Analysis of 2-Butanone market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The market for 2-Butanone 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.
Leading corporations including Maruzen Petrochemical Co., Ltd., Prasol Chemicals Pvt. Ltd., Exxon Mobil Corporation, Tonen, Shell Chemicals, Idemitsu Kosan Co., Ltd., Oxiteno, Cetex Petrochemicals, SK Group, Sasol, Petrobrazi and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for 2-Butanone solvent with largest market share.
For instance, Oxiteno, a leading player in the production of surfactants and specialty chemicals, recently announced that it has been certified by the Roundtable on Sustainable Palm Oil (RSPO). With this certification, the company can do business in Europe by having the access to resell RSPO- certified products made by local partners. The expansion in Europe is very important for the organization to strategically plan and run the business throughout the region as it has the world’s top chemical companies. This certification states Oxiteno's Strategic Sustainability Plan until 2030, which contains ambitious targets. Asia Pacific region is expected to show a significant growth owing to the emergence of new players and improvement in the chemical industry in the developing countries. India is expanding the chemical industry and is likely to become the leader in the asian market. The expanding automotive industry in the North American and European regions is projected to be lucrative through 2030. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
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2-Butanone is an organic compound from a family of ketones that are found in trace amounts in nature. It is produced by few trees as well as found in certain vegetables and fruits. 2-Butanone is also known by names such as methyl ethyl ketone (MEK), butanone, butan-2-one, etc. It is a colourless liquid that has a sharp and sweet odour that resembles butterscotch or acetone. 2-butanone can be released from automobile exhaust. It is commercially produced by the catalytic dehydrogenation of 2-butanol and it can be also extracted by fractionation in Fischer-Tropsch reaction. 2-Butanone has various applications across different industries. However, among other applications, 2-Butanone is mainly used as a solvent in several industries. It is one of the components used in the production of solvent systems used for magnetic tapes. 2-Butanone is also used as an adhesive as well as a de-waxing agent. It is also used for degreasing metal surfaces, especially in the aerospace industry. Due to its wide applications, 2-butanone is gaining interest from many industries.
However, 2-Butanone is considered a hazardous air pollutant by some regions. It has the ability to potentiate the toxicity of other solvents and it is highly flammable in nature. Owing to these factors, regulations are being imposed on the exposure limit of 2-Butanone.
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Growth in population and urbanization is driving the growth of the construction industry, which is increasing the demand for paints and coatings. As the paints and coatings market is growing, the demand for 2-butanone is increasing, which is boosting the market. Increasing global transportation and the rising demand for automobiles are boosting the aerospace and automotive industry. The growth of these industries is increasing the consumption 2-butanone as it is a degreasing agent for metal surfaces, which is propelling the market. Apart from these industries, the growth of chemical & polymer industries is very rapid in this modern world, which is leading to the growth of the market because of its application in various chemical and polymer processing processes. Growth in population is also boosting the production of the textile industry, which is boosting the 2-butanone market because of its use in textile processing.
However, due to regulations governing the level of exposure of 2-butanone because of its flammable nature and health effects, companies are in the search of alternatives. In addition, it has been enlisted as table 2 precursor under the name of United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances. These are some of the factors restraining the growth of the market.
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Paints and coating industries are growing at a healthy pace in the Asia Pacific region, along with industries such as chemicals, plastic, and polymer processing in countries such as India and China, along with other APAC countries. The automotive industry is growing in countries such as Japan and other APAC countries. Hence, this region is a prominent market for 2-butanone.
North America and Western Europe are mature markets that are steadily growing. These regions are steady markets for 2-butanone because of the presence of large automotive and chemical industries. Regions such as Latin America and Eastern Europe are registering lucrative growth, which makes them potential markets for 2-butanone. 2-Butanone is used in oil and lubricants industries in the MEA regions, which are growing at a healthy pace, thus making this region a lucrative market for 2-Butanone.
Key participants in the global 2-Butanone market include:
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The global 2-Butanone market can be segmented on the basis of end use and applications.
The global 2-Butanone market is segmented on the basis its end use as:
The global 2-butanone market is segmented on the basis of its applications as:
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The paints and coatings industry is boosting the demand for 2-butanone.
Asia Pacific holds a major share in the global 2-butanone market.
India, China, and Japan are supporting market expansion in Asia Pacific.
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