Westford, USA, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The majority of glycerin is used in the production of soap and other personal care products, but it is also used as a food additive, sweetener, and antifreeze. SkyQuest's analysis of the glycerin market is based on our global experience working with companies in this space. We have deep understanding of the unique characteristics of this market, including the definitive role played by Malaysia. As a result, we are able to provide insights and perspectives that helps our clients make informed decisions.
The glycerin market is fascinating due its arbitrage-driven structure and geographically concentrated supply base. The raw material for glycerin, propylene, is produced as a by-product of processing crude oil and natural gas. Propylene can either be used as feedstock for other chemicals or it can be converted into glycerin. Historically, most propylene has been used for other chemicals, but in recent years there has been an increase in propane-to-glycerin conversion due to the growing demand for glycerin. This has led to increased competition for propylene between the two industries and has put pressure on propylene prices.
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The majority of glycerin is produced in Asia, with Indonesia being the largest producer. European and North American companies have been losing market share to Asian producers over the past few years as they have been unable to compete on price. The Chinese government has also been investing heavily in the domestic glycerin market, which has further increased competition. The largest end markets for glycerin are soap and detergent applications, which accounted for an estimated 34% of demand in 2021. Other major end markets include biofuel production, textile finishing, food and beverage, pharmaceuticals, personal care, and cosmetics. Soap and detergent applications are forecast to remain the largest end market for glycerin over the next seven years, driven by strong demand growth in emerging markets such as Asia Pacific and Latin America. Textile finishing is also expected to be a major driver of demand growth over the forecast period, due to increasing use of glycerin as a scouring agent and finish enhancer.
Key Dynamics of Global Glycerin Market
The study found that demand for glycerin market is driven by three main factors: the increasing use of biodiesel, the growing demand for personal care products, and the expanding use of glycerin in pharmaceuticals.
Biodiesel is the fastest-growing application for glycerin, with demand expected to grow at a compound annual rate of 9.5% between 2022 and 2028. This growth is being driven by government policies and regulations that are mandating the use of biodiesel fuels. In 2021, global biodiesel production reached 38.2 million metric tons in 2021 and biofuel production reached record high of 109 billion liters in the same year across the global glycerin market. This growth is driven by government policies that support the use of biodiesel, as well as by the increasing demand for sustainable fuels. The use of glycerin as a feedstock for biofuels has also increased in recent years. Glycerin is a by-product of biodiesel production, and it can be used to produce other biofuels such as ethanol and methanol. As a result, the use of glycerin as a biofuel feedstock has increased significantly, from 2.3 million tons in 2015 to just 13.6 million tons in 2021.
- The report on the global glycerin market also found that the demand for glycerin in personal care products is expected to grow at a compound annual rate of 5.5% between 2022 and 2028. This growth is being driven by the increasing popularity of natural and organic personal care products that contain glycerin as an ingredient.
- Finally, the study found that demand for glycerin in pharmaceuticals is expected to grow at a compound annual rate of 4.0% between 2022 and 2028. This growth is being driven by the expanding use of glycerin in various medical applications, such as medication coatings and mouthwashes.
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Indonesia ($461M), Germany ($270M), Malaysia ($243M), Netherlands ($163M), and Brazil ($131M) are Top Exporter in Glycerin Market
Global glycerin production is currently estimated at approximately 238.2 million metric tons in 2021 per year. The largest producers of glycerin are the Indonesia, Germany, Malaysia, the Netherlands, and Brazil, which together account for more than 70% of global production. In Indonesia and Malaysia, glycerin is produced primarily as a by-product of soap manufacturing. However, it can also be produced from triglycerides via transesterification. Indonesia is the world's largest producer of glycerin, accounting for more than 34% of global production. In 2021, the country exporter glycerin worth $461 million. The country has several large-scale glycerin production facilities, and its export volume has been increasing steadily in recent years. The vast majority of Indonesia's glycerin exports go to China, which is the world's largest importer of the product. Other major export destinations include the United States, Malaysia, Singapore, and Thailand.
Glycerin Market Likely to Struggle with Shortage in the Coming Years
The glycerin industry may struggle to meet demand in the coming years as production falls behind, according to analysis by SkyQuest. While the global demand for glycerin is expected to grow by about 4% per year through 2028, production is only expected to increase by 2% annually. This shortfall could lead to tighter supplies and higher prices for the product, which is used in a wide variety of industries in the global glycerin market including pharmaceuticals, cosmetics, food and beverage, and even explosives. The supply and demand dynamics” found that the world’s production of glycerin is expected to fall short of demand by nearly 1.6 million tons by 2028. According to SkyQuest, the shortfall is due to a number of factors, including the growing demand for biodiesel, which uses glycerin as a feedstock. The expansion of the Chinese glycerin industry is also putting pressure on supplies, as is the increased use of glycerin in the cosmetics and pharmaceutical industries.
Our analysis of the global glycerin market is based on data from the International Energy Agency, the U.S. Department of Agriculture, and other sources. The rise in demand for biodiesel fuel is one of the main drivers behind the increased demand for glycerin. Biodiesel is made from vegetable oils or animal fats and contains glycerin as a by-product. As more countries adopt biodiesel as a renewable fuel source, the demand for glycerin is expected to rise. Another factor driving up demand for glycerin is the increasing use of natural gas in China and India. Natural gas is a major feedstock for glycerin production and as these countries continue to consume more energy, they will also need more glycerin. Finally, the growing popularity of plant-based fatty acids as another driver of increased glycerin demand.
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Top Players in Global Glycerin Market
- Wilmar International (Singapore)
- Emery Oleochemicals (Malaysia)
- IOI Group (Malaysia)
- KLK OLEO (Malaysia)
- Croda International (U.K.)
- Kao Corporation (Japan)
- Cargill Inc. (U.S.)
- Godrej Industries (India)
- P&G Chemicals (U.S.)
- Cremer Oleo GmbH & Co. Kg (Germany)
- Groupe Avril (France)
- Glaconchemie (Germany)
- Granol (Brazil)
- Timur Oleochemicals (Malaysia)
- Sakamoto Yakuhin Kogyo Co., Ltd. (Japan)
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