In terms of revenue, the Global Acetone Market is expected to reach by 2030, growing at a CAGR of 7.9% from 2023 to 2030.
The growth of the Acetone market can be attributed to its diverse applications in various industries such as solvents, chemical intermediates, cleaning agents, and personal care products. The increasing demand for these applications, particularly in the Asia Pacific region, is expected to fuel the growth of the Acetone market in the coming years. One of the major factors driving the growth of the Acetone market is its use as a solvent. Acetone is widely used as a solvent in various industries such as paints and coatings, pharmaceuticals, personal care products, and electronics. It is a highly effective solvent for many organic substances and is used to dissolve and remove paints, varnishes, and adhesives.
In the pharmaceutical industry, Acetone is used as a solvent for several active ingredients and as a cleaning agent for equipment and tools. The increasing demand for solvents in these industries has fueled the growth of the Acetone market. Another significant application of Acetone is its use as a chemical intermediate. Acetone is a precursor in the production of numerous chemicals, including methyl methacrylate (MMA), bisphenol A (BPA), and methyl isobutyl ketone (MIBK). These chemicals find extensive use in industries such as automotive, construction, electrical and electronics, and packaging. The growing demand for these chemicals from various end-user industries has resulted in the increased demand for Acetone.
Key Highlights from Report
- Based on Application, the Solvents segment dominates the Acetone market with the maximum market share and will continue to dominate during the projection period.
- Based on Grade, the Technical Grade segment dominates the Acetone market with the maximum market share and will maintain the same during the projection period.
- Based on region, Asia Pacific holds the significant market share within the Acetone market and will continue to dominate during the forecast period.
The personal care industry also plays a vital role in the growth of the Acetone industry. Acetone is commonly used as a nail polish remover due to its excellent solvent properties. The popularity of nail polish and nail care products has proliferated in recent years, driven by emerging fashion trends and increasing disposable incomes. As a result, the demand for Acetone-based nail polish removers has witnessed a significant upsurge. Additionally, Acetone is used in the production of other personal care products such as lotions, creams, and cosmetics. The ever-increasing consumer demand for beauty and personal care products further fuels the demand for Acetone.
Furthermore, the Acetone market is influenced by the growth of the adhesive industry. Acetone is utilized as a solvent in adhesive formulations, providing excellent bonding properties. The growth of the automotive, packaging, and construction industries has propelled the demand for adhesives, creating a positive impact on the Acetone industry. The automotive industry, in particular, extensively uses adhesives in vehicle assembly as they offer advantages over traditional mechanical joining methods. Increased automobile production and the shift towards lightweight vehicles have consequently surged the demand for adhesives, thereby driving the demand for Acetone.
In 2022, Asia Pacific led the market. This increase in market share is due to the growth of demand for this product from a number of end users, such as pharmaceuticals, Personal Care & Cosmetics, and Automotives industries within various countries including China, India, and Japan. As a result of the increase in pharmaceutical and electronics sectors, it is anticipated that China would be an important Acetone consumer contributing to increased product consumption.
The Global Acetone Market is Segmented as follows
- Methyl Methacrylate
- Bisphenol A
- Other Applications
- Technical Grade
- Specialty Grade
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Acetone Market is
Altivia, BASF SE, Borealis AG, Cepsa, Formosa Chemicals & Fibre Corporation, Honeywell International Inc., INEOS Kumho P&B Chemicals Inc., LCY GROUP, Mitsui Chemicals Inc., Prasol Chemicals Pvt. Ltd., PTT Phenol Company Limited, Reliance Industries Limited, and Shell PLC.
The Global Acetone Market Scope can be Tabulated below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|