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Ketone-based Solvents Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

The market for ketone-based solvents was valued at $6.3 billion in 2016 and is estimated to reach $9.8 billion by 2025, growing at a 5.5% CAGR during the forecast period. The expanding demand from Asia-Pacific and North America, as well as the increasing uses of ketone-based solvents, are the primary drivers of the market. However, the high cost of ketone-based solvents is limiting industry growth.

Ketone-based solvents are used in a variety of applications, including cleaning agents, degreasers, and paint strippers. In addition, they are used as solvents for resins, dyes, inks, and adhesives. These solvents have a high solubility power and are suitable with a variety of materials. They are also inert and have a low vapour pressure. Ketone-based solvents are used in a variety of applications due to their characteristics, including cleaning, degreasing, paint stripping, and resin and glue manufacture.

During the projected period, the Asia-Pacific ketone-based solvents market is expected to develop at the fastest CAGR. The increased demand from the paints and coatings, adhesives and sealants, and printing inks sectors are the primary drivers of the market in this area. Furthermore, the region is likely to see a significant increase in demand for ketone-based solvents from the automotive and electronics industries.

ExxonMobil Chemical Company (U.S.), Royal Dutch Shell plc (Netherlands), BASF SE (Germany), Eastman Chemical Company (U.S.), and The Dow Chemical Company are the major players in the ketone-based solvents market (U.S.). These firms have used a variety of techniques to strengthen their position in the ketone-based solvents market, including expansions, acquisitions, and new product releases.

2. The market for ketone-based solvents is predicted to increase at a CAGR of xx% between 2020 and 2025.
Paints and coatings, adhesives and sealants, printing inks, and cleaning and degreasing are all industries that employ ketone-based solvents. They also serve as metalworking fluids, lubricants, and hydraulic fluids. Ketone-based solvents have several advantages, including high solvency, low toxicity, and low vapour pressure.

From 2020 to 2025, the global ketone-based solvents market is estimated to develop at a CAGR of xx%. The market is being propelled by rising demand from the paint and coatings industry. The main end-use industry for ketone-based solvents is the paint and coatings industry. The growing need for low-VOC and high-performance coatings is projected to fuel the ketone-based solvent market.

The Asia-Pacific region, followed by North America and Europe, is the largest market for ketone-based solvents. During the projection period, the Asia-Pacific region is expected to develop at the fastest CAGR. The region’s market is likely to be driven by rising demand from the paint and coatings industry in China and India. Dow Chemical (US), ExxonMobil (US), BASF (Germany), Royal Dutch Shell (Netherlands), and LyondellBasell are some of the leading participants in the ketone-based solvents market (Netherlands).

This blog discusses the market dynamics of ketone-based solvents, such as the drivers, restraints, and opportunities. It also gives a detailed market segmentation by type, end-use industry, and geography. The increased demand for ketone-based solvents is being driven mostly by the paints and coatings sector. The main end-use industry for ketone-based solvents is the paint and coatings industry. The growing need for low-VOC and high-performance coatings is projected to fuel the ketone-based solvent market. The Asia-Pacific area is the most important market for ketone-based solvants.

3. Major Market Trends
Because of their particular qualities, ketone-based solvents are rapidly being used in a range of industries. Here are three major market trends concerning ketone-based solvents:

1. Increased Application in Cleaning and Degreasing

Ketone-based solvents are excellent for cleaning and degreasing a wide range of surfaces. As a result, they are suitable for usage in a wide range of industries, including automotive, aerospace, and electronics.

2. Increased Application in Coatings and Adhesives

Ketone-based solvents are also becoming more popular in coatings and adhesives. This is because they can improve the longevity and performance of these products.

3. Increased Utilization of Printing Inks

In the printing ink sector, ketone-based solvents are also gaining favor. This is because they can increase the quality of printing ink products.

4. Market Motivators
The rising trend of using ketone-based solvents in a variety of applications is the primary driver of the ketone-based solvents market. Ketone-based solvents’ better features, such as low toxicity, high solubility, and low flammability, are projected to drive demand for ketone-based solvents in the near future. Furthermore, the growing use of ketone-based solvents in the production of paints and coatings, adhesives, and inks is expected to drive market expansion.

The market for ketone-based solvents is expected to be driven by rigorous environmental rules governing the use of VOCs (volatile organic compounds). The VOC emissions from solvents are a major source of air pollution. Because they do not emit VOCs, ketone-based solvents are environmentally friendly. This is predicted to result in a significant increase in the demand for ketone-based solvents in the near future.

The growing industrialization and urbanisation of Asia-Pacific and Latin American rising nations are predicted to generate significant demand for ketone-based solvents in these regions. Rising building activity in these regions is expected to boost demand for adhesives, paints, and coatings, driving the market for ketone-based solvents. The high cost of ketone-based solvents is a major impediment to industry growth. The expense of raw ingredients like acetone and methyl ethyl ketone (MEK) is predicted to drive up the price of ketone-based solvents. This is expected to slow market growth in the near future.

5. Market Difficulties
The market for ketone-based solvents is predicted to expand rapidly in the next few years. This is due to increased demand for these solvents from a variety of industries, including paints and coatings, printing inks, adhesives, and cosmetics. However, the market has some problems that must be solved in order for it to reach its full potential.

The first difficulty is the high price of ketone-based solvents. These solvents are expensive because they are manufactured from petroleum-based feedstock. This is a significant impediment to the widespread use of these solvents in many industries. The environmental concerns involved with the development and use of ketone-based solvents are the second challenge. These solvents are derived from a non-renewable resource: petroleum-based feedstock. Furthermore, the manufacture of these solvents produces greenhouse gases, which contribute to climate change.

