Bio-Ketones Market - Forecast(2023 - 2028)

Bio-Ketones Market size is forecast to reach $655 million by 2026, after growing at a CAGR of 8.3% during 2021-2026. Bio-ketones are a category of organic compounds which retain important physiological properties that are produced from bio-based raw materials, which result in it becoming entirely environment-friendly. There are numerous bio-ketones, some of them are Bio Methyl Ethyl Ketone (MEK), Bio Polyether ether ketone (PEEK), Bio Acetone and, Others. Bio-ketones are majorly used as solvents in the paint and coating sector, as preservatives, and in hydraulic fluids. Compared to other solvents in the same evaporation, bio-ketones have decent solvency for a broad variety of resins including, polyesters, acrylics, epoxies, vinyl chloride/vinyl acetate copolymers, nitrocellulose, and alkyds. 

The global pandemic caused by the novel coronavirus has crippled the economy. While the lockdown may have helped limit the spread of the virus, it has severely affected and disrupting the entire value chain of most major industries in India. In most of the industry, it has an effect by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. The global economy has rebounded from the lows of 2020. However, it is expected that the negative impact of COVID-19 on Bio-ketones to be compensated over the medium to long term future.

The report: “Bio-Ketones Market (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Bio-ketones Industry.

By Type: Bio Methyl Ethyl Ketone (MEK), Bio Polyether ether ketone (PEEK), Bio Acetone and, Others

By End-Use Industry: Automobile, Aerospace, Infrastructure, Paints & Coatings, Building & Construction, Pharmaceutical and, Others

By Geography: North America (U.S, Canada and Mexico), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), and RoW (Middle East and Africa).

Bio Polyether ether ketone (PEEK) held the largest share of 41% in the Bio-ketones Market in 2020. This growth is mainly attributed to the increasing demand for Bio-PEEK in varied applications such as in paint and coatings, automobiles, building and construction, and others. Because of its toughness, PEEK is used to manufacture items used in applications, including bearings, piston parts, pumps, and cable insulation. It is one of the few plastics compatible with ultra-high vacuum applications. It is extensively used in the aerospace, automotive, and chemical process industries. PEEK has V? (Initial Velocity) flammability rating down to 1.45 mm and an LOI  (Loss on ignition) of 35%. Its smoke and toxic gas generation are extremely low. Another advantage of the PEEK cage is that it is radiolucent. Its main disadvantage is that its hydrophobic nature. Thus, it will never bond to bone, unlike titanium. Therefore, to achieve a solid fusion, one has to select a filler that has a high likelihood of fusing.

Automotive Industry dominates the Bio-ketones Market in terms of consumption, growing at a CAGR of 8.5% during forecast period. The automotive industry with a production of 77.6 million in 2020 according to Organisation Internationale des Constructeurs d'Automobile (OICA) and Bio-PEEK is one of the highest performing thermoplastics available to the automotive industry. With the growing trend of miniatured engine compartments, Bio-PEEK offers a solution to replace metals and offer weight reduction, noise reduction, and functional integration. The main applications include: under-the-hood piston units, seals, washers, bearings and, various active components used in transmission, braking and air-conditioning systems.

Asia Pacific region held the largest share in the Bio-ketones Market in 2020 up to 43% followed by North America and Europe. APAC as a whole is set to continue to be one of the largest and fastest-growing markets globally. Large and more developed markets such China, India, Japan, and South Korea are expected to grow more in the coming years. China is driving much of the Bio-ketones market due to rising huge demand from the pharmaceutical industry, followed by India and Japan. Asia-Pacific dominates the bio-ketones market due to its cheap labor and cost. Besides, with the growing demand for paints and coatings from the construction sector, along with an increase in automotive manufacturing facilities across China, India and, Thailand for instance, Japan's automotive market rebounded by over 29% to 349,895 units in April 2021 from the previous sale. Similarly, Vietnam automotive market continued to rebound in April 2021, with sales surging by over 75% to 18,941 units from weak year-earlier sales of 10,816 units. The rapid increase in the demand for automotive in the APAC region is likely to improve the demand for bio-ketones, which is estimated to produce at a high rate in the upcoming years.

It was used mainly for two components of the Jovian Auroral Distributions Experiment aboard NASA's Juno Space Probe. PEEK was chosen because it is stiff, strong, and lightweight. It also has a low outgassing profile compared with most plastics exposed to the high vacuum of space. One part required molding PEEK around an aluminum ring and the other needed multiple aluminum inserts that were first machined and then press-fit into the molded plastics. With the success of the Bio-PEEK materials in the Aerospace industry, the demands are valued to raise in the analyzed year. Also, the escalating rise in crude oil and petroleum-based productions prices are impeding the growth of non-renewable sources productions. With the increasing demand for bio-based productions, its market is estimated to grow in the forecast period.

Bio-ketones are being used in the making of dental instruments, endoscopes, and dialyzers. The escalate demands medical industry in developed as well as developing countries owing to increase in urbanization, technological advancements, and rine is the disposable income of consumers is expected to drive the global bio-ketones market during the forecast period. For instance, PEEK is replacing aluminum for the handles on dental syringes and sterile boxes that hold root canal files.

The automotive industry as per the consumer demands of better fuel economy, more comfortable driving experiences, and less frequent maintenance with no drop in performance is seeking novel materials that offer lower weight and high specific strength to develop cost-effective component solutions with improved efficiency and performance. Bio-ketones (PEEK) certainly offers a solution to replace metals and offer weight reduction and with the increase in demands The Bio-ketones market is estimated to grow in the forecast period.

Despite the growing demand of Bio-ketones in the automotive industry, there are some limitations attached to it which can possibly set back the on-trend demands such as expensive in nature when it comes to applying for highly demanding applications, it tends to the process at high temperatures, it is attached by some acids, such as conc. Sulphuric, Nitric, Chromic and also is attacked by halogens and sodium and, lastly low resistance to UV light.

The growth of the Bio-ketones market is hindered by the limited availability of raw materials in many countries. In countries like US and Germany, the raw materials for bio-based production in a chemical are tough to discover.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Window Films Market. Major players in the Bio-ketones Market are Fitz Chem LLC, Solvay, BASF SE, Eastman Chemicals, Sigma-Aldrich Co. LLC, Genomatica, Bio Brands LLC, Green Biologics, and Others.