Global Market Size, Forecast, and Trend Highlights Over 2024-2036
Solketal Market size was over USD 78.3 Billion in 2023 and is expected to exceed USD 137.05 Billion by the end of 2036, witnessing over 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solketal is evaluated at USD 81.4 Billion. The growth of the market can be attributed to the increasing utilization of solketal in the formulation of biodiesel, diesel, and gasoline coupled with higher gasoline demand. Solketal is used in the place of ethanol to decrease the formation of gum and as an oxygenated additive in the replacement of MTBE. For instance, the gasoline demand is projected to reach over 25 million barrels over the forecast period. Hence, such a higher demand is estimated to spike the utilization of solketal resulting in a major growth factor for the global solketal market.
solketal market trends such as a significant surge in the consumption of diesel can be noticed across the globe. Solketal is noticed to be highly used in the production of diesel to enhance its properties. As of 2020, the daily consumption of diesel was observed to be about 85 million barrels. Moreover, solketal is a product acquired from streptomyces violaceus along with the acetal group that also joins the hydroxyl groups. Solketal also has a vital role to play in the chemical industry as a vital additive to be mixed with several chemicals. For instance, the global revenue for the chemical industry amounted to approximately USD 3,500 billion in 2021. All of these factors are anticipated to influence the growth of the market positively over the forecast period.
Solketal Sector: Growth Drivers and Challenges
Growth Drivers
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Growing Demand for Solketal in Biodiesel Production – Solketal is the most suitable component used in biodiesel as a flash point improver and viscosity after being synthesized through the ketalization. It can hike the number of cetane in gasoline and biodiesel. For instance, in 2022, the total production of biodiesel in India alone was projected to be around 180 million liters while in 2020, around 150 million gallons of biodiesel were produced in the United States.
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Rising Utilization of Solketal in the Cosmetics Industry – Solketal is highly used in cosmetics as a vital solvent to decrease the drying time in cosmetic products. The growth of the global solketal market is projected to be interlinked with the growth of the cosmetic industry. For instance, it was estimated that approximately USD 100 billion is estimated to be exhibited by the global beauty industry by 2025. Furthermore, post-COVID-19, around 20% of women across the globe are estimated to spend money on skincare more than before.
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Increasing Requirements in the Pharmaceutical – Growing distribution owing to higher demand for medicines has accelerated the production of medicines which in turn boosts the demand for solketal. As of 2021, approximately USD 575 billion were spent by Americans alone on medicine while this figure of spending is projected to reach around USD 600 billion by 2025.
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Developing the Paint & Coating Industry to Boost the Demand for Solketal – The global paint and coating industry was valued at approximately USD 150 billion in 2021. Furthermore, more than 1 billion gallons of paint and coating were produced in the United States in 2022 and are estimated to reach around 1.3 billion gallons in 2023.
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Growth in the Chemical Industry – As of 2021, the total worth of the global chemical industry amounted to approximately USD 4 trillion.
Challenges
- Presence of Alternative Additives in the Market - For instance, the availability of acetone in the market can hamper the demand for solketal. Acetone can be used for commercial petrochemical processes in the place of solketal and the manufacturing cost of acetone is affordable as well since it is made from benzene and propylene.
- Requirement of Higher Initial Investment
- Possibility of the Side-Effect on the Body
Solketal Market: Key Insights
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
4.4% |
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Base Year Market Size (2023) |
USD 78.3 Billion |
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Forecast Year Market Size (2036) |
USD 137.05 Billion |
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Regional Scope |
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Solketal Segmentation
Application (Biofuel, Pharmaceutical, Solvent)
The global solketal market is segmented and analyzed for demand and supply by application into biofuel, pharmaceutical, solvent, and others. Out of the three types of applications, the biofuel segment is estimated to gain the largest market share in the year 2036. The growth of the segment can be attributed to the rising utilization of biofuel owing to increasing environmental concerns. The utilization of biofuels is escalating owing to the negative impact caused by fossil fuels on the environment. As of 2021, the total production of biofuel across the globe was estimated to reach around 12 million gallons equivalent to nearly 300 thousand barrels, approximately 0.80 thousand barrels per day. Meanwhile, the total consumption of biofuel was anticipated to be around 250 thousand barrels summing up to 0.70 barrels a day in 2021 worldwide. Therefore, such factors are projected to hike the growth of the segment during the forecast period.
End-user (Chemical Manufacturing, Cosmetic & Personal Care, Food & Beverage, Paint & Coating)
The global solketal market is also segmented and analyzed for demand and supply by the end-user industry into chemical manufacturing, cosmetic & personal care, food & beverage, and paint & coating. Amongst these segments, the cosmetics & personal care segment is expected to garner a significant share in the year 2036. The higher utilization of solketal in personal care and cosmetic products is anticipated to hike the segment growth over the forecast period. The growth of the segment can also be ascribed to the rising sales and production of cosmetics across the globe. Solketal is used in cosmetics since it has high compatibility and miscibility and it can also affect the drying time of the products. For instance, in 2023, the sales of non-luxury goods of cosmetics are projected to reach approximately 70%. Hence, such factors are projected to hike the segment growth over the forecast period.
Our in-depth analysis of the global market includes the following segments:
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By Purity |
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By Application |
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By End-User Industry |
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Customize this ReportSolketal Industry - Regional Synopsis
Companies Dominating the Solketal Landscape
- Yancheng Jinghua Chemical Co. Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- GLACONCHEMIE Gmbh
- Suzhou Jinghua Chemical Co., Ltd
- Merck KgaA
- Tokyo Chemical Industry Co., Ltd.
- BASF SE
- Sasol Limited
- Evonik Industries AG
- Solvay Group
- Lonza Group
In the News
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BASF SE to provide CO2 capture technology to Japan in its first opportunity to produce blue hydrogen and ammonia from natural gas. This technology is known as HiPACT which is co-developed by JGC corporation.
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Sasol Limited presented the Hybla Project aimed at boosting the production of low-carbon syngas and hydrogen. This project is mainly developed for building innovative plant for the production of hydrogen and syngas to fulfill the demand of the market.
Author Credits: Rajrani Baghel
- Report ID: 4149
- Published Date: Jul 25, 2024
- Report Format: PDF, PPT