The flammability of ketone-based solvents is the third difficulty. These solvents are extremely flammable, posing a safety risk during storage, handling, and use. The compatibility of ketone-based solvents with other materials is the fourth challenge. These solvents can interact with certain materials, such as plastics and rubber, causing degradation or other issues. The sixth difficulty is the scarcity of ketone-based solvents. These solvents are not mass-produced, which limits their availability for application in certain sectors.

6. Market Possibilities
The global ketone-based solvents market is estimated to reach USD XX million by 2026, rising at a CAGR of XX% during the forecast period, according to the most recent market research analysis. Ketone-based solvents are a type of solvent in which ketones are the main component. These solvents are widely used in a variety of sectors, including paints and coatings, printing inks, adhesives and sealants, and cosmetics and personal care.

One of the primary reasons driving the growth of the worldwide ketone-based solvents market is the increasing demand for ketone-based solvents from the paint and coatings industry. One of the largest end-use sectors for ketone-based solvents is the paint and coatings business. In the paint and coatings industry, these solvents are commonly employed as paint strippers, paint thinners, and cleaning agents. In the future, the increasing need for paints and coatings from the construction and automotive industries is predicted to fuel the market for ketone-based solvents.

Because of the presence of a significant number of key companies in the region, the Asia-Pacific region is likely to be the largest market for ketone-based solvents. The region is also home to some of the world’s fastest-growing economies, including China and India. The rising demand for ketone-based solvents from the paints and coatings, printing inks, and adhesives and sealants industries is likely to propel regional market expansion. Royal Dutch Shell plc, ExxonMobil Corporation, The Dow Chemical Company, BASF SE, and Eastman Chemical Company are some of the major competitors in the worldwide ketone-based solvents market.

This is an excerpt from the research report “Ketone-based Solvents Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2026,” published by Transparency Market Research. ExxonMobil Chemical Company is one of the world’s largest petrochemical firms. Solvents, monomers, and polymers are among the products available from the company. It is well-known throughout North America, Europe, and Asia Pacific.

Royal Dutch Shell plc is a British-Dutch oil and gas corporation that operates in over 70 countries. The corporation provides a wide range of products and services, such as solvents, gasoline, and diesel. It is well known throughout Europe and North America.

Dow Chemical Company is a major American chemical corporation with operations in over 160 countries. Solvents, monomers, and polymers are among the products available from the company. It is well-known throughout North America, Europe, and Asia Pacific. BASF SE is a global chemical business with operations in over 80 countries. Solvents, monomers, and polymers are among the products available from the company. It is well-known in Europe, North America, and Asia Pacific.

SABIC is a major Saudi chemical business with activities in over 50 countries. Solvents, monomers, and polymers are among the products available from the company. It is well known throughout the Middle East, North America, and Europe. Eastman Chemical Firm is a major American chemical company that operates in over 70 countries. Solvents, monomers, and polymers are among the products available from the company. It is well-known throughout North America, Europe, and Asia Pacific.

7. Prospects for the Future
During the projected period of 2020–2025, the global ketone-based solvents market is expected to develop at a CAGR of more than 5%. The growing demand from the paints and coatings industry, as well as the expanding automotive industry, are the primary factors driving market expansion.

The paints and coatings industry is the major user of ketone-based solvents, with a CAGR of more than 5% projected throughout the forecast period. The automotive industry is the second-largest consumer of ketone-based solvents, with a CAGR of more than 6% projected throughout the forecast period.

The Asia-Pacific region is the largest market for ketone-based solvents, with a CAGR of more than 5% predicted throughout the forecast period. North America is the second-largest market for ketone-based solvents, with a CAGR of more than 4% predicted throughout the projection period.

Key Players Covered:

The ketone-based solvents market is highly fragmented, with number of players operating in the global markets. Some of the key players in the global ketone-based solvents include, Exxon Mobil, Shell, BASF , Dow Chemical, Sasol, Solvay, Eastman Chemical, China Blue Star, Celanese,  Zhejiang Xinhua Chemical and others.

Segmentation:

 ATTRIBUTES  DETAILS
 

By Type

 

 

    • Cyclohexanone
    • Methyl Ethyl Ketone
    • Methyl Isobutyl Ketone
    • Methyl Amyl Ketone
    • Other
 

By Application

 

 

    • Paints and Coatings
    • Plastic and Rubber Processing
    • Petroleum Refining
    • Cosmetics and Personal Care
    • Printing Ink
    • Other
 

By Geography

 

 

    • North America (USA, Canada)
    • Europe (UK, Germany, France, Italy, Spain, Russia, BENELUX and Rest of Europe)
    • Asia Pacific (Japan, China, Taiwan, India, South Korea, Southeast Asia and Rest of Asia Pacific)
    • Latin America (Brazil, Mexico, Rest of Latin America)
    • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

 

 ATTRIBUTES  DETAILS
 

By Type

 

 

    • Cyclohexanone
    • Methyl Ethyl Ketone
    • Methyl Isobutyl Ketone
    • Methyl Amyl Ketone
    • Other
 

By Application

 

 

    • Paints and Coatings
    • Plastic and Rubber Processing
    • Petroleum Refining
    • Cosmetics and Personal Care
    • Printing Ink
    • Other

Exxon Mobil, Shell, BASF , Dow Chemical, Sasol, Solvay, Eastman Chemical, China Blue Star, Celanese,  Zhejiang Xinhua Chemical.

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