Escalating Demand from Various Industries Escalate Ketones Market Growth
According to our latest market study on “Ketones Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Form (Solid and Liquid) and Application (Food & Beverage, Dietary Supplements, Personal Care & Cosmetics, and Others),” the market was valued at US$ 4,286.5 million in 2020 and is projected to reach US$ 7,106.5 million by 2028; it is expected to grow at a CAGR of 6.5% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Ketones such as acetone, methyl ethyl ketone, methyl isobutyl ketone, and diisobutyl ketone are commonly used for chemical and industrial applications. Exogenous ketones are used in dietary supplements. These ketones commonly consist of ketone salts, also known as Beta-hydroxybutyrate or BHB, and ketone esters. The global ketones market is expected to grow significantly in the coming years owing to the rising popularity of ketone supplements. Ketone supplements help in weight reduction process, cognitive improvement, and athletic performance enhancement. Rising demand for ketone supplements, such as pills, capsules, and protein powders, owing the increasing adoption of keto products with growing awareness for the same is potentially driving the market growth.
Ketones are versatile organic compounds having multiple applications across various industries. Acetone, methyl ethyl ketone, methyl isobutyl ketone, and diisobutyl ketone are among the important ketones that are commonly used in the manufacturing of resins, plastics, paints and lacquers, varnishes, coatings, rubber products, and other industrial products. Acetone is used in nail polish removers. It is commonly used to degrease wool and degum silk in the textile industry. Acetone is often employed as a solvent in the manufacturing of lacquers used for automotive and furniture finishing. It can also be used to reduce the viscosity of lacquer solutions. The paints and coatings industry accounts for more than half of the demand generated for methyl ethyl ketone (MEK) products, as these materials can be used to produce a low-viscosity solution without impairing their film attributes. The automobile, electric goods, and furniture industries all employ these lacquers. Lacquers are excellent surface coating solvents and are essential in the creation of high-solid, low-emission coatings. MEKs are also used in the production of polymers and textiles, as well as printing inks, adhesives, insecticides, and rubber-based industrial cements. Ketones have wide applications in the food & beverage, and pharmaceuticals and nutraceuticals industries, wherein they are used in the manufacturing of supplements, energy drinks, ready-to-drink (RTD) shakes, and shake powders, among other products. Ketone-based food products and supplements help in the weight loss process as they trigger the use of fats deposited in the body.
A few of the major key players operating in the global ketones market are Compound Solutions Inc.; Aurochemicals; Taj Pharmaceuticals Chemicals; Orchid Chemical Supplies Ltd; Hunan NutraMax Inc.; HEALTH SOURCES NUTRITION CO., LTD.; Advanced Biotech; Eastman Chemical Company; Royal Dutch Shell plc.; and SABIC.
Impact of COVID-19 Pandemic on Ketones Market
The COVID-19 pandemic has drastically affected various industries in terms of sales and operations owing to many factors such as extended lockdowns across different regions, restrictions imposed on international trades, shutdown of manufacturing units, bans on travel, disintegration in supply chain, and shortage in the supply of raw materials. The food & beverages and chemical industry are among the significant sectors that suffered from severe disruptions, such as supply chain restriction and production plants shutdown, because of the COVID-19 outbreak. All these factors affected the both the chemical and food & beverage industries in a negative manner. Ketones are often utilized as solvents, chemical intermediates, and as catalyst in the chemical industry. They also have great demand from paints & coating, adhesives, printing inks, and similar industries. Also, these are utilized in the electroplating industry as cold-cleaning solvents, vapor degreasing solvents, and laboratory chemicals. Ketones are also used in the production of dietary supplements, protein shakes & powders, and pharmaceuticals. Disruptions in terms of sourcing of raw materials from suppliers and temporarily closures of manufacturing bases due to indefinite lockdowns and temporary quarantines have restrained the growth of the market during the pandemic. However, the pandemic has heightened consumer awareness of the importance of living a healthy lifestyle. As a result, consumers' attention has turned to personal health and nutritional eating. During the pandemic, demand for weight-loss goods and ketone supplements soared, propelling the ketones industry forward.
Global Ketones Market Breakdown – by Region
Ketones Market Size, Share and Growth Report 2028
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Ketones Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Solid and Liquid) and Application (Food & Beverage, Dietary Supplements, Personal Care & Cosmetics, and Others)
Ketones Market Size, Share and Growth Report 2028
Download Free SampleKetones Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Solid and Liquid) and Application (Food & Beverage, Dietary Supplements, Personal Care & Cosmetics, and Others)
The report includes the segmentation of the ketones market as follows:
The global ketones market, by form, is bifurcated into solid and liquid. By application, the market is segmented into food & beverage, dietary supplements, personal care & cosmetics, and others. By geography, the global ketones market is broadly segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. The market in North America is segmented into the US, Canada, and Mexico. The market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global ketones market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in Middle East & Africa (MEA) is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.
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