October, but overall volumes were lower compared to 2020, indicating a stabilization of supply and demand dynamics in the EU glycerine market.

In Q1 2022, US quarterly glycerine contracts faced upward pressure, with spot markets remaining firm, as reported by ICIS. Vegetable refined glycerine prices in the bulk Midwest increased by $0.06/lb to $2,161-$2,866 per ton, while tallow refined glycerine rose by $0.10/lb to $2,210-$2,624 per ton.

Historical pricing trends indicate a significant increase in both vegetable and crude glycerine prices from 2020 to early 2022, reflecting growing demand and supply constraints. The Asia spot market slowed due to weather and production issues, whereas Europe’s spot markets are expected to remain firm through the first quarter.

South America and Mexico experienced mixed price movements, with Brazil’s vegetable refined glycerine priced at $1,480-$1,550 per ton and crude glycerine at $540-$640 per ton. Argentina and Mexico reported similar mixed trends, influenced by local supply and demand dynamics.

Recent Developments

In Jan 2024, Bodyshop announced that it achieved a milestone, possibly becoming the first global beauty brand to fully embrace veganism, with its entire product range receiving certification from the Vegan Society. The company incorporated alternatives to other traditionally animal-based ingredients like glycerine, squalene, and stearic acid, all of which can be sourced from plants. Soy, palm oil, or coconut oil can be used to prepare vegetable-based glycerine instead of glycerine made from animal fats. Common animal-derived ingredients can be found in company’s non-vegan beauty products, such as beeswax, honey, lanolin, and shellac, but this range has been modified to use plant-based ingredients.

Versatile Applications and By-Product Availability are Among the Key Factors Supporting the Glycerine Sector

  • Wide use in pharmaceuticals, personal care products, food and beverages, and industrial applications is expected to support the glycerine demand growth.
  • Produced as a by-product of biodiesel production, ensuring a steady supply.
  • Safe for use in various consumer products and environmentally friendly.
  • Highly valued for its humectant properties in cosmetics and skincare products.

Challenges Due to Price Volatility and Quality Variability

  • Dependent on the biodiesel industry, leading to fluctuating prices.
  • Differences in quality depending on the source and production process.
  • Heavily relies on the availability of raw materials like vegetable oils and animal fats.
  • Some markets have limited awareness of glycerine’s potential uses beyond traditional applications.

Competitive Dynamics Shaping the Global Glycerine Market Landscape

  • Major players like Archer Daniels Midland Company, Cargill, Incorporated, Emery Oleochemicals, and Procter & Gamble dominate with extensive resources and advanced technologies.
  • Companies differentiate products based on quality, purity levels, and specific applications.
  • Competitive pricing is crucial, especially in regions with a high concentration of suppliers.
  • Continuous R&D efforts improve production efficiency, enhance product quality, and develop new applications, which further contributes to the glycerine market value.
  • Strategic partnerships, joint ventures, and mergers expand resource bases and market access.
  • Increasing focus on sustainable and ethical sourcing of raw materials.
  • Strong relationships with key customers, especially in the pharmaceutical and personal care sectors, ensure repeat business.
  • Efficient supply chain management ensures consistent product quality and timely delivery.

Opportunities Driving Future Growth

  • Growing demand in emerging markets with increasing industrialization and consumer awareness.
  • New uses in bioplastics, pharmaceuticals, and sustainable products will likely positively influence the glycerine demand forecast.
  • Opportunities for innovation in production processes and new product formulations.
  • Rising demand for natural and sustainable ingredients in various industries is expected to impact the glycerine market dynamics and trends significantly.

Emerging Threats to Market Stability

  • Stringent regulations regarding production and use in certain applications.
  • Availability of alternative chemicals that can replace glycerine.
  • Global economic instability impacting market demand and production costs.
  • Environmental concerns related to the sourcing of raw materials, such as deforestation for palm oil.

Cost and Price Factors

  • The cost of raw materials like vegetable oils and animal fats significantly impacts production costs.
  • The type of production process (natural vs. synthetic) affects cost structure.
  • Energy-intensive production means energy costs are a significant component of overall expenses.
  • Labor costs, including wages and benefits, are crucial in production costs.
  • Transportation and logistics costs are significant cost factors.

glycerine market by segments

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Market Industry Segmentation

“Glycerine Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

CAGR 2024-2032 - Market by Region
Asia Pacific 4.7%
Europe 3.3%
North America XX%
Latin America XX%
Middle East and Africa XX%

The regional markets for base metal mining can be divided into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Breakup Categories
Process Transesterification, Saponification, Fat Splitting
Source Vegetable Oils, Biodiesel, Soaps, Synthetic
Grade Technical Grade, Pharmaceutical Grade
Application Food and Beverage, Pharmaceuticals, Alkyd Resins, Tobacco, Personal Care and Cosmetics, Automotive, Polyether Polyols, Others
Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
CAGR 2024-2032 - Market by Source
Biodiesel 3.3%
Vegitable Oil 3.2%
Soaps XX%
Synthetic XX%
CAGR 2024-2032 - Market by Application
Food and Beverage 3.4%
Personal Care and Cosmetics 3.2%
Pharmaceuticals 3.1%
Alkyd Resins XX%
Tobacco XX%
Others XX%

Glycerine Market Share

Technical grade maintains its dominance in the glycerine market due to its growing usage as a raw material in various end-use sectors

The technical grade of glycerine is utilised in a vast array of industrial applications, contributing to the glycerine market growth. It serves as a raw material or a processing aid in the production of chemicals, plastics, alkyd resins (used in paints and coatings), textiles, paper, and other industrial products due to its versatility and functionality, which make it a valuable ingredient across multiple sectors. Compared to higher purity grades, technical grade glycerine is more cost-effective for industrial applications where stringent purity standards of pharmaceutical or food-grade glycerine are not necessary. This affordability makes it attractive for manufacturers looking to minimise raw material costs while still benefiting from the functional properties of glycerine.

