Global glycerol demand was 2,247.2 kilo tons in 2013 and is expected to reach 3,469.2 kilo tons by 2020 to reach USD 2.52 billion, growing at a CAGR of 6.4% from 2014 to 2020, according to a new study by Grand View Research, Inc. Biodiesel emerged as the leading source of glycerol, accounting for over 1,400 kilo tons of glycerol production in 2013. Growing application market coupled with increased production of oleochemicals in Asia Pacific is expected to augment glycerol demand over the forecast period.
Personal care and pharmaceuticals were the largest application segment, with glycerol consumption exceeding 870 kilo tons in 2013. Glycerol is widely used in many skin products for its nutritive value and healing properties. Other applications of glycerol include
perfume production as well.
Glycerol holds potential as a chemical platform for renewable production of chemicals. It provides an economical and environmental friendly alternative. Propylene Glycol, epichlorohydrin and 1-3 propanediol are few chemicals that have undergone processes of being manufactured from glycerols.
Asia Pacific was the leading regional market and accounted for 37% of market volume in 2013. It is also expected to be the fastest growing market for glycerol at an estimated CAGR of 7.8% from 2014 to 2020. The global glycerol market is highly concentrated with the top four companies including IOI Group, KL Kepong, Emery Oleochemicals and Wilmar International accounting for over 65% of market revenue in 2013. Other companies operating in the market include P&G, Kao Corporation, Cremer Gruppe and Oleon.
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, it offers market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
Source: Grand View Research