Ketone Based Solvents Market: Overview
The market for ketone based solvent witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Recognized companies such as Exxon Mobil, Shell, BASF , Dow Chemical, Sasol, Solvay, Eastman Chemical, China Blue Star, Celanese, Zhejiang Xinhua Chemical and others are focusing on the incorporation of tactics including partnership agreements, sales contracts, strategic alliances, diversifications, innovative launches, mergers & acquisitions, research and developments, technological upliftments, product line extensions, hiring technical expertise, joint ventures, collaborations, product approvals etc for gaining a competitive edge over others in the market.
For instance, on March 30, 2021, Solvay announced the launch of Actizone™ F5, an outstanding antiviral surface protection that offers 24 hours protection against enveloped viruses like SARS-CoV-2. Solvays’s testing partner Byotrol completed the testing process of the newly launched product. The testing process was conducted to identify whether Actizone™ F5 will be able to deliver reliable and long lasting virus protection or not. In addition to this, leading suppliers of ketones like Shell chemicals are working on the production of high purity ketone based solvents with the ability to dissolve a wide range of synthetic and natural resins.
The Asia Pacific region is projected to dominate the ketone based solvents market through 2030 owing to the increasing industrialization and construction activities and rising demand from chemical and rubber industries. The North American region is lucrative for the manufacturers because of the emergence of leading manufacturing companies and new domestic players. All the other key regions such as North America, Latin America, Japan, China and MEA are driving the market growth and opening various opportunities for manufacturers.
Ketone based solvents are organic solvents which contain the ketone group. Lighter ketone based solvents, such as acetone, can be used in drying operations. Properties, such as slower evaporation rate, lower surface tension, lower density and high boiling point, make ketone based solvents a good choice for high solid coatings. Due to regulations, such as limited solvent weight per gallon of coating, companies prefer to use low density solvents, such as ketone based solvents. Low density solvents reduce the VOC content of coatings.
Ketone based solvents find primary usage as solvents in lacquers, lacquer reducers, nail polish, and nail polish removers, cleaning solvents and contact cements. They find numerous applications in paints and coatings industry, plastic and rubber processing, cosmetics, etc. Ketone based solvents are indexed as inert ingredients, approved to be used in non-food use pesticide products under the FIFRA act. However, some ketone based solvents are considered hazardous air pollutants. Therefore, regulations have been formed that censor the use of ketone based solvents across various regions. This, in turn, is leading to research and development of bio based solvents.
Ketone Based Solvents Market: Dynamics
Ketone based solvents are widely used in the paints and coating industry. Growing population and urbanization is the primary reason responsible for the growth of the construction and thus, the architectural coatings industry. This growth, in turn, is escalating the growth of the ketone based solvent market. Besides paints and coatings, ketone based solvents also find usage as contact cement solvents in the construction industry. Growing automotive and aerospace industry is leading to increasing use of protective coatings, which in turn, is boosting the ketone based solvent market.
The growth of the chemical industry is also pushing the ketone based solvent market as ketone based solvents are used as process solvents in the chemical industry. However, growing regulations covering the use of ketone based solvents and development of safe and green alternatives are the two factors denting the ketone based solvent market.
Ketone Based Solvent Market: Regional Outlook
The Asia Pacific region is estimated to be the dominant market for ketone based solvents because of rise in industrialization and growth in chemical, plastic and rubber industries. Countries, such as China and India, are witnessing remarkable growth in construction industry. The same is also true for Latin American countries, such as Brazil. Growing construction activity in these regions will push the growth of ketone based solvents in these regions.
North America and Western Europe are matured markets for ketone based solvents and these regions are mainly focusing on bio based solvents because of green initiatives started by regulatory bodies. Countries in MEA and Africa are expected to be potential markets for ketone based solvents due to their growing applications in cosmetics and construction industry.
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Ketone Based Solvent Market: Key Participants
Key participants identified in the global ketone based solvent market include:
- BASF SE
- Dow Chemical Company
- Sasol Solvents
- Eastman Chemical Company
- Celanese Corporation
- Shell Chemicals
- Solvay Chemicals
- Exxon Mobil
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- Market Segments
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Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
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Ketone Based Solvents Market: Segmentation
The global ketone based solvents market is segmented on the basis of end use industries, application and type of ketone in the solvent.
The global ketone based solvent market can be segmented on the basis of type of ketone in the solvent into:
- Methyl Ethyl Ketone
- Methyl Isobutyl Ketone
- Methyl Amyl Ketone
The global ketone based solvent market can be segmented on the basis of end use industries into:
- Paints and Coatings
- Plastic and rubber processing
- Petroleum Refining
- Cosmetics and personal care
- Commercial Printing Inks
- Others (Construction, Agrochemicals, Chemical Processing, Automotive and Aerospace)
The global ketone based solvent market can be segmented on the basis of applications into:
- Wood coating
- Protective coating
- Architectural coating
- Process solvents
- Nail polish and remover
- Cleaning solvents
- Dewaxing agents
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