Market Share by Country
USA 22%
Canada XX%
UK XX%
Germany XX%

The pharmaceutical grade segment of the glycerine market also occupies a considerable share due to its critical role in medical and health-related applications, where high purity and strict quality standards are paramount. Glycerine is used in pharmaceutical formulations as a solvent, humectant, and carrier for active ingredients as its ability to dissolve both aqueous and lipid substances makes it versatile for a wide range of drug formulations, including oral, topical, and injectable medications.

The personal care and cosmetics sector occupies a major glycerine market share due to the multiple applications offered by glycerine

The growing use of glycerine in the personal care segment as a thickening agent, emulsifier, lubricant, and humectant as well as the advantages offered by it like low toxicity and solubility, are expected to supplement the market growth. With the change in the demand for glycerine in soaps, handwash, and detergents during the COVID-19 pandemic, the need for glycerine has increased, particularly in the personal care sector, as some global cosmetics manufacturers, such as Johnson & Johnson, Unilever, P&G, and others, are significantly adopting natural glycerol as raw material to meet the growing demands.

The food and beverage sector is expected to witness a considerable growth in the coming years as glycerine is an effective humectant, meaning it has the ability to retain moisture. This property is crucial in food products where maintaining moisture content is essential for preserving texture, softness, and freshness, therefore it is widely used in baked goods, such as cakes and cookies, to prevent them from drying out.

glycerine market by region

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Glycerine Market Regional Insight

CAGR 2024-2032 - Market by Country
India 4.6%
China 4.5%
Germany 4.0%
UK 3.2%
Australia 3.2%
USA XX%
Canada XX%
France 3.0%
Italy XX%
Japan XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

With the increase in pharmaceutical production in the Asia Pacific region, the demand for raw materials like glycerine is predicted to rise over the forecast period. With people becoming more health-conscious and the increasing ageing population, the demand for pharmaceuticals has been increasing around the globe, which has led to the high consumption of pharmaceutical ingredients and raw materials including glycerine.

Competitive Landscape

The market players are focusing on innovations and are incorporating plant-based glycerine ingredients to meet evolving customer demands

Company Founding Year Headquarters Operations
Cargill Incorporated 1865 Minnesota, United States Distribution of grain and other agricultural commodities, production of feed and food ingredients like glucose syrup, starch, others.
Kao Corporation 1887 Tokyo, Japan Production of chemicals and consumer products.
Wilmar International Ltd 1991 Singapore Processing and distribution of agricultural products.
Louis Dreyfus Company 1851 Rotterdam, Netherlands Trading and distribution of a wide range of agricultural commodities such as grains, oilseeds, sugar, cotton, and coffee.

Other major player in the market includes IOI Corporation Berhad (IOI). The market players are engaging in a range of activities to enhance their market position, respond to global demand, and address the challenges and opportunities presented in the market.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Process
  • Source
  • Grade
  • Application
  • Region
Breakup by Process
  • Transesterification
  • Saponification
  • Fat Splitting
Breakup by Source
  • Vegetable Oils
  • Biodiesel
  • Soaps
  • Synthetic
Breakup by Grade
  • Technical Grade
  • Pharmaceutical Grade
Breakup by Application
  • Food and Beverage
  • Pharmaceuticals
  • Alkyd Resins
  • Tobacco
  • Personal Care and Cosmetics
  • Automotive
  • Polyether Polyols
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Price Analysis
  • Historical Price Trends
  • Forecast Price Trends
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Cargill Incorporated
  • Kao Corporation
  • Wilmar International Ltd
  • IOI Corporation Berhad (IOI)
  • Louis Dreyfus Company
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
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Glycerine Market Report Snapshots

Glycerine Market Size

Glycerine Market Growth

Glycerine Market Trends

Glycerine Market Share

Glycerine Companies

Glycerine Market Regional Analysis

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the glycerine market reached an approximate value of USD 3.35 billion.

The glycerine market is expected to grow at a CAGR of 3% between 2024 and 2032.

The glycerine market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 4.40 billion by 2032.

The major drivers of the market include the rising consumer interest in colour cosmetics, increased use of soaps and detergents, increased during the COVID-19 pandemic, increasing product demand from chemical intermediates manufacturers, rise in the use of glycerine in various industrial applications, growing health-conscious people, increasing ageing population, and growing concerns related to global climate change and fluctuating crude oil prices.

Key trends aiding the market expansion include the increasing innovations offering unique culinary experiences and growing focus on health and wellness.

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the significant markets for glycerine.

The market is segmented into transesterification, saponification, and fat splitting based on the process.

The various sources of glycerine are vegetable oils, biodiesel, soaps, and synthetic.

The market is divided into technical grades and pharmaceutical grades based on grade.

The major applications of the market are food and beverage, pharmaceuticals, alkyd resins, tobacco, personal care and cosmetics, automotive, and polyether polyols, among others.

Key players in the market are Cargill Incorporated, Kao Corporation, Wilmar International Ltd, Louis Dreyfus Company, IOI Corporation Berhad (IOI), and others.

The diverse applications of glycerine, the growing significance of its humectant properties, and the availability as a by-product of biodiesel production support the market demand.

The dependence on the biodiesel sector, which can lead to fluctuation in prices, inconsistent product quality due to the use of varied source and production process, and a heavy reliance on the availability of raw materials are the key challenges faced by the manufacturers.

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