Solketal Market Share

The North American solketal market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the growing industries such as chemical, cosmetic & personal care, food & beverage, paint & coating, and others in the region with extreme demand for solketal. The United States is projected to be one of the biggest chemical product producers worldwide. For instance, in 2020, the value of chemical shipment in the U.S. was valued at more than USD 350 billion. Furthermore, the growing consumption and production along with export of the renewable diesel, biofuels, and ethanol in the region are also estimated to influence the market growth over the forecast period. For instance, in 2021, the export of biodiesel reached approximately 150 gallons while the production of biodiesel stood at nearly 15,00 summing up to 38,000 thousand barrels which were expected to be around 100 thousand barrels a day. The data for renewable diesel also indicates the surge in the production and consumption of it in the region.

The Asia Pacific solketal market, amongst the market in all the other regions, is projected to hold the second largest share during the forecast period. The growth of the market can be attributed majorly to similar reasons, such as the growing demand for solketal in several industries in the region. China is expected to be the major consumer and producer of the solketal owing to the presence robust chemical automotive industry in the country. For instance, about 40% of the global chemical sale was solely generated by China in 2020. The surge in the production of automobiles in the region has also boosted the demand for biofuels backed by the positive effect of biofuels on the environment. Therefore, all these factors are projected to propel the growth of the market in the region during the forecast period.