Glycerol Market

The global glycerol market is expected to see continued growth over the next eight years, driven by increasing demand worldwide. Consumption is forecasted to rise with a CAGR of +4.2%, reaching 20M tons by 2030. The market value is projected to reach $27.6B by 2030, with strong growth trends observed from 2012 to 2022. Key countries such as China, the United States, and India lead in consumption and production. Crude glycerol, glycerine waters, and lyes are the most consumed products, accounting for 67% of total volume. Imports and exports of glycerol are also on the rise, with Indonesia and China being major players in the market. Overall, the glycerol market shows a promising outlook for the future.

Market Forecast

Driven by increasing demand for glycerol worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market volume to 20M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.6% for the period from 2022 to 2030, which is projected to bring the market value to $27.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Glycerol

In 2022, approx. 14M tons of glycerol were consumed worldwide; with an increase of 2% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.4% against 2019 indices. As a result, consumption reached the peak volume of 15M tons. From 2020 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global glycerol market size expanded remarkably to $16.5B in 2022, picking up by 5.9% against 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). Overall, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +104.2% against 2012 indices. Over the period under review, the global market reached the peak level in 2022 and is expected to retain growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.6M tons), the United States (1.3M tons) and India (930K tons), together comprising 34% of global consumption. Pakistan, the Netherlands, Germany, the UK, Japan, Brazil, Nigeria, Mexico, Thailand and Bangladesh lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Nigeria (with a CAGR of +15.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest glycerol markets worldwide were China ($2B), India ($2B) and the United States ($1.1B), with a combined 31% share of the global market. Pakistan, Japan, Bangladesh, the UK, the Netherlands, Germany, Brazil, Nigeria, Thailand and Mexico lagged somewhat behind, together comprising a further 20%.

Nigeria, with a CAGR of +13.7%, 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 glycerol per capita consumption was registered in the Netherlands (28 kg per person), followed by the UK (6.5 kg per person), Germany (5.7 kg per person) and the United States (4 kg per person), while the world average per capita consumption of glycerol was estimated at 1.8 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the glycerol per capita consumption in the Netherlands totaled +13.7%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the UK (+8.6% per year) and Germany (+5.7% per year).

Consumption By Type

Crude glycerol, glycerine waters and lyes (9.6M tons) constituted the product with the largest volume of consumption, comprising approx. 67% of total volume. Moreover, crude glycerol, glycerine waters and lyes exceeded the figures recorded for the second-largest type, refined or synthetic glycerol (4.7M tons), twofold.

For crude glycerol, glycerine waters and lyes, consumption increased at an average annual rate of +7.4% over the period from 2012-2022.

In value terms, the largest types of glycerol in terms of market size were crude glycerol, glycerine waters and lyes ($8.7B) and refined or synthetic glycerol ($5.4B).

Crude glycerol, glycerine waters and lyes, with a CAGR of +8.4%, saw the highest growth rate of market size among the main consumed products over the period under review.

Production

World Production of Glycerol

In 2022, approx. 14M tons of glycerol were produced worldwide; remaining stable against the previous year's figure. Overall, the total production indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.2% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 31%. As a result, production attained the peak volume of 15M tons. From 2020 to 2022, global production growth remained at a lower figure.

In value terms, glycerol production reached $12.8B in 2022 estimated in export price. Over the period under review, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 27%. As a result, production reached the peak level of $13.3B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Indonesia (1.9M tons), the United States (1.2M tons) and Brazil (895K tons), together accounting for 28% of global production. China, Germany, India, Pakistan, Malaysia, Japan, Spain, the UK, Nigeria and Argentina lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Spain (with a CAGR of +17.3%), while production for the other global leaders experienced more modest paces of growth.

Production By Type

The products with the highest volumes of production in 2022 were crude glycerol, glycerine waters and lyes (9.4M tons) and refined or synthetic glycerol (4.8M tons).

From 2012 to 2022, the biggest increases were recorded for crude glycerol, glycerine waters and lyes (with a CAGR of +7.2%).

In value terms, crude glycerol, glycerine waters and lyes ($8.5B) led the market, alone. The second position in the ranking was held by refined or synthetic glycerol ($4.3B).

For crude glycerol, glycerine waters and lyes, production increased at an average annual rate of +8.1% over the period from 2012-2022.

Imports

World Imports of Glycerol

In 2022, global glycerol imports surged to 5.4M tons, increasing by 21% on the previous year's figure. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.6% against 2014 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 24%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, glycerol imports skyrocketed to $5.2B in 2022. Overall, imports enjoyed a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

China was the key importer of glycerol in the world, with the volume of imports reaching 1.7M tons, which was near 32% of total imports in 2022. It was distantly followed by the Netherlands (714K tons) and the United States (281K tons), together constituting an 18% share of total imports. Denmark (228K tons), Germany (225K tons), the UK (172K tons), India (162K tons), Malaysia (157K tons), Japan (106K tons), France (101K tons), Mexico (97K tons), Russia (93K tons) and the Czech Republic (90K tons) followed a long way behind the leaders.

