Ketones Market Size, Trends and Growth Analysis by 2027

The ketones market was valued at approximately US$ 4,286.5 million in 2020 and is anticipated to grow to US$ 7,106.5 million by 2028, reflecting a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028.

Ketones, including acetone, methyl ethyl ketone, and diisobutyl ketones, serve as essential industrial solvents and chemical intermediates in the production of various products such as coatings, adhesives, paints, paint removers, rubbers, plastics, and pharmaceuticals. Additionally, exogenous ketones are incorporated into dietary supplements, primarily consisting of ketone salts, also referred to as Beta-hydroxybutyrate (BHB), and ketone esters.

The ketones market is categorized by application into several segments: food & beverage, dietary supplements, personal care & cosmetics, and others. In 2020, the "others" segment held the largest market share, while the dietary supplements segment is projected to experience the highest CAGR during the forecast period.

In terms of industrial applications, ketones such as methyl ethyl ketone, methyl isobutyl ketone, diisobutyl ketone, and acetone are widely recognized as chemical intermediates within the chemical industry. Acetone is particularly significant as a chemical intermediate in the production of acrylic plastics, polycarbonates, and epoxy resins. Furthermore, diisobutyl ketone plays a crucial role in synthesizing diisobutyl carbinol, while methyl ethyl ketones are vital in the manufacturing of specific pharmaceutical products.

Acrylic plastics and epoxy resins find extensive applications in the automotive sector and signage. Diisobutyl carbinol is utilized in the synthesis of various products, including hydrogen peroxide, lacquers, shellac, printing inks, vinyl-chloride-acetate resins, urea-melamine resins, and alkyd resins. Ketones are also employed as industrial solvents in the production of paints and coatings, adhesives, automotive finishes, rubbers, textiles, varnishes, and printing inks. In the coatings sector, they are commonly used as solvents for nitrocellulose and other cellulose esters, resins, and vinyl chloride-vinyl acetate. These solvents can function as active solvents or diluents and are often used alongside other solvents. Methyl ethyl ketones are particularly prevalent in rubber manufacturing.

Moreover, ketones serve as fractionating agents in the extraction of oils and fats and are utilized for sterilizing medical equipment, including surgical instruments, hypodermic needles, syringes, and dental tools.

Regionally, the ketones market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2020, the Asia-Pacific region dominated the global ketones market and is expected to exhibit the highest CAGR during the forecast period. The rising demand for health-oriented supplements is a significant factor propelling market growth in this region. Additionally, the shift in dietary habits due to busy lifestyles and health concerns is further stimulating the growth of the ketone supplement market in Asia-Pacific. According to the International Institute for Sustainable Development, the chemical sector in this region accounts for over 45% of global chemical output and more than 69% of worldwide chemical employment. Ketones are extensively utilized as solvents and catalysts in the chemical industry, indicating that the robust chemicals sector in Asia-Pacific will likely enhance the growth of the ketones market in the near future.

Key players in the ketones market include 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.

The overall size of the ketones market has been determined through a combination of primary and secondary research methods. The research process commenced with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the information and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the ketones market.