LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global glycerol market to reach USD 3,099.2 million by 2021 during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the ‘Global Glycerol Market for 2017-2021’. The report further segments the market based on application (personal care and pharmaceuticals, alkyd resins, foods and beverages, polyether polyols, and tobacco humectants), source (biodiesel, fatty acids, fatty alcohols, and soap industry), and geography (the Americas, APAC, EMEA, and ROW).
Owing to increasing demand for sustainable and biodegradable chemicals, the global market for glycerol is witnessing considerable growth. The low-cost and eco-friendly factors of glycerol are helping it to replace traditional petrochemicals in biolubricants and biopolymers. The growing demand for personal care and pharmaceuticals, soap and detergents, food and beverages, polymers, chemical synthesis, and lubricants and greases industries will drive this market during the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global glycerol market:
- Growth in food and beverage industry
- Growing production of biodiesel
- Positive attitude of government agencies toward environment-friendly products
Growth in food and beverage industry
There has been a significant increase in the global food production, and the growth is mainly driven by the Asian and African regions. The global food production has increased by over three times in the past 50 years. Over the next five years, the beverage industry is expected to grow at a CAGR of over 3%.
Ajay Adikari a lead bio-chemicals and bio-materials research analyst at Technavio, says, “Minimal growth in sales in the soft drinks and beer categories will be experienced by developed regions such as North America and Europe. There has been a shift in consumption pattern in the developed countries. It has been seen that consumers prefer functional beverages compared to carbonated drinks. Food and beverage industry makes wide use of glycerol as an additive. Thus, the growth in the food and beverage industry is expected to propel the demand for glycerol.”
Growing production of biodiesel
Because of uncertainty in global fuel prices, energy security, and the continuous rise in emission levels, there has been an increasing interest in the adoption of alternate fuels. There has been a rise in demand for renewable biofuels with the gradual depletion of fossil fuels. The R&D efforts worldwide have led to the use of biofuels, which are gradually moving to large-scale commercialization because their performance is like gasoline and diesel.
“The use of blended fuels in vehicles is increasing as these fuels can be used in regular vehicles and the modifications needed to the engines are minimal or null. Biofuels produce lesser greenhouse gas emissions in comparison to conventional fuels depending on the blend. Biofuels also reduce the amount of sulfur and hydrocarbon emissions in the air,” adds Ajay.
Positive attitude of government agencies toward environment-friendly products
The increase in green practices is primarily driven by the diverse benefits, which includes increased cost saving and favorable regulations by government agencies. The primary focus of the green industry is to make profit with minimal or negligible effect on the environment. Past decades have seen some major environmental concerns emerging from the chemical industries that includes acid rains, increase the level of greenhouse gasses, hole in the ozone layer, increasing air pollution, and effect of chemical fertilizers and pesticides on streams and rivers.
Top vendors:
- Emery Oleochemicals
- IOI Group
- Kuala Lumpur Kepong Berhad
- Oleon
- Wilmar International
Browse Related Report:
- Global Biodegradable Paper Packaging Materials Market 2017-2021
- Global Gelatin Market 2017-2021
- Global Liquid Applied Membrane Market for Construction Industry 2017-2021
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