Research Nester’s recent market research analysis on “Solketal Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global solketal market in terms of market segmentation by purity, application, end-user industry, and by region.

Growing Demand for Solketal in the Oil & Gas Industry to Drive Growth of the Global Solketal Market

The global solketal market is estimated to grow majorly on account of the increasing demand for solketal in the production of biodiesel across the globe. Solketal is heavily used in biodiesel to its viscosity and as an enhanced flash point improver when it is synthesized via ketalization. Solketal is also used in the making of biodiesel to increase the cetane number in biodiesel and gasoline. Hence, the rise in the production of biodiesel backed by the growing awareness to reduce global warming by eliminating harmful elements from the environment is anticipated to hike the market growth over the forecast period. As of 2022, the production of biodiesel was evaluated to be around 180 million liters in India alone. Furthermore, in 2020, the United States was observed to produce approximately 150 million gallons of biodiesel. Therefore, all these factors are anticipated to expand the market size over the forecast period. Some of the major growth factors and challenges that are associated with the growth of the global solketal market are:

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Additionally, the cosmetics industry also has a huge reequipment for solketal to be mixed in cosmetics and personal care products. Solketal is excessively used in cosmetic products since it reduces drying time. For instance, the global beauty industry was estimated to generate around USD 100 billion by the year 2025. Furthermore, women around the world are observed to spend more money on cosmetics after the COVID-19 pandemic. For instance, nearly 20% of women spend more money on cosmetics. Furthermore, the boom in the demand for solketal in the pharmaceutical and paint & coating industry is also anticipated to hike the growth of the market over the forecast period.

Growth Drivers:

Surge in the Demand for Solketal in the Manufacturing of Automobiles
Rising Requirement of Solketal in the Paint & Coating Industry
Challenges:

Solketal businesses require a large amount of money and a higher potential of side effects on the body are some of the major factors anticipated to hamper the growth of the global solketal market. Additionally, the presence of substitute products in the market is also anticipated to be one of the major restraints to the growth of the market during the forecast period. Acetone is observed to use in place of solketal in all commercial petrochemical processes. The cost of acetone is also much less compared to solketal.

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By application, the global solketal market is segmented into biofuel, pharmaceutical, solvent, and others. The biofuel segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. rising demand for biofuels across the globe on the back of the surge in domestic policies, growth in the development of transportation fleets is expected to influence the segment growth positively over the forecast period. In 2021, approximately 12 million gallons summing up to 300 thousand barrels of biofuel were produced worldwide. Additionally, in a similar year, 250 thousand barrels of biofuels were consumed across the globe which was expected to be around 0.70 barrels a day. Furthermore, rising awareness of environmental changes owing to the higher utilization of fossil fuels has also triggered the consumption of biofuels since it does not harm the environment. Hence, such factors are anticipated to hike the growth of the market over the forecast period.

By region, the North American solketal market is to generate the highest revenue by the end of 2035. This growth is anticipated by the growing expansion of industries with a solid demand for solketal with multiple purposes. These industries include paint & coating, food & beverage, chemical, cosmetics and personal care, and others. A higher shipment of chemicals was observed in the region. As of 2020, the total chemical shipment was expected to be around USD 350 billion in the United States. Furthermore, the surge in the production of biodiesel coupled with biofuel, renewable diesel, and others is also expected to boost the regional market growth over the forecast period. For instance, around 150 gallons of biodiesel were exported from the United States in 2021 while approximately 15,00 gallons of biodiesel were produced in a similar year. This production is estimated to be around 100 thousand barrels per day.

This report also provides the existing competitive scenario of some of the key players of the global solketal market which includes company profiling of Yancheng Jinghua Chemical Co. Ltd, 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,

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