Cyclic Ketones Market Overview
According to latest research conducted by Future Market Insights, the global market of ketones is anticipated to grow with a CAGR of 4.5% to 6% during the coming assessment period of 2021-2031. The demand for the cyclic ketones are expected to remain in a higher state for the production of nylon. Further the demand for solvent and precursor to polymers will increase the consumption rate of this category of ketone.
What is Driving Demand for Cyclic Ketones?
As most of the ketones are cyclic in nature, the larger derivatives like cyclohexanone and cyclopentanone have significant applications in various chemical industries. With the growing demand in the textile industry for the most common polymer usage such as, fibers i.e. Nylon used for sports apparel and gym equipment.
The demand of cyclohexanone is also expected to increase as the functional group where it acts as an intermediate and is consumed for the production of precursors like caprolactam and Adipic acid. Growing demand of cyclohexanone primarily as a chemical intermediate and as a solvent for various lacquers like paints, and resins is expected to be observed in the coming years.
The compound cyclopentanone is a key driver for the market of cyclic ketones as it has a number of applications in the synthesis of several chemical compounds in pharmaceutical industries and its use as an aroma chemical in perfumes & aroma industry.
Over the projected period, growth in other end-use industries such as, rubber products, insecticides, and increasing use in pharmaceuticals is expected to fuel the cyclopentanone, which in turn will benefit the market of cyclic ketones.
Adoption of Sustainable Energy Goals to Boost Demand for Cyclic Ketones
Due to the high use of depleting non-renewable sources of energy like Petrol, diesel, etc., and the resulting pollution concerns, various international industry associations as well as government regulators have begun drawing up time bound goals for adoption of sustainable and bio-based energy sources.
Key players in the energy sector are now focusing on developing new fuels that are ideal energy sources for combustion engines, which will also results in higher engine performance and lower GHG emissions.
As cyclic ketones are one of the bio-derived fuels that have high resistance to auto-ignition which further can improve engine performance and reduces unhealthy emissions which could be the potential alternatives to petroleum based fuels in future.
The growing demand for use of renewable sources of energy or use of clean energy in the various developing and developed economies all around the world can benefit the sales of the cyclic ketones in the coming years due to its desirable combustion characteristics to become a source of sustainable energy in future.
US and Canada Cyclic Ketones Market Outlook
The region of US and Canada is estimated to be one of the major markets for cyclic ketones owing to the growing demand of specialty polymers such as nylon etc., as well as other technical textiles in the region. Growing demand for the intermediates such as cyclohexanone for the production of Adipic acid, which is further used in the manufacturing of textile products in US and Canada are in turn boosting the growth of the ketones market.
US is estimated to witness a substantial growth in this business due to the presence of significant number of key manufacturers including multiple textile yarn manufacturers along with strong presence of end use industries.
Asia Pacific Demand Outlook for Cyclic Ketones
Owing to the substantial growth in the chemical and textile industries and the strong demand of cyclopentanone in the countries of Asia Pacific for application in fragrance/aroma products, demand is projected to surge in the region during the forecast period.
Due to the ongoing covid-19 crisis, pharmaceutical industries are estimated to exhibit rapid growth which in turn can boost the demand of cyclic ketones during the forecast period as these ketones are primarily used in deriving pharmaceutical formulations.
Who are the Key Manufacturers and Suppliers of Cyclic Ketones?
Some of the leading manufacturers and suppliers include:
- BASF SE
- Gujarat State Fertilizers and Chemicals Ltd
- Alfa Aesar
- Asahi Kasei Corporation
- Zeon Chemicals
- Zhejiang NHU Co., Ltd
- Xinyi Dongsheng Chemical Co., Ltd
- Shandong Guorun Chemical Co., Ltd
- Company eight
- Pearlk Chemical Materials (Qidong) Co., Ltd
- Zhonggung Group
- Liaoning Jiazhi Chemicals
- WanXiang International
- Haihang Group
- Organic Kawaguchi Co., Ltd.
Market players are allocating a fair share of their revenue into research and development in order to produce these products in a more sustainable manner and are mostly focusing on strategic acquisitions for a high penetration in the market, in terms of geographic expansion as well as product line expansion.
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.
Key Segments of Cyclic Ketones Market
- Adipic Acid
- Solvents (Paints and dyes, agriculture)
- Perfumes and aromas
- Rubber chemicals
- Others (Including electronic solvents, oil extraction)
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia Pacific
- ASEAN Countries
- Rest of South Asia Pacific
- Middle East and Africa
- GCC Countries
- Northern Africa
- South Africa
- Rest of MEA