Bio-ketones Market Forecast and Segments, 2020-2030

Bio-ketones: Introduction

Bio-ketones are a type of organic compounds that possess important physiological properties. Bio-ketones are produced from bio-based raw materials. Thus, they are environment friendly. Bio-ketones are primarily used as solvents in the paints & coating sector. They are also used as preservatives. Furthermore, bio-ketones are utilized in hydraulic fluids.
Bio-ketones are low-cost, slow-evaporating, low-density mixture of ketone solvents. These are useful as retarder solvents for primers, coil coatings, maintenance coatings, and high-solid enamels. In these coatings, they improve gloss and leveling, reduce orange peel, minimize solvent popping, and help lower the volatile organic compounds (VOC) content. In many coatings, they can be used alone or blended with other solvents for better results.
Compared to other solvents in the same evaporation range, bio-ketones have good solvency for a wide range of resins including nitrocellulose, alkyds, polyesters, acrylics, epoxies, and some vinyl chloride/vinyl acetate copolymers
Bio-ketones are generally classified into bio MEK, bio PEEK, and bio-acetone. Bio-acetone is used as a renewable alternative to petroleum-based acetone. Acetone is the simplest and smallest ketone. It is a suitable solvent for many plastics and some synthetic fibers. It is also used for thinning polyester resins, cleaning tools, and dissolving two-part epoxies and superglue before they harden. It is used as one of the volatile components of some paints and varnishes.

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Key Drivers and Restraints of Global Bio-ketones Market

Bio-ketones are used as solvents in the paints & coatings sector. Paints and coatings are primarily employed in construction and automotive industries. Expansion of the construction industry in developed as well as developing countries owing to increase in urbanization, technological advancements, and rise is disposable income of consumers is expected to drive the global bio-ketones market during the forecast period.
Growth in the automotive sector, due to increase in demand for electric vehicles across the globe, is estimated to boost the global bio-ketones market in the near future

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Bio-ketones Market: Product Type Segment

In terms of product type, the global bio-ketones market can be segmented into bio MEK, bio PEEK, bio-acetone, and others
The bio PEEK segment is estimated to account for major share of the global bio-ketones market during the forecast period. Bio-PEEK is highly used in the automotive industry as a replacement of metals, as it helps lower automobile weight. This, in turn, leads to fuel efficiency. Increase in performance of engines, weight minimization of engine components, and growth in the automotive industry are boosting the bio PEEK segment.

Covid-19 Impact on Bio-ketones Market

Several governments and private sector businesses are operating on a limited capacity or have ceased operations completely due to the recent events surrounding the COVID-19 pandemic. Manufacturing activities across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. due to the Covid-19 pandemic. This is expected to hamper the bio-ketones market to some extent.
COVID-19 is adversely affecting the global economy in three major ways: hampering production and demand, supply chain and market disruption, and adverse economic impact on firms and financial markets

Asia Pacific to Dominate Bio-ketones Market

In terms of region, the global bio-ketones market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is anticipated to account for significant share of the global bio-ketones market during the forecast period owing to high demand for bio-ketones in China, India, and Japan. The bio-ketones market in China is expanding at a rapid pace owing to the high demand in the pharmaceutical industry in the country. Increase in demand for paints & coatings from the construction sector in China, India, Thailand, and Indonesia is estimated to boost the demand for bio-ketones in the near future.

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Key Manufacturers Operating in Global Bio-ketones Market

The global bio-ketones market was highly fragmented in 2019. Major players have prominent presence in developing countries. Key manufacturers operating in the global bio-ketones market include: