Analysis of COVID-19 Crisis-driven Growth Opportunities in Diisobutyl Ketone Market
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Increase in demand for paints and coatings for enhancing the attractiveness for offices and homes across the globe is projected to fuel the diisobutyl ketone market during the forecast period. Diisobutyl ketone is widely used in the manufacture of various paints and coatings products due to its excellent solubility properties. This is anticipated to drive demand for it in the next few years. However, complex manufacturing process of diisobutyl ketone and availability of substitute chemicals are likely to hamper the diisobutyl ketone market during the forecast period.
Diisobutyl Ketone Market: Segmentation
The global diisobutyl ketone market can be segmented based on type, application, and region. Based on type, the diisobutyl ketone market can be segmented into food grade and industry grade. The industry grade segment is expected to hold a dominant share during the forecast period. High usage of diisobutyl ketone in a number of industries to manufacture inks, dyes, lacquers, varnishes, and coatings is likely to fuel demand for diisobutyl ketone.
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In terms of application, the diisobutyl ketone market can be divided into chemical processing, solvent, flavoring, and others. The solvent segment is projected to hold a dominant share of the diisobutyl ketone market during the forecast period. Diisobutyl ketone is highly preferred as a solvent due to its excellent solubility in alcohol and organic solvents. This is anticipated to boost demand for it in the next few years.
Diisobutyl Ketone Market: Region-wise Outlook
Based on region, the diisobutyl ketone market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific held a major share of the diisobutyl ketone market during the forecast period. Diisobutyl ketone is widely used in industries such as chemicals, paints, and coatings. Global paint and coating companies have production facilities in Asia Pacific, as it is a high potential region for various industries. Rapid industrialization in counties such as China, South Korea, and India and development of infrastructure are anticipated to fuel the diisobutyl ketone market. North America and Europe are projected to hold a major share of the diisobutyl ketone market in the next few years. The U.S. has a large number of global paints and coatings companies. Increase in consumer demand for painting applications is estimated to fuel the diisobutyl ketone market in the near future. The diisobutyl ketone market in Latin America is also likely to expand at a moderate pace, owing to the recovery in the construction sector. The diisobutyl ketone market in Middle East & Africa regions is estimated to expand at a sluggish pace during the forecast period, owing to the limited presence of industries across the region.
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Diisobutyl Ketone Market: Key Players
A large number of companies operate in the global diisobutyl ketone market. Prominent manufacturers of diisobutyl ketone market include Eastman Chemical Company, Royal Dutch Shell, Dow Chemical Company, and Mitsui Chemicals.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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