Increasing Adoption of Agrochemicals in Developing Countries to Fuel Growth of the Ketene Derivatives Market
The agrochemical industry has grown in response to rising food demand. While increasing population is resulting in increasing food demand, decreasing cultivable land necessitates increased use of agrochemicals. Agrochemicals are used to protect crops from disease, pests, and weeds. They also contribute to increased soil fertility. According to the FAO, the world population will reach 9 billion by 2050. As the world's population grows, so does the demand for food products to feed it. According to the FAO, cropland per capita has decreased from 0.24 hectares per capita in 2000 to 0.2 hectares per capita in 2019; the shrinking agricultural area will necessitate more produce from the available land. The agrochemical industry's expansion is expected to drive the ketene derivatives market. For instance, in 2020, the global agrochemical market volume was estimated to be 289 million metric tonnes. The global market for agrochemicals is expected to reach 402 million metric tonnes by 2030.
The rapid pace of industrialisation and expanding R&D activities in the agrochemicals industry are key trends driving the prospects of ketene derivates market. In April 2020, Sumitomo Chemical has completed the acquisition of four Nufarm South American subsidiaries. With this acquisition, Sumitomo Chemical will be able to expand its crop protection product development and sales network in South America, including Brazil, the world's largest crop protection market.
Increased Demand for Ketene Derivates in Pharmaceutical Categories to Drive Ketene Derivatives Market
The pharmaceutical category is expected to dominate the global ketene market over the forecast period. The patient pool for many chronic diseases, such as rheumatoid arthritis, hypertension, diabetes, and cancer, has grown with ageing populations. As the patient pool grew, so did demand for medications used in the treatment of various disorders, which had a significant impact on market growth during this time period. Furthermore, as a result of the sudden onset of the COVID-19 pandemic, the pharmaceutical industry has grown significantly in recent years. Most well-established companies are consolidating to strengthen their market position in this highly competitive environment. Small to mid-sized pharmaceutical companies, on the other hand, are purchased for their inventiveness.
Rising Urbanisation and Spending Power in Asia Pacific to Drive Growth of Ketene Derivatives Market
Asia Pacific is expected to dominate the global ketene derivates market over the forecast period due to rising urbanisation, and growing spending power in the region. Ketenes' versatility in the chemical industry has opened the door to massive revenue potential from their use in pharmaceuticals, beverages, aromatics, and agrochemical applications. The use of amides and anilines in the paints and coatings industry is increasing. Furthermore, the textile industry sees ketenes as a commercially valuable material, boosting the ketene market's growth. One of the driving factors propelling market growth is the growing textile industry. A large presence of natural resources, the expansion of manufacturing industries, the rise of disposable income, and other factors are driving market growth in this region. However, demand for ethylene urea in this region is increasing because China the world's largest producer and exporter of textiles. China's textile industry has become one of the country's economic pillars, thanks to its rapid growth over the last two decades. Among the most important Chinese exports are clothing, clothing accessories, textile yarns, and textile articles. According to the Ministry of Industry and Information Technology, profits in China's textile industry totalled 171.1 billion yuan (approximately USD 26.80 billion) in the first nine months of 2021, a 31.7 % increase year on year (YoY) (MIIT).
Ketene derivatives are also widely used in Europe. The ketene derivatives market in the region is expected to grow significantly due to an increase in the number of manufacturers and increased sales of pharmaceutical products in the region. For instance, the European Federation of Pharmaceutical Industries and Associations (EFPIA), represents a sizeable portion of Europe's drug manufacturers. It currently has 36 national pharmaceutical associations and 39 of Europe's leading pharmaceutical companies as members. Russia, and Turkey are also EFPIA members. In 2020, EFPIA members are expected to generate approximately 310 billion euros in production value.
Global Ketene Derivatives Market: Competitive Landscape
Companies in ketene derivatives market are introducing new products alongside initiating collaborations, alliances, and partnership agreements. Strategic steps have been taken by key businesses to increase their presence and preserve a competitive edge in the market. In addition, market participants are engaged in product development, cooperation and partnership models, agreements, business expansion, and merger & acquisition strategies in order to strengthen their product portfolio and meet demand for dipropylene triamine products.
A few of the players in the ketene derivatives market include Nantong Acetic Acid, Ningbo Wanglong, Xinhua Pharmaceuticals, Daicel, Mitsubishi Chemicals, Eastman Chemicals, Laxmi Organic Industries, and Anhui Jinhe Industrial
Regional Classification of the Global Ketene Derivatives Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Ketene Derivatives Market
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