Glycerine Market Size, Share, Growth Analysis, By Application(Personal Care, Food & Beverages, Pharmaceuticals, Polyether Polyols), By Grade(USP Grade and Technical Grade), By Manufacturing Process(Transesterification, Saponification, Fat splitting, Others), By Source(Vegetable Oils, Bio-diesel, Synthetic, Others), By Region - Industry Forecast 2024-2031

Glycerine Market size was valued at USD 2.33 billion in 2022 and is poised to grow from USD 2.45 billion in 2023 to USD 3.67 billion by 2031, growing at a CAGR of 5.34% in the forecast period (2024-2031).

The main uses of glycerin are in medicine, personal care products, and cosmetics. The beauty business has been impacted by the COVID-19 outbreak. Sales, purchases, and usage have decreased across several cosmetic areas as a result of months of lockdowns, international travel restrictions, and retail shop closures. However, due to its increased use in hand sanitizers, soaps, handwash, and detergents, the demand for glycerin has surged in end-user sectors including pharmaceutical and personal care during the pandemic.

The significant demand from the pharmaceutical business is probably one of the main aspects that will propel the glycerine market expansion shortly. On the other hand, the majority of producers of refined glycerin are choosing to employ alternative glycerin substitutes in a variety of end-user sectors, which is anticipated to have an impact on the market's expansion. Diethylene glycol, ceramides, oils, and butter are a few alternatives.

Glycerine is currently produced in the world at a rate of 2.9 million tonnes annually, according to estimates. This estimate accounts for all potential sources. Around 810,000 tonnes of glycerin were produced from vegetable oils in Europe, while another 150,000 tonnes came through the manufacturing of UCOME and waste fatty acid biodiesel. In addition, the production of biodiesel from animal fats in categories 1 and 2 should yield an additional 45,000 MT. However, glycerol produced through the manufacturing of biodiesel from waste can only be utilised for technical applications; it cannot be refined to USB grade, only to technical grade. The refined glycerine market is thought to be 2 million metric tonnes in size, but it is expanding quickly due to the growth of the pharmaceutical and personal care industries.

Europe and South-East Asia account for more than 55% of the global demand for crude glycerine. Asia is the largest producer and user of refined glycerine, using around 35% of the global supply, whereas Europe is the largest buyer of crude glycerine. Europe consumes 28% of the refined glycerine produced globally each year, while North America uses about 19%.

US Glycerine Market is poised to grow at a sustainable CAGR for the next forecast year.