Glycerol Market Size - By Product Type (Crude, Refined), By Source (Biodiesel, Fatty Acids, Fatty Alcohols, Soap Industry), By Application, Downstream Application & Global Forecast, 2024 - 2032

Glycerol Market Size

Glycerol Market was valued at over USD 4.9 billion in 2023 and is expected to record over 4.5% CAGR between 2024 and 2032. On account of its properties of a moisturizing, emollient, and lubricating agent, glycerol has emerged as an important ingredient in skin care, hair care, and oral cleansers. Increased consumer demand for organic natural personal care products is boosting the use of glycerol derived from plant and animal fats. The growing pharmaceutical industry is further employing the product in the manufacture of cough medicines and elixirs.

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Furthermore, glycerol is employed as a flavoring agent, moisturizer and preservative in baked goods, confectionaries, and beverages. Developments in refining technology have led to the growth of new applications in bio-based polymers and anti-freeze agents. The biodiesel sector is also contributing significantly to the market expansion, as it is a by-product of biodiesel production.

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However, the volatility of raw material prices and the supply-demand imbalance may deter the product uptake. The sale of glycerol as a by-product of biodiesel production is largely affected by fluctuations in the biodiesel sector, resulting in erratic supply and price volatility. Purification of crude glycerol is complex and expensive, which may further hinder SMEs from entering the market. The availability of other chemicals that can perform similar functions, such as solvents in the personal care industry will also impose some competitive threat.

Glycerol Market Trends

The increasing adoption of glycerol in the production of bio-based chemicals and materials will favor the market growth. As industries move towards more sustainable practices, glycerol is helping in the production of eco- friendly products, such as biodegradable polymers and solvents. The increasing popularity of green chemicals has led to the alternative use of glycerol in the manufacturing of non-toxic deicing agents for antifreeze. Developments in biotechnology are also enabling the product use in fermentation processes to produce biofuels and bioplastics, further expanding its market potential.

Glycerol Market Analysis

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Based on type, the industry size from the refined segment recorded over USD 4.1 billion in 2023 and will generate over USD 6.7 billion by 2032 due to its high purity and versatility, making it suitable for a wide range of high-value applications. Refined glycerol, characterized by high glycerin content and low impurity levels, is important in the pharmaceutical, food and personal care industries. In the pharmaceutical industry, it acts as a flavor enhancer, and preservative in a variety of medicines for improving the efficacy and safety of the products.

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Glycerol market value from the biodiesel segment is expected to reach over USD 5.5 billion by 2032, owing to the substantial volume of glycerol produced as a byproduct during biodiesel manufacturing. The biodiesel industry is growing rapidly due to increasing global emphasis on renewable energy and reducing carbon footprints. The high glycerol yield from biodiesel production reduces the cost and increases the stability of glycerol delivery for facilitating its use in pharmaceutical, cosmetic, food & beverage (F&B) and other industries.

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Asia Pacific glycerol market size surpassed USD 1.9 billion in 2023 and is expected to reach over USD 3.1 billion by 2032, attributed to the expanding biodiesel production, particularly in countries like Indonesia and Malaysia, which are major producers of palm oil. Growing pharmaceutical and personal care industries, driven by increasing health literacy and higher disposable incomes are driving the demand for high-purity glycerol. This is expanding the product demand in pharmaceutical, skin care and hair care items, further stimulating the regional market growth.

Glycerol Market Share

Leading glycerol firms are adopting strategies, such as vertical integration and diversification along with strategic collaboration with biodiesel producers to expand their portfolio. Vertical integration is allowing these companies to control the entire production process from raw materials to final delivery for ensuring quality and cost effectiveness. Investments in R&D activities is also essential to develop new glycerol-based products.

Glycerol Market Companies

Major players operating in the glycerol industry include

• P&G Chemicals
• BASF
• Kao Corporation
• Dow Chemical Company
• Archer Daniel Midland
• Wilmar International

Glycerol Industry News

• In December 2022, the Care Chemicals division of BASF introduced Euperlan NL Pearl, the first wax-based pearlizer for meeting the COSMOS standard. The innovation is made with natural ingredients, such as cocamidopropyl betaine and glycerol oleate.
• In January 2023, Xylome released two sustainable alternatives to Refined Bleached and Deoderized palm oil, created through precision fermentation of yeast. These products replaced traditional palm oil in various applications.

This glycerol market includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Tons) from 2021 to 2032, for the following segments

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By Product Type

• Crude
• Refined

By Source

• Biodiesel
• Fatty Acids
• Fatty Alcohols
• Soap Industry

By Application

• Personal Care
• Pharmaceuticals
• Alkyd Resins
• Foods & Beverages
• Polyether Polyols
• Tobacco Humectants
• Others

By Downstream Application

• Propylene glycol
• Epichlorohydrin
• Acrylic Acid
• 1,3-Propanediol
• Acrylonitrile 

The above information is provided on a regional and country basis for the following

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Thailand
  • Malaysia
• Latin America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa