Factors that Impact on the Glycerin Market Industry in Upcoming Years !

The growth of the glycerin market from USD 2.19 billion in 2015 to USD 3.12 billion by 2021 at a CAGR of 6.8%. Growing use of glycerin in personal care, food & beverages, and pharmaceuticals & healthcare segments is expected to drive the market over the next five years. Glycerin acts as a substitute for propylene glycol in cosmetics, food & beverages, and electronic cigarette industries. Glycerin is also used in producing propylene glycol, which is used as antifreeze when leakage leads to contamination of food or any other product, and is used as a substitute for sorbitol as a plasticizer across various industries. It is effective, inexpensive, and makes the resulting plastic flexible even at very low temperatures, which quality is required in a freezer wrap.

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The glycerin market is expected to witness a high growth rate from 2016 to 2021, in terms of value. The key players in the glycerin market are Emery Oleochemicals (Malaysia), IOI Oleochemicals (Malaysia), KLK Berhad (Malaysia), Wilmar International (Singapore), and Godrej Industries (India). These players have adopted various strategies to expand their global presence and increase their market shares. Expansions & agreements, mergers & acquisitions and joint ventures are some of the major strategies adopted by the market players to achieve growth in the glycerin market.

The growth of the glycerin market was largely influenced by adoption of the expansions, mergers and acquisitions strategies in the past few years. 2015 experienced a combination of all strategies being used by the major players in the market.

Emery Oleochemicals is a major industry player in the glycerin market. The company engages in manufacturing natural-based chemicals from fats and oils, and offers bio-lubricants, agrochemical formulations, green polymers additives, eco-friendly polyols, oleobasics, and home & personal wellness products. Glycerin is included in the oleobasics product portfolio of the company, which has strong partnerships with Sime Darby Plantations and PTT Global Chemical Company Limited.

IOI Oleochemicals focuses on palm oil and other feedstock plantations and resource-based manufacturing business, which comprises of three segments, namely, oleochemicals, refineries, and specialty fats & oils. IOI Oleochemicals mainly adopted acquisitions as a key strategy in the glycerin market. In 2015, the company announced the acquisition of Cremer’s oleochemicals manufacturing business in Germany by its subsidiary, Alstersee V GmbH (IOI Oleo GmbH). 

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 due to the increasing applications and increasing demand in the Asia-Pacific region, mainly from China, Thailand, Malaysia, and India.

Growing use of glycerin as a platform chemical due to its easy availability and lower cost is expected to lead to the growth in demand for glycerin over the next few years. High investments are witnessed across industries in R&D to come up with new formulations of chemicals, which can accommodate the cost of these conversion processes and help to generate higher profits.

Fat splitting is expected to witness fastest growth over the next five years. This is a method for producing fatty acids with glycerin as a by-product, whereby the steam molecule breaks fatty acid from its triglyceride molecular structure. Growing preference for natural ingredients in personal & beauty care products among consumers is expected to benefit the growth of glycerin produced through fat splitting or hydrolysis.

Glycerin produced from various plant lipids is called vegetable glycerin. Typical plant oils used to produce glycerin are palm oils, soy oils, coconut oils, and other oils. The growing demand for naturally derived products is expected to benefit the demand for glycerin produced from vegetable oils.

Rise in technical grade glycerin in manufacturing various chemicals is expected to benefit the segment. Technical grade glycerin acts as a platform chemical for the production of chemical intermediates. Increased use of chemicals such as 1,3 propanediol, alkyd resins, propylene glycol, and epichlorohydrin in end-use industries such as tobacco, furniture, construction, and paint & coatings are expected to drive the market for technical grade glycerin.

In terms of application, the market for glycerin used in manufacturing chemical intermediates is expected to register the highest growth. Refined glycerin is mostly used in personal care, food & beverages, and pharmaceuticals industries.

The market in the Asia-Pacific region is projected to grow at the fastest CAGR from 2016 to 2021. Increasing demand for glycerin for manufacturing chemical intermediates in emerging countries such as India, China, and Southeast Asian countries is expected to drive the glycerin market. Chemical manufacturing hubs in the region are expected to lead to an increase in demand for glycerin. A steady rise in the consumption of glycerin in personal care and beauty care products has been witnessed in these countries during the past few years.

Bright Future Predicted for the Global Automotive Composites Market in the Coming Years

With the new technologies being introduced every day and upgrading of the existing ones, the automotive industry has seen immense growth in the past few years. The rising need for meeting the environmental norms, constant efforts are being made to reduce carbon emissions and lessen down the fuel consumption by reducing the weight of vehicles, keeping the safety requirements in mind. Vehicle weight is an important aspect to enhance the performance of a vehicle. Therefore, these automotive composites help in increasing the fuel economy by a significant margin by reducing the vehicle weight. The automotive composites are majorly used in the manufacturing of vehicles like cars, trolleys, and trucks, which make them around 60% lighter than other materials such as steel or iron, thus helping in maintaining the stiffness and strength. Moreover, they are also corrosion resistant unlike steel, which gets corroded easily.

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One of the major market players such as BMW has been investing actively in production of carbon fiber, along with looking at the options like bonding carbon fiber with lightweight steels in order to reduce the weight without increasing the cost.

According to the researchers at MarketsandMarkets, the global automotive composite market is projected to grow at a CAGR of 8.50% between 2014 and 2019, reaching a value of USD 7,142.37 Million by 2019.

Based on type, carbon fiber composite is the fastest-growing segment, owing to the high demand for chassis & powertrain components application. Among applications, the chassis & powertrain market for automotive composites has huge potential for its expansion, thereby aiding in increasing the consumption for automotive composite. However, exterior components hold the largest market share for automotive composites, and are estimated to be valued at USD 3,555.51 Million by 2019.

Geographical growth scenario of the market

Regionally, Asia-Pacific was the largest market for automotive composite in 2013, with China being the key consumer of automotive composite in this region. This trend is expected to persist over the next few years as well, owing to the rising need for lightweight and fuel-efficient vehicles, leading to the shift in the focus of manufacturers towards automotive composite. In addition, rising urban population especially in countries like China and India is expected to further drive the growth of this market. High disposable incomes and growing standard of living in these countries are also fueling the demand for passenger cars and other vehicles.

Drivers and restraints for the market

The growth of the global market for automotive composites is being primarily driven by the following factors:

• Increasing demand for fuel-efficient vehicles
• Reduced weight and consolidation of parts
• OEMs focusing on complete solution from suppliers
• Joint ventures of OEMs and composite suppliers
• Advancements in technology

Apart from these, strict emission regulations that are leading the OEMs to focus more on composites and reduced cycle speed of manufacturing process are expected to further create an array of growth opportunities for the market.

On the flip side, high costs of composites and issues regarding recyclability are the major factors that are likely to hamper the growth of this market. Moreover, producing low-cost composites, reducing process cycle time, and recyclability are the key challenges being encountered by the leading players in this market.

Major companies and strategies adopted

Toray Industries Inc. (Japan), Owens Corning (U.S.), Johns Manville (U.S.), SGL Group (Germany), Cytec Industries Inc. (U.S.), Koninklijke Ten Cate nv (Netherlands), Nippon Sheet Glass Co., Ltd. (Japan), Jushi Group Co. Ltd. (China), and Teijin Limited (Japan) are the major players operating in the worldwide market for automotive composites. These companies are adopting certain strategies like agreements, partnerships, collaborations, & joint ventures, investments & expansions, new product launches, and mergers & acquisitions in order to maintain their positions in the market as well expand their base across the globe. Among these the strategy of partnerships, agreements, & collaborations is the most popular strategy being implemented by the leading companies.