Isophorone, a cyclic ketone with the chemical formula C₁₁H₁₈O, is widely used as a solvent in various industrial applications, including paints, coatings, adhesives, and chemical intermediates. Its unique properties, such as high boiling point, low volatility, and excellent solvency, make it a valuable chemical in numerous sectors.
The isophorone market was valued at approximately USD 1.75 billion in 2022. It is projected to grow from USD 1.8 billion in 2023 to USD 2.4 billion by 2032. The market is expected to experience a compound annual growth rate (CAGR) of about 3.22% during the forecast period from 2024 to 2032.
Challenges
Regulatory Constraints: Strict regulations regarding volatile organic compounds (VOCs) can hinder the use of isophorone in certain applications.
Availability of Alternatives: The presence of alternative solvents that offer similar performance could limit market growth.
Geographical Analysis
North America: The North American market is witnessing significant growth due to the high demand for isophorone in the automotive and construction industries.
Europe: The European market is characterized by stringent environmental regulations, leading to increased adoption of sustainable isophorone formulations.
Asia-Pacific: Rapid industrialization and urbanization in countries like China and India are propelling market growth in this region.
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Isophorone Market Companies Are:
Changshu Yangzi Petrochemical, Anqing Hexing Chemical, BASF ShinEtsu Chemical, Dow Inc., Rizhao Juhua Group, Mitsubishi Chemical Corporation, Tongsu Petrochemical Group, Jiangsu Haian Chemical Group, Evonik Industries, LyondellBasell Industries Holdings B.V., Formosa Chemicals Fibre Corporation, Huntsman Corporation, Shandong Hanbang Petrochemical, INEOS Group
Segmentation of Isophorone Market:
Isophorone Market Application Outlook
- PVC plasticizers
- Polyester resins
- Coatings and adhesives
- Lubricants
Isophorone Market End-Use Industry Outlook
- Automotive
- Construction
- Electronics
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