Global demand for the Cyclic Ketones Market is expected to reach a market valuation of US$ 0.5 Billion by the end of the year 2023, accelerating at a CAGR of 5.5% over the forecast period (2023 to 2033). Cyclic ketones are a class of organic compounds that contain a ketone functional group within a cyclic structure. They have a wide range of applications in various industries, including pharmaceuticals, flavors and fragrances, and polymer production.
Some examples of cyclic ketones include cyclopentanone, cyclohexanone, and cycloheptanone. These compounds are commonly used as intermediates in the synthesis of various chemicals, such as solvents, resins, and plasticizers. They are also used as flavor and fragrance ingredients in the food and cosmetic industries.
The demand for cyclic ketones is expected to grow in the coming years due to the increasing demand for their applications in the pharmaceutical and polymer industries. Factors such as rising population and urbanization, increasing healthcare expenditure, and growing demand for eco-friendly polymers are expected to drive the growth of the cyclic ketones market.
The market is supported by:
Increasing demand from end-use industries
Rising population and urbanization
Increasing healthcare expenditure
Technological advancements
Diversified application
Growing demand for eco-friendly polymers
Rapidly growing plastic industry
Increasing research and development activities
Increasing government investments in research and development
outstanding customer and employee experience
The growth in the Asia Pacific cyclic ketones market is primarily driven by factors such as increasing population, rising urbanization, and growing demand from end-use industries such as pharmaceuticals, flavors and fragrances, and polymer production.
China, India, and Japan are the major markets for cyclic ketones in the Asia Pacific region. China is the largest consumer of cyclic ketones in the region, owing to the growing demand from the pharmaceutical and polymer industries. India is also a significant market for cyclic ketones, driven by the increasing demand from the flavors and fragrances industry. Japan is another significant market, driven by the increasing demand from the pharmaceutical industry.
Moreover, the Asia Pacific region is also witnessing significant growth in the eco-friendly polymers industry. The growing awareness of environmental issues is leading to an increased demand for eco-friendly polymers, which is driving the growth of the cyclic ketones market in the region.
The growth in the market is primarily driven by factors such as increasing demand from end-use industries, such as pharmaceuticals, flavors and fragrances, and polymer production, and the presence of key market players in the region.
The United States is the largest market for cyclic ketones in North America, owing to the presence of a well-established pharmaceutical industry, which is the major consumer of cyclic ketones. The increasing demand for eco-friendly polymers is also driving the growth of the cyclic ketones market in the region.
Moreover, the presence of major market players, such as Merck KGaA and Eastman Chemical Company, is further driving the growth of the cyclic ketones market in North America. These companies are focusing on expanding their product portfolios and investing in research and development activities, which is further driving the growth of the market.
Additionally, the North American region is also witnessing a growing demand for flavors and fragrances in the food and beverage industry, which is driving the demand for cyclic ketones. The increasing demand for personal care and cosmetics products is also driving the demand for cyclic ketones, which are used as key ingredients in these products.
Market Value 2023
US$ 0.5 Billion
Projected Value 2033
US$ 0.85 Billion
CAGR
5.5%
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.
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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.
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USA and Canada Cyclic Ketones Market Outlook
The region of USA 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 USA and Canada are in turn boosting the growth of the ketones market.
USA 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.
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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
Sigma-Aldrich
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
Caffaro
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.
