GLOBAL BIO GLYCEROL MARKET SIZE (2024 -2030)

The Global Bio Glycerol market was valued at USD 4.44 Billion in 2023 and is projected to reach a market size of USD 5.00 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 1.7%.

Industry Overview:

Bio Glycerol is an odourless chemical and is transparent polyol. It belongs to alcohol family and is formed by hydrolysing natural oils and fats. It is used as a raw material in various industries. It is an important component of pharmaceutical formulations such as oral medicine. It acts as solvent and humectant in oral medicines. The increase in growth of the oral medicines have increased the demand for bio glycerol. It is also used as an emollient, plasticiser and filler agent in the pharmaceutical and food industry. The increase in awareness about health and well being has increased the demand for OTC medicines which use bio glycerol as a main component. There is also an increased awareness about beauty and personal care products. The use of hand sanitizers has increased drastically from the past few years. The main ingredient in these products is bio glycerol. Due to the growth in these industries the demand for the raw material also increased. Bio Glycerol is the main by product produced in the manufacturing of bio diesel. The increase in the use of bio diesel due to emphasis on the alternative fuels has stimulated the growth of the by product, bio glycerol. The increasing global temperature due to greenhouse gases has exacerbated the climate situation. The water level is rising due to ice melting which is caused by increase in the global temperature. Hence, the organizations around the world both public and private are shifting away from fossil fuels which cause these environmental situations. The investment in alternative fuels is increased due to these events. Bio Diesel is a promising solution to make eco friendly fuel which doesn’t harm the environment. Additionally, the by products such as bio glycerol can be further used in various other industries as a raw material. The properties if bio glycerol is that it is biodegradable in nature, which makes it environment friendly. This means that bio glycerol can be easily disposed off without harming the environment.

COVID-19 Impact:

Bio Glycerol market was highly affected by the COVID-19 pandemic. The lockdowns imposed by various countries around the world to control the spread of the virus lower production of bio glycerol. This was due to many issues such as unavailability of labour and supply chain issues. During this period the raw materials for the production of bio glycerol were not readily available. It also halted the production of bio diesel which directly impacted the production of bio glycerol. The prices of fuel and raw material were fluctuating during this period. The pharmaceutical industry and packaged foods industry saw a good growth in COVID-19 pandemic. Due to increasing number of infections the demand for OTC medicines to relieve cough and cold. The cough syrups contain bio glycerol as one of their main components. The packaged food industry demand also went high as people didn’t have time to cook food as they were working from home. The ready to make food products increased during this period which provide some relief to the Bio Glycerol Market.

MARKET DRIVERS

Increase in demand for Bio Diesel is driving the growth in Bio Glycerol Market

There has been a growing demand for bio diesel. Bio Diesel is formed from the reaction with oils and fats with alcohol. Through the process of transesterification, the bio diesel is formed. The bio diesel is a green fuel which means that it does cause any harm to the environment. The fuel is environment friendly and the growing concern about climate change is forcing countries to invest in alternative fuels as fossil fuels harm the environment and increase the global temperature. Bio Glycerol is a major by product which is produced in the manufacturing of the bio diesel. Due to these reasons the growth in the bio diesel industry has increased the growth in the Bio Glycerol Market.

The increase in demand for personal care products is driving the growth in Bio Glycerol Market

The personal care products such as hand sanitizers registered a huge revenue during the pandemic. The COVID-19 increased awareness about personal hygiene. The use of hand sanitizers increased during this period. One of the main components used in the sanitizers is Bio Glycerol. Bio Glycerol acts as an emollient and maintains moisture in the skin. Due to increase in the demand for products like hand sanitizers the demand for Bio Glycerol has also increased.

MARKET RESTRAINTS

Fluctuating prices of raw materials is restraining the growth in the Bio Glycerol Market

The raw material required for the production of Bio glycerol have been highly impacted due to constant changes in the geopolitics around the world. The Russia-Ukraine impacted the fuel prices as Russia stopped its crude oil supply to many countries. This in turns increased the prices of transportation related to inbound and outbound logistics. The increase in prices of fuel directly impacted the price of raw materials. The raw materials required for the production of bio glycerol became less available and is restraining the growth in the bio glycerol market.

Growth of other fuels like green hydrogen is restraining the growth in the Bio Glycerol Market

There is an increased growth in the green hydrogen industry. The green hydrogen is produced from the electrolysis of water. This is the most eco-friendly process to produce hydrogen. This is giving tough competition to the other alternative fuels such as bio diesel. Hence, it is growth is directly impacting the bio diesel industry. The reduced demand for bio diesel will mean that the production of its main bio product will also be lesser. Hence, it is a major restraining factor in the growth of the Bio Glycerol Market.

BIO GLYCEROL MARKET REPORT COVERAGE:

This research report on the global Fuel Cell Market has been segmented and sub-segmented based on type, application, end use industry and region.

Bio Glycerol market segmentation – By Type

1. USP Grade

2. Technical Grade

In terms of grade, the bio glycerol market can be converted into two major categories, USP Grade and Technical Grade. The USP Grade chemical is that which meets the purity standards of the US Pharmacopeia. The manufacturing standards are met by conforming to the Pharmacopeia. Whereas technical grade chemicals are the lowest grade of chemicals in terms of purity. These types of chemicals are not highly desired

Bio Glycerol market segmentation – By End Use Industry

1. Personal Care

2. Food & Beverage

3. Pharmaceutical

4. Others

In terms of End Use Industry, the Bio Glycerol market can be divided into four main categories. The personal care segment uses bio glycerol as a raw material. The bio glycerol is used in hand sanitizers as a solvent and emollient. In Food and Beverage industry it is used as a sweetener. It has good biodegradable properties as well. In pharmaceutical industry it is used in syrups and oral medicines and acts as humectant. 

Bio Glycerol market segmentation – By Region

1. North America

2. Europe

3. Asia-Pacific

4. Rest of the World

5. Middle East and Africa

The North America is one of the biggest markets for Bio Glycerol. The continues investments in the research and development of the industry has helped the industry to grow. The Asia-Pacific region is the fastest growing region in the world. The production capacity has increased multi-fold. The reason behind the high production in Asia-Pacific is due to the availability of cheap labour and cheap raw materials.

Bio Glycerol market segmentation – By Company

The Bio Glycerol market is a highly fragmented market. The key players do not have a major share of the market. The barriers to entry are also very high as it is a capital-intensive industry which requires a huge amount of research and development. The infrastructural costs for setting up the machinery are also very high which makes the new entrants difficult to survive in the market.  The major players are IOI Oleochemicals, Emery Oleochemicals, and Kao Corporation.

NOTABLE HAPPENINGS IN THE BIO GLYCEROL MARKET IN THE RECENT PAST:

• In June 2021, ENI and BANSF joined together in a joint venture for the production of bio-propanol from Bio Glycerol. The joint venture will focus on the technology which will convert propanol from Bio Glycerol.

• In April 2021, Croda International, a pharmaceutical company helped support the sanitizer manufacturers by providing them Bio Glycerol free of cost. This initiative was taken to boost the production of the Bio Glycerol.