Acetone Market to Reach USD 7.01 Billion by 2028
NEWARK, New Jersey, February 17, 2022 /PRNewswire/ — According to a report published by The Brainy Insights, the global acetone market is expected to grow from $4.05 billion in 2020 for $7.01 billion by 2028, at a CAGR of 7.25% over the forecast period 2021-2028.
Acetone has various applications in multiple industries such as electronics, automotive, personal and household care, and pharmaceuticals. Acetone is used in cosmetics and personal care products, and its most common application is in the formulation of nail polish removers. Acetone is also found in varnishes, paints and lacquers, and is used as a solvent in the rubber and leather industries.
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Acetone, also known as propanone, is a colorless solvent widely used in the manufacture of plastics and other industrial products. It is an organic chemical that contains oxygen, hydrogen and carbon atoms. Acetone is produced in nature by forest fires, trees and plants, and volcanic eruptions, and in the human body as a natural byproduct of metabolism. It is a volatile and flammable liquid, which can break down super glue and leave denatured alcohol.
The global acetone market is expected to witness rapid growth over the forecast period, driven by growing demand from various end-use industries. Excessive use of acetone might have a negative impact on health, which is expected to hamper the market growth over the forecast period. However, the growing demand for acetone from Asia Pacific and Latin America should offer lucrative growth opportunities in the years to come.
The major companies operating in the global acetone market are INEOS, Royal Dutch Shell plc, Cepsa, Mitsui Chemicals, Inc., ALTIVIA, LCY GROUP, Formosa Chemicals & Fiber Corporation, Prasol Chemicals Pvt. Ltd., EMCO Limited, BASF SE, Reliance Industries Limited and KUMHO P&B CHEMICALS, INC., among others. The major players are now focusing on implementing strategies such as adoption of new technologies, product innovations, mergers and acquisitions, joint ventures, alliances and partnerships to enhance their market position in the global acetone industry.
- In July 2019INEOS has announced plans to build a global Cumene unit in Marl, Germany for the production of phenol and acetone. The new 750,000 tonne plant will meet future customer demand and improve security of supply to INEOS factories in Gladbeck and Antwerp.
- In August 2019, Altivia acquired Dow’s Acetone Derivatives business and related chemical manufacturing assets. This acquisition aims to provide global market access and downstream expansion of its acetone production capacity.
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The technical grades segment accounted for the largest market share and was valued at $3.52 billion in 2020
The rank type segment is divided into specialist rank and technical rank. The technical grades segment accounted for the largest market share and was valued at $3.52 billion in 2020, owing to the growing demand for technical grade acetone in various industries. This is mainly due to its cost effectiveness and wide availability in the market.
The solvent segment held the leading market share of 35.22% in 2020
The application segment includes methyl methacrylate (MMA), bisphenol A (BPA), solvents and others. The solvent segment held a major market share of 35.22% in 2020, owing to the growing use of solvents in various industrial and personal care applications. It is widely used in personal care products such as nail polish remover and skin and hair care product formulations.
The personal care industry held the leading market share of 35.26% in 2020
The end-user segment includes cosmetics and personal care, electronics, construction, automotive, pharmaceutical, agricultural chemicals, paints, coatings, adhesives and others. The personal care industry held a major market share of 35.26% in 2020. Face creams, nail polish remover and lotions contain acetone to dilute the product. Thus, the increasing use of acetone as a solvent and denaturant in the personal care industry is driving the growth of the market.
Regional Segment Analysis of Acetone Market
- North America (WE, Canada, Mexico)
- Europe (Germany, FranceUK, Italy, SpainRest of Europe)
- Asia Pacific (ChinaJapan India, rest of APAC)
- South America (Brazil and rest of South America)
- Middle East & Africa (UNITED ARAB EMIRATES, South Africarest of the MEA)
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Regions analyzed for the market include North America, Europe, South America, Asia Pacificand Middle East & Africa. the Asia Pacific The region accounted for the major market share in the global acetone market and was valued at $1.66 billion in 2020. This is due to the highest production and consumption of acetone in the region. In addition to this, many international companies are moving their manufacturing base to the Asia Pacific region, due to the high availability of raw materials and the overall profitability of production. In addition, emerging countries such as India and Chinahave the highest demand for acetone for different industry verticals. North America The region is expected to hold the predominant market share in the global acetone market, owing to the growing demand for acetone for the production of solvents for different applications. In addition to this, the growing personal care and cosmetics industry in the region is further driving the growth of the market.
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About the report:
The global acetone market is analyzed on the basis of value (USD billion), volume (kilotons), export (kilotons) and import (kilotons). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.
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SOURCE Smart Ideas