Ketone And Quinone Market

The global ketone and quinone market is facing a decrease in demand, with consumption and production levels dropping over the past few years. Forecasts predict a continued downward trend over the next eight-year period, with consumption expected to reach 3.9M tons by 2030. In value terms, the market is forecasted to contract to $12.7B by 2030. In 2022, consumption decreased by 7% to 4.1M tons, ending a three-year rising trend. The countries with the highest consumption levels were China, the United States, and India. Production also saw a decline in 2022, falling for the second consecutive year. Imports and exports of ketones and quinones showed fluctuations over the years, with some countries experiencing growth in import and export prices. Overall, the market is facing challenges with decreasing demand and production levels.

Market Forecast

Depressed by shrinking demand for ketone and quinone worldwide, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -0.6% for the period from 2022 to 2030, which is projected to depress the market volume to 3.9M tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +0.3% for the period from 2022 to 2030, which is projected to bring the market value to $12.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ketones And Quinones

In 2022, consumption of ketones and quinones decreased by -7% to 4.1M tons for the first time since 2018, thus ending a three-year rising trend. Overall, consumption saw a relatively flat trend pattern. Global consumption peaked at 4.4M tons in 2021, and then contracted in the following year.

The global ketone and quinone market value shrank to $12.4B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the global market reached the peak level at $12.5B in 2021, and then contracted modestly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (678K tons), the United States (437K tons) and India (421K tons), with a combined 37% share of global consumption. Japan, Spain, Russia, Italy, Mexico, Germany, Vietnam, Switzerland, Brazil and the UK lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Vietnam (with a CAGR of +41.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest ketone and quinone markets worldwide were Mexico ($2.5B), the United States ($1.8B) and India ($980M), with a combined 42% share of the global market. China, Vietnam, Switzerland, Japan, Spain, Italy, Brazil, Germany, the UK and Russia lagged somewhat behind, together comprising a further 28%.

In terms of the main consuming countries, Vietnam, with a CAGR of +29.9%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of ketone and quinone per capita consumption in 2022 were Switzerland (8.9 kg per person), Spain (5.4 kg per person) and Japan (2.2 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Vietnam (with a CAGR of +40.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Ketones And Quinones

In 2022, production of ketones and quinones decreased by -6.7% to 3.7M tons, falling for the second consecutive year after two years of growth. In general, production continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 9.4%. Global production peaked at 4.1M tons in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, ketone and quinone production stood at $10.2B in 2022 estimated in export price. Over the period under review, production continues to indicate a noticeable slump. The growth pace was the most rapid in 2019 when the production volume increased by 22%. Global production peaked at $16.9B in 2017; however, from 2018 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (390K tons), Japan (370K tons) and the United States (366K tons), with a combined 31% share of global production. Taiwan (Chinese), Saudi Arabia, India, Russia, Spain, South Korea, South Africa, Thailand and Singapore lagged somewhat behind, together comprising a further 51%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Thailand (with a CAGR of +17.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Ketones And Quinones

After two years of growth, purchases abroad of ketones and quinones decreased by -12% to 3.6M tons in 2022. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 20% against the previous year. Global imports peaked at 4.1M tons in 2021, and then dropped in the following year.

In value terms, ketone and quinone imports amounted to $8.4B in 2022. The total import value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 32%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

In 2022, China (720K tons), distantly followed by Belgium (362K tons), Germany (306K tons), India (291K tons), the United States (244K tons) and the Netherlands (207K tons) represented the main importers of ketones and quinones, together constituting 60% of total imports. The following importers - South Korea (110K tons), Vietnam (86K tons), Switzerland (86K tons), Thailand (85K tons), Italy (85K tons), the UK (77K tons) and Indonesia (71K tons) - together made up 17% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +41.9%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest ketone and quinone importing markets worldwide were the United States ($1.1B), China ($727M) and Germany ($708M), with a combined 30% share of global imports. India, Belgium, the Netherlands, Switzerland, South Korea, the UK, Italy, Vietnam, Thailand and Indonesia lagged somewhat behind, together comprising a further 40%.

Among the main importing countries, Vietnam, with a CAGR of +14.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average ketone and quinone import price amounted to $2,364 per ton, growing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($4,633 per ton), while China ($1,010 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ketones And Quinones

In 2022, after two years of growth, there was significant decline in shipments abroad of ketones and quinones, when their volume decreased by -12.3% to 3.1M tons. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 13% against the previous year. Over the period under review, the global exports attained the peak figure at 3.6M tons in 2021, and then contracted in the following year.

In value terms, ketone and quinone exports declined to $7.4B in 2022. Overall, total exports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 33%. As a result, the exports attained the peak of $7.7B, and then dropped modestly in the following year.

Exports By Country

In 2022, China (432K tons), Belgium (409K tons), Taiwan (Chinese) (284K tons), South Korea (262K tons), the Netherlands (220K tons), Germany (215K tons), Saudi Arabia (207K tons), Thailand (205K tons), the United States (174K tons), Japan (145K tons), Singapore (143K tons) and South Africa (132K tons) represented the key exporter of ketones and quinones in the world, committing 90% of total export.

From 2012 to 2022, the biggest increases were recorded for Saudi Arabia (with a CAGR of +11.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($2B) remains the largest ketone and quinone supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by Belgium ($639M), with an 8.6% share of global exports. It was followed by Germany, with an 8.4% share.

In China, ketone and quinone exports increased at an average annual rate of +6.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (-1.2% per year) and Germany (+1.3% per year).

Export Prices By Country

The average ketone and quinone export price stood at $2,366 per ton in 2022, with an increase of 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2021 when the average export price increased by 18% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($4,541 per ton), while Thailand ($663 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform