Acetone Market in Good Shape in 2020; COVID-19 to Affect Future Growth Trajectory | Honeywell Research Chemicals, Royal Dutch Shell PLC, INEOS Phenol GmbH, Mitsui Chemicals Inc., etc

Growing demand for acetone solvents is one of the significant factors influencing market growth.

Market Size - USD 4.24 billion in 2018, Market Growth - CAGR of 5.0%, Market Trends - Rapid growth of the cosmetics industry

The global acetone market is expected to reach USD 6.64 Billion by 2027, according to a new report by Reports and Data. Acetone is a commonly used solvent primarily used in industrial and laboratory settings, as well as is considered safe enough for household applications. Currently, acetone is produced from petrochemicals as a co-product of phenol.

The rapid growth of the cosmetics industry is estimated to drive the market demand for acetone in the forecast period. The developing nations in the Asia Pacific and Latin America regions are likely to offer substantial growth opportunities for the cosmetics industry. Acetone is popular as the primary ingredient in nail polish remover. Moreover, cosmetic products, including makeup and skin creams, comprise acetone as a solvent provider to different chemicals. It is also a chief constituent in chemical skin peels to treat acne.

This report covers the recent COVID-19 incidence and its impact on Acetone. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.

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Increasing demand for polycarbonates is likely to boost the market demand in the upcoming years. Polycarbonates, derived from Bisphenol-A, find increasing implementation in the automotive industry, which is one of the key drivers for the growth of the market. Polycarbonate is increasingly deployed as an alternative for manufacturing a wide variety of materials and are most beneficial when transparency and impact resistance are a product requirement (for example, in bullet-proof glasses). Polycarbonate is usually used for plastic lenses in eyewear, protective gear, in medical devices, digital Disks (CDs, DVDs, and Blu-ray discs), greenhouses, and exterior lighting fixtures.

Key participants include Honeywell Research Chemicals, Royal Dutch Shell PLC, INEOS Phenol GmbH, Mitsui Chemicals Inc., CEPSA Quimica, Inc., Prasol Chemicals Pvt. Ltd. LyondellBasell Industries Inc., ALTIVIA Ketones & Additives, LLC, SABIC, and Kumho P&B Chemicals, among others.

For the purpose of this report, Reports and Data have segmented the global acetone market on the basis of grade, application, industry vertical, and region:

Grade Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Technical Grade
Specialty Grade

Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Solvents
Bisphenol-A
Methyl Methacrylate (MMA)
Methyl Isobutyl Ketone
Others

Industry Vertical Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Cosmetics
Electronics
Automotive
Construction
Agriculture
Paints & Coatings
Pharmaceuticals
Others

The Acetone market report highlights the regions, particularly in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Further key findings from the report suggest

By grade, the technical grade contributed to a larger market share of around 85.0% in 2018 and is estimated to grow at a rate of 4.5% in the forecast period.

By application, the solvents dominated the market in 2018 and is expected to witness a growth rate of 5.1% in the forecast period. Solvents find application in products including nail polish removers, lacquers & finishes, cement, cleaners, films, paint, coatings, and adhesives.

By industry vertical, the electronics industry held a considerable market share in 2018 and is projected to have a CAGR of 5.4% in the period 2019-2027. Electronics devices require exceptionally clean components for maximum performance and acetone suits well in meeting those requirements. Also, acetone is used in the manufacturing of polycarbonates used in several electronics applications.

The Asia Pacific region led by China contributed to the largest market share in 2018 and is forecasted to experience the fastest growth rate of 6.2% in the forecast period. The high market demand is due to the increasing demand for solvents, MMA, and bisphenol-A from several end-user industries, including electronics, construction, and automotive.

To identify the key trends in the industry, click on the link below:
https://www.reportsanddata.com/report-detail/acetone-market

Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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