New York, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global Solketal Market size is projected to expand at ~ 4 % CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 100 billion by the end of 2035, up from a revenue of ~USD 75 billion in the year 2022. The market growth is attributed to its important use in biodiesel, diesel, and gasoline blending. The demand for gasoline and diesel is increasing. For instance, demand for gasoline is expected to exceed 25 million barrels during the forecast period.
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In addition, there has been a significant increase in the consumption of diesel around the world. As of the year 2020, approximately 85 million barrels of diesel fuel are consumed per day. In addition, solketal is a product obtained from Streptomyces violaceus and has an added acetal group that also binds hydroxyl groups. Solketal also plays an important role in the chemical industry. For instance, the global chemical industry turnover in 2021 was approximately USD 3.5 trillion. All these factors are expected to have a positive impact on the growth of the market during the forecast period. Solketal is a protected form of glycerin with two adjacent hydroxyl groups linked by an isopropylidene acetal group. Solketal contains a chiral center at the central carbon of the glycerol backbone and can be purchased as the racemate or as one of the two enantiomers.
Solketal Market: Key Takeaways
- Market in North America to propel highest growth
- The biofuel segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Spiking Growth in Urbanization Across the World to Drive Market Growth
The term urbanization describes the concentration of people in a particular geographical area. Land is transformed for residential, commercial, industrial, and transportation uses as a result of this concentration. It may encompass heavily populated areas as well as the peri-urban or suburban areas that border them. The population movement from rural to urban regions, the concomitant decline in the number of individuals living in rural areas, and the manner in which societies adjust to this transition are also included.
Urbanization is significantly increasing all over the world and is estimated to increase more over the forecast period. Globally, 55% of people lived in cities in 2018, and 68% are expected to do so by the year 2050. The urbanization rate is rising as more individuals show a tendency to move to urban areas. As a result, the demand for fuels such as petrol and diesel has been growing, which has increased transportation activity, where solketal is widely used for different activities. In the end, all of these factors are anticipated to accelerate the expansion of the global solketal market over the forecast period, i.e., 2023–2035.
Solketal Market: Regional Overview
The solketal market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Presence of Various Key Players to Fuel the Market Growth in North America Region
The solketal market in the North American region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to the fact that the region is home to a variety of major players and growing industries, including chemicals, cosmetics and personal care, food and beverages, and paints and coatings.
The United States is known as one of the world's largest chemical producers. For instance, in the year 2020, chemical shipments to the United States surpassed USD 350 billion. Solketal (CAS 100-79-8) has a low viscosity (~11 cP) at room temperature, with freezing, boiling, and flash points of approximately -26 °C, 190 °C, and 80 °C, respectively. It has a density of 1.06 g/cm3 and a vapor pressure of 107.32 mmHg. Solketal (2,2-dimethyl-1,3-dioxolane-4-methanol) is obtained by the condensation reaction of glycerol and acetone in the presence of an acid catalyst. Solketal can be used as a fuel additive to reduce particulate emissions and improve the cold flow properties of liquid fuels. The reaction can be carried out in CSTR at 2 bars and 35 °C in the presence of ethanol as solvent.
Spiking Development of Related Industries to Propel Growth in the Asia Pacific Region
The solketal market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035. The market growth in this region is mainly backed by reasons such as the spike in development of related industries within the region. China is expected to become a major consumer and producer of the Solque Valley owing to the country's strong chemical industry. For instance, in the year 2020, about 40% of global chemical sales occurred in China alone.
Hence, all these factors are projected to drive market growth in this region over the forecast period. The chemical industry includes companies that manufacture industrial chemicals. It is the center of the modern global economy, transforming raw materials (oil, natural gas, air, water, metals, and minerals) into over 70,000 different products. Some chemical companies produce both plastics and chemicals, so there is some overlap in the plastics industry. A wide variety of professionals’ work in the chemical industry, including chemical engineers, chemists, and laboratory technicians. The chemical industry is a huge industry, encompassing all kinds of product-manufacturing industries whose production depends on the heavy use of chemicals. Generally, "chemical industry" is a generic term for industries involved in the manufacture of industrial chemicals.
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Global Solketal, Segmentation by Application
- Biofuel
- Pharmaceutical
- Solvent
- Others
Amongst these four segments, the biofuel segment is anticipated to hold the largest share over the forecast period. The growth of the segment can be attributed to the increased use of biofuels owing to growing environmental concerns. Owing to the negative impact of fossil fuels on the environment, the use of biofuels is increasing. Average US oil consumption is 20 million barrels per day. In the year 2021, the United States had 197 ethanol refineries and 75 biodiesel production plants. US biodiesel production plants were noted to be operating at 68% capacity in 2021. Such factors are expected to boost the growth of the segment over the forecast period.
Biofuels are fuels derived from biomass, i.e., plant or algal material or animal waste. Biofuels are considered renewable energy sources, in contrast to fossil fuels such as oil, coal, and natural gas; as such, feedstocks can be easily replenished. Biofuels are fuels made from biomass in a short period of time, rather than the very slow natural processes involved in forming fossil fuels such as petroleum. Biofuels can be made from plants or from agricultural, domestic, and industrial biowaste.
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Global Solketal, Segmentation by End-User Industry
- Chemical Manufacturing
- Cosmetic & Personal Care
- Food & Beverage
- Paint & Coating
Amongst these four segments, the food & beverage segment is anticipated to hold a significant share over the forecast period. This segmental growth can majorly be attributed to the significantly growing food and beverage industry all over the world. The industry is predicted to witness robust revenue of nearly USD 6.5 billion by the year 2031. Increasing consumption of packaged food and flavored drinks is also estimated to be a major factor influencing the growth of this segment.
Global Solketal, Segmentation by Purity
- 96-98%
- 98%
- Above 98%
Few of the well-known market leaders in the solketal market that are profiled by Research Nester are Yancheng Jinghua Chemical Co. Ltd., GLACONCHEMIE GmbH, Suzhou Jinghua Chemical Co., Ltd, TCI Chemicals (India) Pvt. Ltd., BASF SE, Sasol Limited, Evonik Industries AG, and other key market players.
Recent Development in the Solketal Market
- Sasol Limited has introduced a rewards program for fuel customers and drivers in South Africa. The reward program is called "Sasol Rewards".
- Lonza announces the launch of the next generation of his 4D nucleofector cell transfection platform, improving the system's performance and convenient usage.
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