The global ketones market size is expected to witness potential gains in the future, and register a significant CAGR over the forecast period (2019 - 2027).
Ketones are structurally similar to aldehydes and also possess a carbonyl group and are commercially produced as solvents, polymer precursors, and pharmaceuticals. These compounds are found in several sugars and in compounds for medicinal use, including natural and synthetic steroid hormones. Cortisone, an anti-inflammatory agent, contains ketones. Some of the major ketones include, acetone, methyl ethyl ketone, and cyclohexanone. Methyl ethyl ketone (MEK), also known as butanone, is used as a solvent.
Increasing demand for acetone, methyl ethyl ketone, and cyclohexanone from end-use industries is expected to boost growth of the global ketones market. Methyl ethyl ketone is used in solvent-borne coatings, powder coatings, specialty coatings, and waterborne coatings. Acetone is used as a solvent for several plastics and some synthetic fibers. It is also used as an excipient and solvent in the pharmaceutical industry. Therefore, significant growth in the pharmaceutical industry is expected to boost demand for acetones. This in turn is expected to boost growth of the global ketones market. Cyclohexanone is used in the production of precursors to Nylon 6,6 and Nylon 6. Therefore, increasing production of nylon in the textile industry is expected to boost the market growth.
Unsaturated ketones such as methyl vinyl ketone are toxic, which is expected to hinder the market growth to some extent.
Asia Pacific is expected to account for a significant market share, owing to growing textile and chemicals industry. The market in Asia Pacific is driven by major growth engines India and China. Increasing demand for acetone from the home care sector is also expected to boost growth of the market. Acetones are found in households products such as nail polish removers and paint thinners.
North America is expected to witness significant growth, owing to presence of major pharmaceutical companies in the region. Ketone is also a bio compatible material used in medical implants. Therefore, increasing demand for medical implants from the medical sector is also expected to contribute to the market growth in North America.
Major players operating in the global ketones market include, Caledonian Ferguson Timpson Ltd, Jida Evonik High Performance Polymers (Changchun) Co. Ltd., Panjin Zhongrun High Performance Polymers Co. Ltd., Prototype & Plastic Mold Co. Inc., Solvay Specialty Polymers, and Tri Town Precision Plastics, Inc.