Acetone Market – Global Industry Analysis and Forecast (2023-2029)

Acetone Market size was valued at US$ 4.20 Bn. in 2022 and the total revenue is expected to grow at 5.2% CAGR through 2023 to 2029, reaching nearly US$ 6 Bn.
Acetone Market Overview:
Acetone is an organic component that is found naturally in plants, body fat, natural gases, volcanic ash and holds a wide-scale industrial application.To know about the Research Methodology :- Request Free Sample Report
Acetone Market Dynamics:
The rise in demand for the application of methyl methacrylate in LCDs for the consumer electronics market and increasing use of polycarbonate in the automotive industry is estimated to be a major driver for the market of acetone in the forecast period. Commercialization of the bio-based acetone is estimated to create growth opportunities for the market over the forecast period. However, fluctuation in prices of crude oil limits the market growth. Increasing demand for bio-based acetone and strict government regulations is expected to slow the market growth of acetone. Moreover, contact with acetone is dangerous for health and can cause intoxication, dizziness, nausea, unconsciousness which in turn may hamper the market growth.

A report by Nishant V. Tale and Ramanand Jagtap published by the Institute of Chemical Technology, Mumbai, states that coatings that have 4% by weight Acetone in copolymer emulsion exhibited improved chemical resistance and mechanical properties. This report has provided a scientific validation for the use of Diacetone Acrylamide in manufacturing chemicals used as a solvent for chemicals.

A report by Nicola Kessel and others published by the Journal of Coating Technology and Research states that the rate and total amount of surfactant exudation were found to be influenced by crosslinking for particle deformability and evaporation rate. This report has clarified the presence of properties in Acetone that can increase the functionality of chemicals it is added with. This report provides a detailed analysis of the wide-scale application of Acetone in manufacturing different industrial chemicals.

A report by WHO published in 2016 states that 1 out of every 7 people suffers from some sort of orthopedic issue. An increase in orthopedic issues by people in the age group of 18-45 years has resulted in increased demand for orthopedic bandages. A report by WTO states that Global Orthopedic Bandage Market was worth the US $ 4.5 Billion in the year 2017. The use of Acetone in manufacturing orthopedic bandages has opened doors for increased use by the Healthcare sector and the Pharmaceutical Industry.
Acetone Market Segment Analysis:
Based on Application, Bisphenol-A is the dominant application segment due to its extensive usage in the automotive industry. However, demand is expected to grow at a slow pace owing to increasing regulations on its usage. Methyl Methacrylate (MMA) is expected to grow at a moderate rate because of increasing usage in cosmetics for artificial nail products, especially in Asia-Pacific economies. Methyl Methacrylate is majorly used in the electronics and computer industries for flat screens, DVDs, compact discs, and laser discs. Methyl Methacrylate is also used in conformal coatings to provide resistance to attack and prolonging their life. Printed circuit boards are increasingly used in the automotive sector.

Based on End-Use Industry, the Chemical industry is the major end-use industry of the acetone market. Acetone is a primary ingredient in chemical-derived removal products that are used on a large scale by the Cosmetics and Personal Care product manufacturing industries. Rising demand for make-up and nail paint removal products has resulted in a 2.6% increase in demand for Acetone from 2018 through 2022 by the Global Cosmetics Industry. Acetone gets easily mixed with water and holds a wide-scale application in the textile industry for degreasing wool and degumming silk. The presence of properties that increases viscosity and does not affect medical contents of medicine has resulted in a 2.1% increase in demand for Acetone in the second decade of this century by the Global Pharmaceutical Industry.
Acetone Market Regional Insights:
Region-wise, Asia-Pacific is the biggest market for Acetone. An increase in the demand for chemical solvents has resulted in a 3.3% increase in demand for Acetone in the second decade of this century by the industrial sector present in this region. The presence of a big chemical and industrial goods manufacturing sector and increasing demand for chemical solvents have resulted in a 2.6% increase in demand for Acetone from 2018 through 2022 in North America. An increase in industrialization and rising demand for chemical solvents have forecasted the Middle East and Africa’s Market to grow at a CAGR of 1.6% from 2022 through 2029.

The objective of the report is to present a comprehensive analysis of the Global Acetone Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Acetone Market dynamics, structure by analyzing the Market segments and project the Global Acetone Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Acetone Market make the report investor’s guide.
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Acetone Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 4.20 Bn.


Forecast Period 2023 to 2029 CAGR:
5.2%
Market Size in 2029:
US $ 6 Bn.


 Segments Covered:
by Product Application
Methyl methacrylate
Bisphenol-A
Aldol chemicals
Solvent


by Grade
Technical Grade
Specialty Grade


by End Use Industry
Chemicals
Pharmaceuticals
Cosmetics
Electronics



Acetone Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Acetone Market, Key Players:
1. INEOS Phenol
2. Royal Dutch Shell PLC
3. The Dow Chemical Company
4. Mitsui Chemicals, Inc.
5. Sasol
6. Hindustan Organic Chemicals Limited
7. Domo Chemicals
8. Honeywell International, Inc.
9. Formosa Chemicals and Fiber Corporation
10.CEPSA Quimica
11.Prasol Chemicals Pvt. Ltd.
12.EMCO Limited
13.KUMHO P&B Chemicals., Inc.
14.SABIC
15.LyondellBasell Industries Holdings B.V.
16.Shell International B.V.
17.Altivia
18.Borealis AG
19.Domo Chemicals
20.U.S. Chemical & Plastics

FAQ’S:
1) What is the market share of the Global Acetone Market in 2022?
Answer: The Global Acetone Market was valued at US $ 4.20 Billion in the year 2022.

2) Which is the dominating region for the Global Acetone Market?
Answer: The rising demand for chemicals by industrial and commercial sectors has resulted in making Asia Pacific the biggest market for Acetone.

3) What are the opportunities for development in the Global Acetone Market?
Answer: The use of green technology in manufacturing process holds ample amount of opportunities for development in the Global Acetone Market.

4) Which factor acts as the driving factor for the growth of the Global Acetone Market?
Answer: An increase in the use of solvent chemicals by chemical industries in North America, Europe, and Asia acts as the major driving factor for the growth of the Global Acetone Market.

5) What factors are restraining the growth of the Global Acetone Market?
Answer: The rising campaigns to limit the use of chemicals for human consumption acts as the major restraining factor for the growth of the Global Acetone Market.