HS Code:
The category 'Ketones and quinones, whether or not with other oxygen function, and their halogenated, sulfonated, nitrated, or nitrosated derivatives' (HS Code: 2914) includes a variety of organic compounds used primarily in the chemical, pharmaceutical, and fragrance industries. Ketones are widely utilized as solvents, intermediates in chemical synthesis, and in the production of polymers and resins. Quinones are important in biochemical processes and industrial applications like dyes and photography. Derivatives of these compounds, modified by halogenation, sulfonation, nitration, or nitrosation, serve specialized purposes in advanced chemical manufacturing and research.
Total Trade Volume
USD 5.2 billion
Data from 2022
Source
United Nations Comtrade Database
USD 1.3 billion
25.0% of total trade
Increasing
USD 900 million
17.3% of total trade
Stable
USD 750 million
14.4% of total trade
Increasing
USD 600 million
11.5% of total trade
Increasing
USD 450 million
8.7% of total trade
Stable
Average Rate
5.5%
Highest Rate
12% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Growing demand for ketones in pharmaceutical applications
Increased production and export from major chemical manufacturing hubs like China and India due to rising use in drug synthesis
2021-2022
Shift towards sustainable and bio-based ketones
Emerging technologies for bio-derived ketones are gaining traction, influencing trade patterns with a focus on environmentally friendly alternatives
2022
Rising use of quinones in renewable energy applications
Increased trade in quinones for use in battery technologies, particularly in Europe and North America
2020-2022
The European Union introduced new REACH regulations targeting the safe use and import of chemical derivatives, including halogenated ketones, to ensure environmental and public safety.
March 2023
Potential increase in compliance costs for exporters to the EU, possibly affecting trade volumes from non-EU countries
China announced the opening of new chemical plants focused on ketone production to meet global demand, reinforcing its position as the leading exporter.
July 2022
Likely to further increase Chinaโs market share, putting competitive pressure on other exporting nations
A bilateral agreement reduced tariffs on certain chemical categories, including ketones and their derivatives, to boost trade between the two nations.
September 2022
Expected to increase trade volume between the US and India, benefiting Indian exporters with better market access