Solketal Market Size

Solketal Market size was over USD 78.3 Billion in 2023 and is expected to exceed USD 137.05 Billion by the end of 2036, witnessing over 4.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solketal is evaluated at USD 81.4 Billion. The growth of the market can be attributed to the increasing utilization of solketal in the formulation of biodiesel, diesel, and gasoline coupled with higher gasoline demand. Solketal is used in the place of ethanol to decrease the formation of gum and as an oxygenated additive in the replacement of MTBE. For instance, the gasoline demand is projected to reach over 25 million barrels over the forecast period. Hence, such a higher demand is estimated to spike the utilization of solketal resulting in a major growth factor for the global solketal market.

solketal market trends such as a significant surge in the consumption of diesel can be noticed across the globe. Solketal is noticed to be highly used in the production of diesel to enhance its properties. As of 2020, the daily consumption of diesel was observed to be about 85 million barrels. Moreover, solketal is a product acquired from streptomyces violaceus along with the acetal group that also joins the hydroxyl groups. Solketal also has a vital role to play in the chemical industry as a vital additive to be mixed with several chemicals. For instance, the global revenue for the chemical industry amounted to approximately USD 3,500 billion in 2021. All of these factors are anticipated to influence the growth of the market positively over the forecast period.