Ketone based solvents are organic solvents which contain the ketone group. Lighter ketone based solvents, such as acetone, can be used in drying operations. Properties, such as slower evaporation rate, lower surface tension, lower density and high boiling point, make ketone based solvents a good choice for high solid coatings. Due to regulations, such as limited solvent weight per gallon of coating, companies prefer to use low density solvents, such as ketone based solvents. Low density solvents reduce the VOC content of coatings. Ketone based solvents find primary usage as solvents in lacquers, lacquer reducers, nail polish and nail polish removers, cleaning solvents and contact cements. They find numerous applications in paints and coatings industry, plastic and rubber processing, cosmetics, etc. Ketone based solvents are indexed as inert ingredients, approved to be used in non-food use pesticide products under the FIFRA act. However, some ketone based solvents are considered hazardous air pollutants. Therefore, regulations have been formed that censor the use of ketone based solvents across various regions. This, in turn, is leading to research and development of bio based solvents.
Ketone Based Solvents Market: Dynamics
Ketone based solvents are widely used in the paints and coating industry. Growing population and urbanization is the primary reason responsible for the growth of the construction and thus, the architectural coatings industry. This growth, in turn, is escalating the growth of the ketone based solvent market. Besides paints and coatings, ketone based solvents also find usage as contact cement solvents in the construction industry. Growing automotive and aerospace industry is leading to increasing use of protective coatings, which in turn, is boosting the ketone based solvent market. The growth of the chemical industry is also pushing the ketone based solvent market as ketone based solvents are used as process solvents in the chemical industry. However, growing regulations covering the use of ketone based solvents and development of safe and green alternatives are the two factors denting the ketone based solvent market.
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Ketone Based Solvent Market: Regional Outlook
The Asia Pacific region is estimated to be the dominant market for ketone based solvents because of rise in industrialization and growth in chemical, plastic and rubber industries. Countries, such as China and India, are witnessing remarkable growth in construction industry. The same is also true for Latin American countries, such as Brazil. Growing construction activity in these regions will push the growth of ketone based solvents in these regions. North America and Western Europe are matured markets for ketone based solvents and these regions are mainly focusing on bio based solvents because of green initiatives started by regulatory bodies. Countries in MEA and Africa are expected to be potential markets for ketone based solvents due to their growing applications in cosmetics and construction industry.
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Ketone Based Solvent Market: Key Participants
Key participants identified in the global ketone based solvent market include:
- BASF SE
- Dow Chemical Company
- Sasol Solvents
- Eastman Chemical Company
- Celanese Corporation
- Shell Chemicals
- Solvay Chemicals
- Exxon Mobil
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