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CHEMICALS AND ADVANCED MATERIALS

Solketal Market Segmentation by Purity (96-98%, 98%, and Above 98%); by Application (Biofuel, Pharmaceutical, Solvent, and Others); and by End-User Industry (Chemical Manufacturing, Cosmetic & Personal Care, Food & Beverage, and Paint & Coating) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • April 14, 2022: Sasol Limited introduces a reward program for its fuel customers and South African motorists. The reward program is called, “Sasol Rewards.”

  • May 18, 2021: Lonza announces the launch of the next generation 4D-Nucleofector Cell Transfection Platform along with the enhanced performance and convenient method of utilization of the system.

Global Solketal Market Highlights Over 2022 - 2031

The global solketal market is estimated to garner noteworthy revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to its significant utilization in the formulation of biodiesel, diesel, and gasoline. The demand for gasoline and diesel is increasing. For instance, the demand for gasoline is projected to reach over 25 million barrels over the forecast period. Furthermore, a significant surge in the consumption of diesel can be noticed across the globe. 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. 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 Market

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The market is segmented by application into biofuel, pharmaceutical, solvent, and others, out of which, the biofuel segment is anticipated to hold the notable share in the global solketal market during the forecast period on the back of 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. Such factors are projected to hike the growth of the segment during the forecast period.

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals (% of Value Added in Manufacturing) – 2016-2018

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Solketal Market Regional Synopsis

Regionally, the global solketal market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of the presence of various key players and constantly growing multiple industries such as, chemical, cosmetic & personal care, food & beverage, paint & coating, and others in the region. The United States is known to be one of the biggest chemical product producers worldwide. For instance, in 2020, the value for chemical shipment in the U.S. was valued at more than USD 350 billion.

Furthermore, the global solketal market is also anticipated to grow exponentially in the Asia Pacific region over the forecast period. The growth of the market in the region is ascribed to similar reasons, such as, developing respective industries in the region. China is expected to be the major consumer and producer of the solketal owing to the robust chemical industry in the country. For instance, about 40% of the global chemical sale was solely generated by China in 2020. Therefore, all these factors are projected to propel the growth of the market in the region during the forecast period.

Solketal Market Share

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The global solketal market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook

  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook

  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global solketal market includes the following segments:

By Purity

  • 96-98%
  • 98%
  • Above 98%

By Application

  • Biofuel
  • Pharmaceutical
  • Solvent
  • Others

By End-User Industry

  • Chemical Manufacturing
  • Cosmetic & Personal Care
  • Food & Beverage
  • Paint & Coating

Growth Drivers

  • Increasing Utilization in The Formulation of Biodiesel, Diesel, and Gasoline

Challenges

  • Presence of Alternative Additives in the Market

Top Featured Companies Dominating the Market

  • 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
  • TCI Chemicals (India) Pvt. Ltd.
  • BASF SE
  • Sasol Limited
  • Evonik Industries AG 
  • Solvay Group
  • Lonza Group

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