Continuous Expansion of Paints & Coatings Industry to Fuel Diethyl Ketone Market Growth
The paints & coatings industry is expected to swell at a faster pace on the back of the explosive growth of the building & construction industry. An increase in demand for paints & coatings in turn is likely to boost the expansion of diethyl ketone market during the forecast period. The other key applications of diethyl ketone include as cleaning agents, in textiles, plastics, rubber-based industrial cement, and PVC piping. Rising awareness regarding a healthy lifestyle, and the subsequent growth of the pharmaceutical industry also have boosted the demand in global diethyl ketone market. Pharmaceutical production is increasing due to rise in awareness among individuals towards wellbeing and increasing disposable income, which leads to the prompt treatment of diseases. This in turn is expected to increase the demand for pharmaceuticals; indirectly leading to increased consumption of diethyl ketone in the pharmaceutical industry, thereby propelling the diethyl ketone market growth at a significant rate in future.
In 2020, North America accounted for 49.0% of world pharmaceutical sales compared with 23.9% for Europe. According to IQVIA (MIDAS April 2021), 63.7% of sales of new medicines launched during the period 2015-2020 were on the US market, compared with 17.4% in the European market (top five markets). The Indian pharmaceutical industry supplies more than 50% of the global demand for various vaccines, 40% of generic drug demand in the US, and 25% of medicines in the UK. Globally, India ranks third in pharmaceutical production and 14th in value. The Indian pharmaceutical industry consists of 3,000 pharmaceutical companies and approximately 10,500 manufacturing units. In April-June 2021, India's exports of drugs and pharmaceuticals reached $5.78 billion. FDI inflows in India's drugs and pharmaceutical industry reached $1.206 billion in April-December 2021.
Demand for diethyl ketone in the agriculture industry has also augmented as an intermediate in pesticides which is expected to drive the growth of the global diethyl ketone market. DSM offers Decovery, a plant-based resin for paints. Decovery ingredients are safe and contain low volatile organic compounds (VOCs) to protect and improve outdoor & indoor air quality, reducing the carbon footprint by up to 34% by replacing crude oil. Furthermore, diethyl ketone can be used as a reagent to produce Ethyl 2-Cyano-3,3-diethylacrylate (E907600) by Knoevenagel condensation and shows anticonvulsant effect in numerous types of mouse seizure models.
Increasing Consumption by Paints and Coatings Manufacturers to Foster Diethyl Ketone Market Growth
Solvent-based coatings are favourable in humid environments. Solvent-based paints require much less drying time than water-based paints that are less efficient in humid environments. Solvent-based coatings consist of liquefaction agents that help speed up the drying process by chemically reacting with oxygen available in the environment. This property of solvent-based coatings makes them easy to apply in wet environments and in different temperature zones. Additionally, many industries prefer solvent-based coatings to avoid chemical reactions due to their fast-drying properties. For example, companies such as Jamestown Coating Technologies make industrial coatings that are solvent-based and more durable than water-based coatings. Hence, the fast-drying properties in solvent-borne coatings favour their application in humid environments, thereby contributing to the growth of the solvent-borne coatings market.
Solvent-based coatings release VOCs in the environment, causing environmental damage and affecting human health. VOCs are carbon compounds that turn into gases at room temperature and are a major cause of air pollution. Innovative formulation technologies have expressively facilitated to cater to numerous consumer demands over the past decade. Corrosion protection, nanocoating’s, and low-VOC coatings are just a few of the modern innovations currently available on the market. The introduction of nanotechnology has played a substantial role in the industry. Governments around the world are developing different regulatory acts to curb VOC emissions. In addition to developing low or zero VOC formulations, well-known industry players also use the technology to develop nano-paints and coatings. For example, to reduce VOC emissions, the Hong Kong government has implemented a regulation to restrict products that exceed national VOC emission standards.
Asia Pacific to Constitute a Significant Revenue Share in Global Diethyl Ketone Market
Asia Pacific is projected to offer significant opportunities to the diethyl alcohol market players, due to the presence of the rapidly growing building & construction industry as well as a prominent pharmaceutical industry in the region. The rise in usage of diethyl alcohol in paints and pharmaceuticals is projected to boost the diethyl alcohol market in the region during the forecast period.
North America, and Europe are also the significant consumers of diethyl alcohol owing to the increasing preference for different flavours, and fragrances among consumers in these regions. This is expected to drive the demand for diethyl ketone in the region shortly. Additionally, Latin America and the Middle East, and Africa regions are anticipated to witness an increase in demand for diethyl ketone over the forecast period.
According to IQVIA (MIDAS April 2021), there is rapid growth in the pharmaceutical market and research environment in emerging economies such as Brazil, China, and India, leading to a gradual migration of economic and research activities from Europe to these fast-growing markets. During the period 2015-2020 the Brazilian, Chinese, and Indian markets grew by 11.3%, 4.8%, and 10.0% respectively compared to average market growth of 5.0% for the top 5 European Union markets and 4.9% for the US market.
Global Diethyl Ketone Market: Competitive Landscape
The key companies in global diethyl ketone market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, In July 2021, AkzoNobel N.V. and Mercedes-Benz prolonged their partnership agreement for another four years. This means that the company will continue to provide automotive refinish products and services including automotive and specialty coatings in China and become a preferred partner in Indonesia.
On the other hand, in March 2021, Qlayers coating technology provides a fully automated solution that is more consistent, safe, and faster than the manual coating processes currently used in the industry. It's a sustainable solution that saves money by eliminating overspray. This technology is helping customers apply anti-corrosion coating systems and others. A few of the players in the diethyl ketone market include BASF, Triveni Interchem, Honeywell, Spectrum Chemical Mfg. Corp., Hanghai Pearlk Chemical Co. Ltd., and Nanjing New Hope Chemical Co. Ltd.
The global Diethyl Ketone Market is Segmented as Below:
By Product Type
Key Elements Included In The Study: Global Diethyl Ketone Market
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