Crude Glycerol Market

The article discusses the increasing demand for crude glycerol, glycerine waters, and lyes worldwide, projecting a positive growth trend in the market over the next eight years. The market is forecasted to expand with a CAGR of +5.2% in volume and +7.4% in value from 2022 to 2030, reaching 14M tons and $15.4B by 2030. In 2022, global consumption of crude glycerol dropped slightly to 9.6M tons but saw strong growth overall, reaching 11M tons. The largest consumers in 2022 were China, the United States, and India. Production of crude glycerol also saw a modest decline in 2022 to 9.4M tons but continues to show strong growth. The article also covers import and export trends, highlighting Indonesia as the main exporting country and China as the major importer. Overall, the global market for crude glycerol is expected to see steady growth in the coming years.

Market Forecast

Driven by increasing demand for crude glycerol, glycerine waters and lyes worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market volume to 14M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.4% for the period from 2022 to 2030, which is projected to bring the market value to $15.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Crude Glycerol, Glycerine Waters And Lyes

In 2022, the amount of crude glycerol, glycerine waters and lyes consumed worldwide dropped modestly to 9.6M tons, stabilizing at the year before. Overall, consumption, however, saw strong growth. As a result, consumption attained the peak volume of 11M tons. From 2020 to 2022, the growth of the global consumption remained at a lower figure.

The global crude glycerol market value reached $8.7B in 2022, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw strong growth. As a result, consumption attained the peak level of $8.9B. From 2020 to 2022, the growth of the global market failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.5M tons), the United States (861K tons) and India (546K tons), with a combined 30% share of global consumption. The Netherlands, Japan, Pakistan, Germany, Nigeria, Brazil, Bangladesh, Mexico, Ethiopia and Thailand lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +15.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest crude glycerol markets worldwide were India ($1.2B), China ($841M) and Japan ($666M), together accounting for 31% of the global market.

China, with a CAGR of +18.6%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of crude glycerol per capita consumption was registered in the Netherlands (26 kg per person), followed by Germany (3.6 kg per person), Japan (2.7 kg per person) and the United States (2.6 kg per person), while the world average per capita consumption of crude glycerol was estimated at 1.2 kg per person.

From 2012 to 2022, the average annual growth rate of the crude glycerol per capita consumption in the Netherlands stood at +11.9%. In the other countries, the average annual rates were as follows: Germany (+4.0% per year) and Japan (+5.5% per year).

Production

World Production of Crude Glycerol, Glycerine Waters And Lyes

In 2022, global crude glycerol production contracted modestly to 9.4M tons, shrinking by -3.1% compared with the previous year's figure. Over the period under review, production, however, continues to indicate a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of 45% against the previous year. As a result, production reached the peak volume of 10M tons. From 2020 to 2022, global production growth remained at a somewhat lower figure.

In value terms, crude glycerol production fell modestly to $8.5B in 2022 estimated in export price. Overall, production, however, recorded resilient growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 42%. As a result, production attained the peak level of $9.3B. From 2020 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Indonesia (943K tons), the United States (894K tons) and Brazil (586K tons), together comprising 26% of global production. India, Germany, Japan, Pakistan, Spain, Nigeria, China, Bangladesh, the UK and Mexico lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by China (with a CAGR of +23.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Crude Glycerol, Glycerine Waters And Lyes

Global crude glycerol imports surged to 2.9M tons in 2022, growing by 17% against the previous year. Over the period under review, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 40%. Over the period under review, global imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, crude glycerol imports skyrocketed to $1.9B in 2022. Overall, imports saw strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 98%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

China represented the major importing country with an import of about 1.2M tons, which finished at 42% of total imports. It was distantly followed by the Netherlands (508K tons), Germany (162K tons) and Denmark (148K tons), together achieving a 28% share of total imports. Malaysia (116K tons), India (103K tons), Russia (57K tons), Turkey (56K tons) and the Czech Republic (51K tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +10.7% from 2012 to 2022. At the same time, Russia (+39.1%), India (+23.1%), Turkey (+20.3%), Denmark (+20.2%), the Netherlands (+9.5%), Malaysia (+6.7%) and the Czech Republic (+6.0%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing importer imported in the world, with a CAGR of +39.1% from 2012-2022. Germany experienced a relatively flat trend pattern. China (+6 p.p.), Denmark (+3.1 p.p.), India (+2.5 p.p.) and Russia (+1.8 p.p.) significantly strengthened its position in terms of the global imports, while Germany saw its share reduced by -8.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($952M) constitutes the largest market for imported crude glycerol, glycerine waters and lyes worldwide, comprising 51% of global imports. The second position in the ranking was held by the Netherlands ($185M), with a 9.9% share of global imports. It was followed by Malaysia, with a 5.5% share.

In China, crude glycerol imports expanded at an average annual rate of +21.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (+10.1% per year) and Malaysia (+16.1% per year).

Import Prices By Country

In 2022, the average crude glycerol import price amounted to $642 per ton, increasing by 33% against the previous year. Over the period under review, the import price saw a prominent increase. The most prominent rate of growth was recorded in 2021 an increase of 74%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($888 per ton), while Denmark ($346 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+9.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Crude Glycerol, Glycerine Waters And Lyes

In 2022, global crude glycerol exports rose rapidly to 2.8M tons, growing by 7% on the year before. In general, exports saw a resilient increase. The pace of growth was the most pronounced in 2021 when exports increased by 22% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, crude glycerol exports surged to $1.6B in 2022. Overall, exports continue to indicate a resilient increase. The growth pace was the most rapid in 2021 when exports increased by 117%. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Exports By Country

Indonesia was the main exporting country with an export of around 815K tons, which finished at 30% of total exports. Brazil (355K tons) ranks second in terms of the total exports with a 13% share, followed by Spain (11%), Germany (7.7%) and France (5.3%). Malaysia (89K tons), the United States (76K tons), the Netherlands (62K tons), Colombia (57K tons), Canada (53K tons), Poland (52K tons), Belgium (47K tons) and Argentina (42K tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude glycerol exports from Indonesia stood at +17.4%. At the same time, Canada (+38.2%), Spain (+31.6%), Colombia (+29.7%), Malaysia (+28.2%), the United States (+22.8%), Germany (+8.9%), Brazil (+7.7%) and Poland (+6.4%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in the world, with a CAGR of +38.2% from 2012-2022. France and the Netherlands experienced a relatively flat trend pattern. By contrast, Belgium (-6.6%) and Argentina (-13.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia, Spain, Malaysia, the United States, Canada and Colombia increased by +16, +9, +2.6, +1.9, +1.7 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($558M) remains the largest crude glycerol supplier worldwide, comprising 35% of global exports. The second position in the ranking was taken by Brazil ($208M), with a 13% share of global exports. It was followed by Germany, with a 6% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia totaled +28.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+16.3% per year) and Germany (+9.0% per year).

Export Prices By Country

In 2022, the average crude glycerol export price amounted to $579 per ton, surging by 39% against the previous year. Over the period under review, the export price recorded a perceptible expansion. The pace of growth appeared the most rapid in 2021 an increase of 78% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Poland ($915 per ton), while Spain ($317 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+10.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform