Ketone-based Solvents Market Expected Growth Opportunities Forecast by 2029 | Know the Russia Ukraine Impact On Ketone-based Solvents Industry
The significant demand from construction and automotive industries can have an exceptional effect on the market, states Fortune Business Insights, in a report, titled “Ketone-based Solvents Market Size, Share & Industry Analysis, By Type (Cyclohexanone, Methyl Ethyl Ketone, Methyl Isobutyl Ketone, Methyl Amyl Ketone, Other), By Application (Paints and Coatings, Plastics and Rubber Processing, Petroleum Refining, Cosmetics, and Personal Care, Printing Inks, Other) and Regional Forecast, 2022-2029.” Rapid urbanization is expected to contribute excellently to the growth of the global market.
The coronavirus incident has caused colossal loss to several industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report on the ketone-based solvents market encompasses, fundamental understandings of the market, all-inclusive data about prominent players, distinguished facts and figures, latest developments, key drivers and restraints along with important information about dominant regions.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Ketone-based Solvents Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Ketone-based Solvents Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Solvay’s Long-term Development Plan to Augment Growth
The increasing expansion plans of major companies can have an excellent impact on the global market. For instance, in June 2018, Solvay SA confirmed its plans to expand its offices and its campus in Brussels. This long-term development is expected to help the company in promoting closer relations and innovation among colleagues. The transition was scheduled to begin in mid-2019 and conclude by 2021. Moreover, the rising colorations and acquisitions among industry players can further foster the healthy growth of the market. For instance, in August 2017, the Singapore subsidiary of ExxonMobil Corporation has finished the acquisition of one of the world’s largest aromatics plants on Jurong Island in Singapore, operated by Jurong Aromatics Corporation. The purchase enables the economy to stimulate the growth of hydrocarbons to more than 3.5 million tons per year, including 1.8 million tons of paraxylene that are used as a solvent.
However, the environmental threats associated with the use of ketone-based solvents can restrict its adoption among industries, which, in turn, can dampen the growth of the market. Moreover, short-term health symptoms of solvents include hallucinations, vomiting, dizziness, and extreme headaches. Long-term effects include heart, brain liver, and kidney damage.
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Heavy Demand for Cars to Propel Market in Asia Pacific
Geographically, the ketone-based solvents market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate during the forecast period owing to the growing demand from economies, such as China and India. The rapid industrialization and urban sprawl followed by increased demand for cars are factors expected to back the growth of the market in the region. North America is expected to hold a significant share during the forecast period due to heavy demand from the automotive industry in the region. The increasing industrialization and improved production capacity can have a tremendous impact on the market in the region. Europe is predicted to expand rapidly during the forecast period owing to the building & manufacturing activities in European countries. The booming automotive and paint & coatings industries are expected to enable the expansion of the market in Europe. The Middle East and Africa is expected to rise considerably during the forecast period. The growing infrastructure investments in GCC countries are likely to contribute to the market, which in turn, can aid the Middle East region.
May 2018: BASF SE signed an agreement with ExxonMobil, a global provider of solutions developed new gas treatment solvents and process technologies to be used for the production of natural gas and oil refining. The agreement helped the company fulfill the needs of its consumers by offering solutions to reduce energy usage, increase capacity, and fulfill tighter sulfur requirements.
The Report List the key Companies in Ketone-based Solvents Market:
- Exxon Mobil
- Dow Chemical
- Eastman Chemical
- China Blue Star
- Zhejiang Xinhua Chemical
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