Acetone Market Size to Reach US$ 8.05 billion in 2027

United States, New York, 2023-Feb-01 — /EPR Network/ —The global acetone market size was valued at USD 5.84 billion in 2020 to reach USD 8.05 billion in 2027, register a CAGR of 5.5% during the forecast period. Acetone is a flammable, colorless, volatile liquid commonly used as an industrial solvent. Acetone is produced as a byproduct during phenol manufacturing. It has widely used in industrial and domestic. Prominent end-use industries in the acetone market are pharmaceutical, cosmetics, and paints, and adhesives industries. The pharmaceutical and cosmetic industries have unveiled growth potential due to growing demand from emerging economies and increasing cosmetics spending.

Factors Affecting the Acetone Market Over the Forecast Period:

Factors such as increasing acetone application as a solvent and a high demand in cosmetics, pharmaceutical, and paints & adhesives industries are anticipated to drive growth.

Increasing demand for acetone in paints and coatings, construction, and automotive industries is expected to boost the growth of the acetone market. Moreover, the rising price of propylene and strict regulations in the chemical industry are key challenges for the growth of the acetone market. Also, the increasing product utilization as an active ingredient in removers, cleaning products, degreasers, and thinners is anticipated to fuel the overall growth of acetone growth.

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However, acetone is regarded as one of the hazardous chemicals that significantly affects human health and groundwater. Hence, solvent manufacturers are looking for bio-degradable substitutes. The high acceptance rate of bio-based solvents is projected to increase as acetone disposal is not eco-friendly. Common substitutes used for solvent manufacturing include bio-solv, surfasolve, acastrip r, replacetone, and methyl acetate. In the paints and coatings industry, it is expected that the acetone will get replaced by Trichloroethylene (TCE), Methyl-Ethyl-Ketone (MEK), and tetrachlorethylene.

Impact of COVID-19 on Acetone Market:

During the COVID 19 pandemic, the global acetone market has witnessed a substantial supply-demand gap, which results in a drop in overall sales. End-use industries are going through huge setbacks that affect the overall demand for acetone across the globe.

Scope of the Report

The report outlines the global acetone market study based on grade, application, and sales channel.

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Based on the grade, the acetone market has been segmented into –

• Specialty Grade
• Technical Grade

Based on the application, the acetone market has been segmented into –

• Methyl Methacrylate (MMA)
• Bisphenol A (BPA)
• Solvents

Based on the sales channel, the acetone market has been segmented into –

• Online
• Offline

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Acetone Market: Regional Outlook

Based on the region, the global acetone market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, Asia Pacific held the largest share in the global acetone market, followed by North America and Europe. Moreover, North America is expected to grow with a high CAGR over the forecast period owing to growing paint and coating and construction industries across the region.

The Asia Pacific accounted for the largest market share of around 40% in sales revenue in 2020. The changing preference of the international manufacturers to the domestic market, owing to affordable infrastructure and low labor costs. Also, the emerging economies combined with rising industrialization and increasing purchasing power are estimated to continue contributing to the chemical’s demand from regional end-use industries.

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Key Global Acetone Market Competitors Includes –

The global acetone market is highly fragmented, with a large number of small players across the globe. The key companies operating in the global acetone market are –

• LyondellBasell Industries
• INEOS Phenol GmbH
• The Dow Chemical Company
• Royal Dutch Shell Co
• Honeywell Chemicals
• Mitsui Chemicals Inc
• SABIC
• Kumho P&B Chemical
• Cepsa Quimica
• S.A.

The acetone market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs from primary interviews with industry experts.