Imports into China increased at an average annual rate of +11.6% from 2012 to 2022. At the same time, Denmark (+17.0%), the UK (+12.5%), India (+11.3%), Mexico (+9.6%), the Netherlands (+8.7%), the United States (+7.5%), Malaysia (+7.3%), the Czech Republic (+7.3%), France (+6.1%) and Japan (+4.0%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing importer imported in the world, with a CAGR of +17.0% from 2012-2022. Russia and Germany experienced a relatively flat trend pattern. From 2012 to 2022, the share of China and Denmark increased by +8.9 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.6B) constitutes the largest market for imported glycerol worldwide, comprising 30% of global imports. The second position in the ranking was taken by the United States ($396M), with a 7.6% share of global imports. It was followed by the Netherlands, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +21.0%. In the other countries, the average annual rates were as follows: the United States (+13.4% per year) and the Netherlands (+11.0% per year).

Imports By Type

In 2022, crude glycerol, glycerine waters and lyes (2.9M tons), distantly followed by refined or synthetic glycerol (2.5M tons) represented the main types of glycerol, together achieving 100% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by crude glycerol, glycerine waters and lyes (with a CAGR of +9.1%).

In value terms, refined or synthetic glycerol ($3.3B) and crude glycerol, glycerine waters and lyes ($1.9B) were the products with the highest levels of imports in 2022.

Crude glycerol, glycerine waters and lyes, with a CAGR of +15.6%, saw the highest growth rate of the value of imports, in terms of the main imported products over the period under review.

Import Prices By Type

The average glycerol import price stood at $958 per ton in 2022, jumping by 37% against the previous year. In general, import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glycerol import price increased by +110.6% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 48% against the previous year. Global import price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was refined or synthetic glycerol ($1,324 per ton), while the price for crude glycerol, glycerine waters and lyes stood at $642 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by crude glycerol (+6.0%).

Import Prices By Country

In 2022, the average glycerol import price amounted to $958 per ton, picking up by 37% against the previous year. Overall, import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glycerol import price increased by +110.6% against 2019 indices. The pace of growth was the most pronounced in 2021 when the average import price increased by 48%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($1,640 per ton), while Russia ($501 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+9.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Glycerol

In 2022, global exports of glycerol expanded notably to 5.3M tons, increasing by 13% against 2021. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.9% against 2014 indices. The pace of growth was the most pronounced in 2014 when exports increased by 30%. Over the period under review, the global exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, glycerol exports soared to $4.9B in 2022. Overall, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 73%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

Indonesia represented the major exporting country with an export of about 1.7M tons, which finished at 31% of total exports. It was distantly followed by Germany (538K tons), Malaysia (524K tons), Brazil (495K tons), the Netherlands (375K tons) and Spain (306K tons), together comprising a 42% share of total exports. France (170K tons), Argentina (141K tons), the United States (126K tons), Belgium (103K tons) and Poland (102K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to glycerol exports from Indonesia stood at +15.2%. At the same time, Spain (+29.2%), the United States (+17.4%), Brazil (+11.2%), the Netherlands (+7.7%), Germany (+6.2%), Malaysia (+6.0%) and Poland (+5.7%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +29.2% from 2012-2022. By contrast, France (-1.2%), Belgium (-4.3%) and Argentina (-5.1%) illustrated a downward trend over the same period. Indonesia (+15 p.p.), Spain (+4.8 p.p.) and Brazil (+2.3 p.p.) significantly strengthened its position in terms of the global exports, while Germany, Malaysia, Belgium, France and Argentina saw its share reduced by -1.9%, -2%, -4.6%, -4.6% and -7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($1.5B) remains the largest glycerol supplier worldwide, comprising 31% of global exports. The second position in the ranking was taken by Malaysia ($639M), with a 13% share of global exports. It was followed by Germany, with a 12% share.

In Indonesia, glycerol exports increased at an average annual rate of +21.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+10.9% per year) and Germany (+9.8% per year).

Exports By Type

In 2022, crude glycerol, glycerine waters and lyes (2.8M tons), followed by refined or synthetic glycerol (2.6M tons) represented the key types of glycerol, together achieving 100% of total exports.

From 2012 to 2022, the biggest increases were recorded for crude glycerol, glycerine waters and lyes (with a CAGR of +8.6%).

In value terms, refined or synthetic glycerol ($3.3B) remains the largest type of glycerol supplied worldwide, comprising 67% of global exports. The second position in the ranking was taken by crude glycerol, glycerine waters and lyes ($1.6B), with a 33% share of global exports.

From 2012 to 2022, the average annual growth rate of the value of refined or synthetic glycerol exports totaled +12.9%.

Export Prices By Type

The average glycerol export price stood at $912 per ton in 2022, growing by 40% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glycerol export price increased by +109.4% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by 50% against the previous year. The global export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was refined or synthetic glycerol ($1,267 per ton), while the average price for exports of crude glycerol, glycerine waters and lyes totaled $579 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by refined or synthetic glycerol (+5.1%).

Export Prices By Country

The average glycerol export price stood at $912 per ton in 2022, picking up by 40% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, glycerol export price increased by +109.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 50%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($1,255 per ton), while Spain ($342 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+10.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform