The global market for glycerin is projected to reach USD 3.12 Billion by 2021, at a CAGR of 6.8% during the forecast period. The global glycerin industry is witnessing growth on account of increasing applications, and increasing demand in the Asia-Pacific region, mainly from China, Japan, and India. Also, the growing demand for glycerin in chemical intermediate production is expected to drive market growth.
The glycerin market is segmented on the basis of process, source, grade, application, and region. In terms of process, transesterification accounted for the largest share of the market globally in 2015. Transesterification is the most common glycerin producing process currently across the globe, and in this process, triglycerides react with alcohols in the presence of catalysts. Fat splitting is expected to witness fastest growth during the forecast period.
In 2015, biodiesel-based glycerin accounted for the largest share in the overall market. Glycerin is produced as a by-product during the production of biodiesel. Crude glycerin manufactured during this process accounts for around 10% of the total biodiesel production. The growing demand for natural ingredients across end-use industries such as cosmetics, food & beverages, and personal care industry is expected to benefit the growth of glycerin derived from vegetable oils.
Technical grade is the most widely used glycerin across the globe. Growing popularity of glycerin as a platform chemical is expected to widen the scope of applications in this segment. Pharmaceutical grade glycerin is used in the food & beverages, pharmaceuticals & healthcare, and personal care industries. Growing applications in these industries are expected to drive the pharmaceutical grade glycerin market.