Research Nester published a report titled “Solketal Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global solketal market in terms of market segmentation by purity, application, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global solketal market is projected to grow at a CAGR of ~4% by attaining a noteworthy revenue during the forecast period, i.e., 2022 – 2031. Factors, such as, increasing utilization in the formulation of gasoline, diesel, and biodiesel and in the industries like chemical, food & beverage, and others. In 2021, the revenue for the chemical industry amounted to about USD 3,500 billion across the globe. Hence, such factors are anticipated to propel the growth of the market during the forecast period.
Additionally, by application, the global solketal market is segmented into biofuel, pharmaceutical, solvent, and others. Out of these sub-segments, the biofuel segment is estimated to obtain a notable share in the market during the forecast period. The growth of the segment can be accounted to the growing utilization of biofuel to reduce the negative impact of fossil fuels on the environment.
Furthermore, the global solketal market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the Asia Pacific region is estimated to grow at a noteworthy pace over the forecast period on the back of the presence of significant key players, and a rising utilization in multiple industries, such as, cosmetic & personal care, food & beverage, and others. As of 2020, the chemical shipment across the United States was estimated to be over USD 350 billion. All these factors are projected to influence the growth of the market in the region during the forecast period.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Rising Utilization in Gasoline Formulation to Foster the Growth of the Market
The demand for diesel is projected to reach 30 million barrels a day during the forecast period.
Solketal are considered the best components in the formation of diesel, gasoline, and biofuels. They are utilized in the formulation on account of their excellent properties. Solketal decrease the viscosity and improve the quality of the fuels. Therefore, such factors are anticipated to propel the growth of the market.
However, the presence of alternative additives in the market is expected to operate as a key restraint to the growth of the global solketal market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global solketal market which includes company profiling of Yancheng Jinghua Chemical Co. Ltd., Glaconchemie Gmbh, Suzhou Jinghua Chemical Co., Ltd, Merck KgaA, TCI Chemicals (India) Pvt. Ltd., BASF SE, Sasol Limited, Evonik Industries AG, Solvay Group, and Lonza Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global solketal market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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