Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "Bio Ketones Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The bio-ketones market is expected to register a compound annual growth rate (CAGR) of 7.92% during the forecast period (2024-2029)
The market of Bio-Ketones entails the synthesis and use of chemical compounds obtained from renewable materials in a biological process, which is environmentally sensitive and has useful physiological characteristics. These compounds are Bio Methyl Ethyl Ketone (MEK), Bio Polyether ether ketone (PEEK), and bio acetone among others. Bio-ketones are mainly used in paint and coating industry as a solvent, in Biological and hydraulic fluids and as preservatives. They also provide moderate solvency for various types of resins like polyesters, acrylics, epoxies vinyl chloride/vinyl acetate copolymers, nitrocellulose, and alkyds, about evaporation ability, which is similar to solvents. Bio-ketones are widely being used in the automotive, aerospace, infrastructural, and pharmaceutical sectors among others and the increasing concern towards ecofriendly materials in the global market are the major factors driving the Bio Ketone market.
Bio-Ketones market is expanding heavily because of the rising popularity of bio-products in the current world market and the continual environmental uproar against artificial products. Bio-ketones are synthesized from renewable feedstocks hence have a better environmental profile than most of the petroleum-based solvents. Customer awareness of sustainability and actions by the governments have led to demand for environmentally friendly chemicals that are green in nature.
This trend is most pronounced in industries such as paints and coatings where one of the key applications is the solvent in bio-ketones. Lubricants are another application in automotive and aerospace that is commonly using bio-based materials due to environment regulation and customer demand. One of the primary drivers for the Bio-Ketones market is the growing consciousness of the advantages of using products categorized under the bio-based segment.
The other factor that is driving growth in the bio-ketones market is adaptability mainly due to their ability to solve many unique problems. Application of these organic compounds is diverse including transportation, aviation, construction, medicine, and so on. Bio-ketones including that found in paint, coating and automotive and aerospace industries; the constituents of auto and aircraft are improvised with bio-ketones to offer superior performance and durability of the composite.
They use in the infrastructure industry in sealants adhesives and coatings. The uses of bio-ketones in the pharmaceutical industry include as solvents and preservatives. Thus, it can be concluded that with the development of new applications the consumption of bio-ketones will only increase. This is so because the compounds in question are versatile, meaning that they can be used in various end-use industries and this is a major driver that has been seen fueling the market.
Availability of government incentives and legislations towards sustainability and bio-based materials and products are also bolstering the Bio-Ketones market. Most countries of the world have adopted the use of mandatory measures and rewards for the use of green chemicals as a way of phase out the use of fossil resources. For that purpose, the European Union has laid down goals to consume or incorporate a given volume of renewable materials in several areas.
Likewise, the United States has come up with tax credit and every other policy incentive for corporations that invest in bio-based technologies. These governments' activities have fostered the right conditions for the Bio-Ketones market since the end-users and manufacturers are forced to seek greener options. The rising intensity of environmental laws is also another factor encouraging industries to make changes toward the adoption of bio-based solutions for several applications, which in return, helps boost the Bio-Ketones market.
BIO KETONES MARKET DRIVERS:
The paints and coating segment by end-user industry is likely to be the fastest-growing segment during the forecast period.
The paints and coatings categorization is done according to the end users; a segment that has the architectural paints and industrial paints divisions. Vacancy in the industrial segment is also expected to grow significantly in the assessing years; some subsegments are expected to demonstrate the maximum growth rate throughout the period of the forecast.
Automotive and Transportation: Automotive and transportation sector is a major consumer of industrial paints and coatings market. With increasing globalization and focus to cheaper production, the automotive market is on the rise especially in new economies such as China, Indian for high performing vehicles hence the high demand for high performing automotive part coatings. Today manufacturers are applying enhanced coatings that have better appearance, longer life, and are also eco-friendly. This is contained in coatings that possess processes such as scratch resistant, self-healing and low emission capabilities. An increase in the adoption of car models that use electric power is also affecting the increase in demand for specific coatings suitable for these new technologies.
Aerospace and Defense: The aerospace and defense industry is still another primary end user that is fueling the demand for industrial paints and coatings to some extent. Coatings that are applied in this segment need to conform to high requirements for performance and safety such as heat and chemical resistant, wearing and abrasion resistance. Concerning the future forecast of the aerospace coatings market it can be stated that due to the constant growth of international aviation and the appearance of new models of planes the need for these specialized coatings will be even higher.
Infrastructure and Construction: The industries related to construction as well as infrastructure are also important consumers of industrial paints and coatings. Since, global population expands in cities, and extend the investments in infrastructure construction like bridges, roads and other properties, there is the need for protective coatings for structures from outside factors such as wearing effects of weather, corrosion, and fire. This includes coatings that give the structures an aesthetic feel since most of these structures are employed in the construction projects.
The industrial end-use segments are expected to grow at a higher pace than the paint and coatings' market and thus form the fastest-growing segments during the forcast period. The demand for high-performance coatings for these industries is an essential driver of this faster growth rate since the industries operate under strict conditions.
Asia Pacific region to dominate the bio ketones market during the forecast period.
Due to several factors the Asia-Pacific (APAC) region is expected to lead the Bio-Ketones market during the forecast period. APAC is one of the region that is growing economically and industrializing most at the same time with China, India, Japan among others. This has in turn resulted into increase in the market for paints, coatings and other industrial purposes which use bio-ketones. The increased automotive and aerospace business in the area is considered to be one of the key demands for bio-ketone products.
Other factors that are contributing to the growth of the market are increasing concerns for environmental conditions and sustainability. To illustrate, over the last few years, several governments in the Asia-Pacific region introduced policies and standards aimed at encouraging the use of bio-based and green products. Yet, rising concerns of consumers with sustainability improvements has boosting the use of bio-keton in many industries.
On the other hand such factors as cost structures, the availability of raw materials etc were seen on the side of the home country. Comparatively, APAC is another preferred location as it has cheap labor and raw material for the production of bio-ketone. This has further boosted its competitiveness in the chain of global bio-ketones market since the region determines easy and close access to bio-based feedstock.
Bio-ketones are used across various industries of APAC some of which are paints and coatings, pharmaceuticals as well as infrastructure. Because of their varied applications, these compounds are likely to be in high demand as the new applications surface hence driving the market. Bio-ketones market participants are now looking at APAC as the market grows and invest in increasing production capacity. Others are also being developed to enhance the existing market position and encourage innovation through formation of joint ventures. Such factors further complemented with the size of the population bog and increasing trend of disposable income in APAC make the geography the most prospective market for bio-ketones till the year 2023.
Companies Featured
- Bio Brands LLC
- Caldic B.V.
- Eastman Chemical Company
- Fitz Chem LLC
- Genomatica, Inc
- Green Biologics Limited
- LANZATECH
- Merck KGaA
Market Segmentation
By Product Type
- Bio MEK
- Bio PEEK
- Bio Acetone
- Other Product Types
By End-User Industry
- Paints and Coatings
- Automobile
- Infrastructure
- Pharmaceutical
- Other End-user Industries
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/1pd7ag
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
