Global Isophorone Market Growth Forecasted at 4.7% CAGR to Reach $1.99 Billion by 2034

Global market for isophorone expanding steadily due to new uses in sustainable coatings and personal care products, says Fact.MR in its latest research report.

ROCKVILLE, MD, UNITED STATES, July 3, 2024 /EINPresswire.com/ -- According to Fact.MR’s recently updated industry research report, the global isophorone market is calculated at a value of US$ 1.26 billion in 2024 and has been projected to expand at 4.7% CAGR over the forecast period (2024 to 2034).

The synthetic chemical compound isophorone, which has the formula C9H14O, is utilized as a raw material in several industries. Demand for isophorone is rising steadily across industries such as personal care, adhesives, coatings, and medicines. Growing demand from the coating and pharmaceutical industries is also driving the market forward.

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With more than one-third market share, North America is the leading consumer of this hormone, followed by Asia pacific with around 25% market share. Key companies such as Lanxess AG, BASF SE, and Eastman Chemical Company account for a huge share of the global market.

Key Takeaways from Market Study

The isophorone market has shown robust growth, expanding at a compound annual growth rate (CAGR) of 4.4% from 2019 to 2023. Projections indicate further advancement with a CAGR of 4.7%, reaching approximately US$ 1.99 billion by 2034. Liquid isophorone is expected to dominate the market, capturing a substantial 53.7% share by the end of the forecast period. This growth is primarily driven by increased demand from the construction and automobile industries, which rely heavily on isophorone for its versatility in applications such as coatings, adhesives, and solvents.

Regionally, North America is poised for significant expansion, with a projected CAGR of 5.4% during the forecast period, aiming to reach US$ 767.3 million by 2034, up from US$ 454.6 million in 2024. Meanwhile, China's market for isophorone is forecasted to grow to US$ 323.4 million by the end of 2034, underscoring the global demand dynamics and the region's pivotal role in the chemical industry's growth trajectory.

“Rising demand from coatings, adhesives, and pharmaceuticals will be a key factor driving the consumption of isophorone over the coming years,” says a Fact.MR analyst.

Country-wise Insights

The U.S. isophorone market is projected to grow at a robust CAGR of 5.5%, aiming to reach US$ 570.1 million by 2034. This growth is primarily driven by steady expansion in the paints, coatings, and adhesives segments across North America and Asia Pacific. These sectors benefit from isophorone's versatile applications in industries such as consumer products, construction, and automotive, making the U.S. market particularly lucrative. Isophorone-based products, especially paints and coatings, are also meeting increasing demand for eco-friendly solutions, further bolstering market growth. Key players in the U.S. market include industry giants like Dow Inc. and BASF SE, enhancing the country's position in the global isophorone industry.

In Japan, the market for isophorone is expected to advance at a CAGR of 4.8%, reaching US$ 165.4 million by 2034. The country's demand for isophorone is driven by its extensive use in electronics and automotive sectors, where premium paints and coatings are essential for leading automakers like Toyota and Honda. Additionally, Japan's focus on research and technology drives the need for innovative materials across sectors such as construction and aerospace, further contributing to the growing demand for isophorone-based products.

Market Scenario

Manufacturers of isophorone are focusing on providing superior quality products and are committed to customer service excellence. Companies are looking to set up new production plants in different regions to meet the growing demand. Maintaining long-term relationships with suppliers and distributors to procure raw materials early is a key strategy among several isophorone producers.

Some of the leading manufacturers of isophorone are Dow, Evonik Resource Efficiency GmbH, SI Group, Inc., KH Chemicals, LGC Limited, Jiangsu Huanxin High-tech Materials Co. Ltd., Arkema Group, and Somu Chemicals and Pharmaceuticals.

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