Ketone-based Solvents Market Size, Share & Industry Analysis, 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 Inks, Other) and Regional Forecast, 2024-2032

Ketone-based solvents are organic solvents in the ketone category. In drying operations, mild ketone-based solvents are used. This is formulated with properties that involve slow evaporation rate, reduced surface tension and great temperature for making ketone-based solvents a fantastic combination for solid coatings. Companies prefer to employ mild density solvents, as ketone-based solvents as it helps to decrease the cost of volatile organic compound in the coatings.

The urban population is rapidly growing across most developing regions. The growing population change is generating demand for residential construction. Construction industry growth drives demand for paints and coatings which, in turn, is fueling the market for ketone-based solvents. However, environmental threats associated with the use of ketone-based solvents lead to significant market restrictions. Short-term symptoms include, hallucinations, vomiting, dizziness, and extreme headaches. Long-term effects include heart, brain  liver and kidney damage.

Key Market Driver -

High demand from the construction and automotive industries drives the market growth

Key Market Restraint -

Harmful effects of ketone-based solvents hamper the market growth.

Market Segmentation:

Based on type, the market for ketone-based solventsis segmented into cyclohexanone, methyl ethyl ketone, methyl isobutyl ketone, methyl amyl ketone, other. On the basis of application, the market is cassified into paints and coatings, plastic and rubber processing, petroleum refining, cosmetics and personal care, printing inks, other. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

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.

Key Insights

• New Advancements in Production Technologies


• Key Trends in the Ketone-based Solvents Market


• New Product Launches, Expansions, Key Players


• Ranking of Key Players in the Market

Regional Analysis:

The ketone-based solvents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Due to the rising demand from emerging economies , such as China and India, the Asia - Pacific is projected to dominate the solvent market during the forecast period. Furthermore, rapid industrialization and urban sprawl followed by increased demand for cars are anticipated to support the growth of the solvent market in the region.North America, is also a major consumer of ketone-based solvents, witnessing high demand from the automotive industry along with increasing industrialization and possessing a large base of production. Europe assumed a leading market share due to the exponential growth in building & manufacturing activities and growing demand for automobiles is anticipated to boost solvent demand in paint & coatings applications. Middle East and Africa is expected to grow moderately over the forecast period.  GCC countries are likely to contribute to the global market due to growth and expansion, as well as investment in infrastructure, which in turn are expected to drive business growth. Latin America expected to witness moderate growth owing to improving economic circumstances and regional stability.

To gain extensive insights into the market, Request for Customization

Segmentation

Ketone Based Solvents Industry Developments

• In August 2017, The Singapore subsidiary of ExxonMobil Corporation has finished the acquisition of one of the world's largest aromatics plants on Jurong Island in Singapore, operated by Jurong Aromatics Corporation The purchase enables the economy stimulate the growth of hydrocarbons to more than 3.5 million tons per year, including 1.8 million tons of paraxylene that is used as a solvent.


• In June 2018, Solvay SA confirmed its plans to expand its offices and its campus in Brussels. This is likely to help the company in its long-term development, promoting closer relations and innovation among colleagues, the company, and customers. The transition is scheduled to begin in mid-2019 and conclude by 2021.


• In May 2018, BASF SE a key player of chemical solutions have signed an agreement with Exxonmobil which is a global provider of solutions jointly develop new gas treatment solvents and process technologies to be used for the production of natural gas and oil refining. The agreement helped the company fulfill the needs of its consumers by offering solutions to reduce energy usage, increase capacity and fulfill tighter sulfur requirements.