Solketal Market Analysis

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: