New York, NY -- (SBWIRE) -- 11/18/2016 -- Primarily driven by growing consumption of glycerin in the personal care products sector, the global glycerin market is anticipated to witness steady yet moderate growth by 2024 end. In terms of volume, the consumption of glycerin is expected to reach 3,859 KT in 2016. Over the forecast period 2016-2024, the global glycerin market will expand at a moderate CAGR of 4.0%.

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Glycerin continues to find a number of applications in soaps, beauty care products, cosmetics, tabcco-based products, explosives, and many more, which is expected to sustain the demand globally. In addition, owing consumption of glycerol in personal care products, pharmaceuticals, industrial chemicals, food and beverages, inks, and lubricants will also remain a key factor pushing the demand for glycerin in the global market. Recently explored applications of refined glycerin, biodiesel-derived glycerin, and shale gas are also among the major factors positively impacting the market growth.

Attributed to substantial biodiesel production and oleochemicals manufacturing, nearly 2.5 million tons of glycerol is supplied to the global market, per year. However, the supply never relies on its demand. As a result, glycerol prices are highly volatile. Within the recent past, consistently lower prices of glycerin made it capture those markets, which could never afford traditionally high glycerol prices.

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Increasing efforts in novel application development worldwide, coupled with introduction of various relevant standard regulations, is expected to play a crucial role in boosting the demand for glycerol. Moreover, there has been a discernible preference for bio-renewable chemicals since the past few years. This is also a key driver pushing the market ahead. There is a remarkable fluctuation in price as well as supply of glycerin in the global market. This, in addition to widespread availability of glycerin-substitutes may hinder the growth of the market.

Based on grade, refined glycerin segment will continue to witness hefty sales, accounting for a dominating share in the global market revenues. Being a major feedstock for consumer goods, including foods, beverages, pharmaceuticals, and cosmetics, refined glycerin segment is anticipated to emerge as a highly attractive grade-wise segment by the end of 2024. While refined glycerin segment is estimated to expand at a CAGR of 5.7%, crude glycerin segment will record a 4.6% over 2016-2024.

By source, biodiesel segment will remain a clear dominator with over 60% of the market value share. Fatty acid and fatty alcohol segment is projected to witness a CAGR of 5.5% during the forecast period.

On the basis of application, personal care segment will reportedly dominate all other segments, including food and beverages, pharmaceuticals, industrial chemicals, alkyd resins, tobacco, and polyether polyols. Personal care segment is predicted to witness significant growth accounting for over 30% of the market share, food and beverages segment will register a moderate CAGR of 5.5%. Personal care and pharmaceuticals segments collectively account for over one-third share of the global glycerol market.

Based on regional analysis, Asia Pacific is estimated to continue dominance with over 40% of the global market value share. Argentina and Indonesia have been among the top exporters of high quality crude glycerol. APAC will be the fastest growing market during 2016-2024, whereas North America and Europe will represent key markets with a number of growth opportunities. In terms of sales revenues, Europe and North America are predicted to expand at the CAGRs of 4.5% and 4.9% respectively.

Some of the prominent companies in the global glycerin market are Croda International Plc, Kuala Lumpur Kepong Berhad, Archer Daniels Midland Company, Procter & Gamble Chemicals, Kao Corporation, The Dow Chemical Company, Godrej Industries Ltd., Emery Oleochemicals, and Sakamoto Yakuhin kogyo Co. Ltd.

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The glycerin production industry has been witnessing a large number strategic consolidations since the past few years. Leading players are constantly striving to penetrate high potential markets in APAC and empower foothold markets, such as Europe and North America. Value added products, such as technical grade and US Pharmacopia grade glycerin, are also expected to gain greater importance over the forecast period.

Long-term Outlook: The global glycerin market will witness moderate growth at a volume CAGR of 4.0% throughout the forecast period, 2016-2024.