Global ketone market is expected to grow on account of growing demand in end use industries such as automotive and medical. There are different ketone types such as acetone, cyclohexane, polyether ether ketone (PEEK) and methyl ethyl ketone (MEK). Most commonly used ketones are sugar (ketoses) and industrial solvent acetone. Ketones are majorly produced by using organisms. Solvents, pharmaceuticals and polymer precursors were key industries manufacturing ketone on large scale and are expected to drive global demand over the forecast period. On account of its environment friendly nature, it is capable of meeting stringent regulations and emission standards in developed regions. This trend is expected to highly augment market growth over the forecast period. Owing to this property, ketone is also expected to establish as a plastic alternative over the forecast period. Widening application base in automotive, electronics & electric and industrial processes is expected to further propel the market demand in the coming years. Automotive industry was holding the largest market share in terms of consumption. High price along with multiple substitutes with similar properties in the market is expected to obstruct the global market growth across the globe.
Global ketone market is segmented on the basis of application and product. Application segment includes automotive, medicals and paints & solvents. Product segment is categorized as acetone, cyclohexane, polyether ether ketone (PEEK) and methyl ethyl ketone (MEK). Acetone is majorly used as solvent and for bisphenol & methyl methacrylate production .Being a vital solvent, acetone is also used in laboratory application for cleaning purposes. Acetone finds its major application in household activities such as nail polish remover and paint thinner. Cyclohexane is used in cyclohexanol and cyclohexanone manufacturing, which are basically used for caprolactum and adipic acid precursors. On account of huge consumption in automobiles, construction and textile industries, cyclohexane demand is expected to witness a healthy growth across the globe over the forecast period. Cyclohexane is a bio compatible material owing to which it is has been witnessing huge acceptance in medical industry also. Owing to properties such as sterilization resistance, MRI compatible and less toxic nature, polyether ether ketone (PEEK) is expected to be widely used by medical industries. Therefore, demand in various product segments including PEEK, cyclohexane and acetone is expected to propel overall market demand over the forecast period.
Asia Pacific was the leading market share holder in the global ketones market. China was holding maximum methyl ethyl ketone (MEK) market share. Asia Pacific is expected to further witness high growth over the forecast period owing to favorable economic factors such industrialization in emerging economies including India and China coupled with chemical industry infrastructure developments. On account of natural disaster in Japan, Asia Pacific market was strongly disturbed in past years. Over the forecast period, a healthy growth is expected in the country on account of ongoing developments in end use industries including chemical, medical and automobile. Significant market growth is expected in North America owing to increase in end use industries demand mainly in automotive industry over the forecast period. In terms of market growth, North America is expected to be followed by Europe on account of stringent regulatory framework.
Global ketone market players includes Tri Town Precision Plastics, A. Schulman AG, J.K. Overseas, Stern Industries Inc., Prototype & Plastic Mold Co. Inc., Parkway Products Inc., Tri-Mack Plastics Manufacturing Corp., Caledonian Ferguson Timpson Ltd, Victrex Plc., Quadrant EPP Surlon India Ltd, Darter Plastics Inc., Panjin Zhongrun High Performance Polymers Co. Ltd, Zyex Ltd, Solvay Specialty Polymers and Jida Evonik High Performance Polymers Co. Companies are expected to continue their research and development activities in widening ketone application lines in medical sector owing to clinical compatible properties.
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Demand across the organic chemicals sector shall register a slump in growth albeit increasing demand for certain chemicals that find end applications in healthcare and food. Furthermore, China, a major supplier of chemicals to the world, registered a considerable decline in manufacturing in the first quarter of 2020, following the trajectory unfolded by COVID-19's escalation to a pandemic. This has led to an imbalance in supply-demand dynamics, forcing manufacturers and customers alike to renegotiate supply agreements. The report will account for Covid19 as a key market contributor.