The Global Market for Refined Glycerin is Forecast to Reach 8.1 Billion Pounds by 2022
Competitiveness of Glycerin
as a Feedstock in Numerous and Diverse Applications to Sustain Growth in the
Global Glycerin Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Glycerin market. The
global market for Refined Glycerin is forecast to reach 8.1 billion pounds by
2022, driven by falling prices of crude and refined glycerin; growing
preference for renewable feedstocks as against petroleum derived feedstocks and
fairly encouraging business climate in all major end-use application sectors.
Since its discovery in the 1780s, glycerin
has become an indispensable chemical substance available in various grades for
commercial uses in the manufacture of a broad range of domestic, industrial and
pharmaceutical products. Defined as a sweet-tasting, clear, colorless,
odorless, hygroscopic trihydric alcohol, glycerin remains a highly valued
chemical substance with technology developments continuing to expand its use in
new application areas. The excess supply of crude glycerin in the market and
its reprocessing into refined glycerin is pushing up supply of refined glycerin
and driving down its prices.
Although low prices of refined glycerin is
exerting immense pressure on profit margins of glycerin refiners, the scenario is
helping create favorable pricing for glycerin as compared to other
petroleum-based substitutes thus encouraging new innovative uses. The large
stock of crude glycerin in line with the robustly growing production of
biodiesel which currently averages to over 18% per annum led by supportive
biofuel policies in several countries across the world is expected to keep glycerin
prices low in the coming years. The long-term outlook however promises a
respite from low prices with research studies already underway to commercially
produce acrylic acid, lactic acid, and propylene glycol from crude
glycerin. The emergence of novel high-value added uses of crude glycerin
will help reduce the supply surplus in the refined glycerin market over the
medium to long-term period.
Major factors sustaining current growth
in consumption of refined glycerin include established use in industries like
food and pharma which continue to grow driven by growing population, increasing
affluence and rising healthcare needs; favorable prices of glycerin as compared
to other petroleum-based substitutes, and strong R&D investments in
innovating new uses of glycerin. The market also stands to benefit from the
growing trend towards organic, natural and eco-friendly products and feedstock.
Being a non-toxic, biodegradable chemical, glycerin is poised to emerge as the
greatest beneficiary of the move towards achieving a sustained future. Especially poised to benefit is the demand
for vegetable
glycerin manufactured from soy, coconut or palm. Glycerin represents the
fastest growing market segment of the bio-based chemicals market. The strong
focus on renewable chemicals will drive demand for new glycerin-based
intermediate chemicals. Growing use of glycerin in the production of more
eco-friendly methanol, propylene
glycol (PG), and ECH is poised to benefit growth in the market. Despite the
opportunities for growth, the market will face challenges such as continued
supply glut of crude glycerin; weak prices of refined glycerin; rise of
substitutes such as sorbitol, pentaerythritol, propylene glycol; and falling
prices of petroleum based feedstocks as a result of plummeting crude oil prices
and the ensuing changes in cost differentials between feedstocks.
As stated by the new market research
report on Glycerin,
Asia-Pacific represents the largest market worldwide. The region is also forecast
to emerge as the fastest growing market with a CAGR of 9.8% over the analysis
period, led by factors such as rapidly growing food and beverage sector in emerging
Asian economies experiencing rapid consumerism; robust drug manufacturing
activity supported by the rise in pharmaceutical contract manufacturing and increased
domestic consumption of drugs against the backdrop of growing healthcare burden;
strong industrial and manufacturing activity; and robust policy led demand for
renewable chemicals.
Major players in the market include Archer
Daniels Midland Company, BASF SE, Cargill, Inc., CREMER OLEO GmbH & Co. KG,
Croda International Plc, Ecogreen Oleochemicals, Godrej Industries Ltd., IOI
Group, Kao Corporation, KLK OLEO, Pacific Oleochemicals Sdn Bhd, PMC Biogenix
Inc., Procter & Gamble Chemicals, PT. Cisadane Raya Chemicals, PT. Sumi
Asih Oleochemical Industry, Sakamoto Yakuhin Kogyo Co. Ltd., Thai Glycerine Co.
Ltd., The Dow Chemical Company, Twin Rivers Technologies Inc., and Vance Group
Ltd., among others.
The
research report titled “Glycerin: A Global Strategic
Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The
report provides market estimates and projections for all major geographic
markets such as the U.S., Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of
Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest
of Latin America). The market for refined glycerin is analyzed by the following
End-Use Applications - Pharmaceuticals & Personal Care, Food &
Beverages, Tobacco, Polyether Polyols, Alkyd Resins, and Others (Acrylic Acid, Animal Nutrition, Biological
Research, Biomethanol, Cellophane, Epichlorohydrin Production, Epoxy Resins,
Explosives, Fabric Softeners, Lubricants, Paints & Coatings, Paper,
Polypropylene Glycol, and Textile applications among Others).
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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