Press release
Acetone Market Size to Grow at a CAGR of 3.4% in the Forecast Period of 2023-2028
Acetone Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.4%
Acetone is used in the cosmetics industry as a solvent and as the main component of nail polish removers and some skin care products. Additionally, it is employed in the treatment of acne through skin peeling.
The global market for acetone is anticipated to grow over the coming years due to favourable physical characteristics of the product, such as low boiling point and miscibility in water, which also drive product utilisation.
The BPA and MMA end-use sectors, particularly in developing nations like China and India, are significant drivers of the acetone market. High demand in the pharmaceutical, cosmetics, and paints and adhesives sectors as well as growing use of acetone as a solvent, are some of the drivers that are anticipated to fuel the market expansion. It is one of the most widely used solvents in nail polish removers and cosmetic cleansers.
Polycarbonates and epoxy resins are frequently made with acetone. In the upcoming years, the demand for acetone is projected to increase due to the expanding markets for both polycarbonates and epoxy resins.
The acetone market expansion is also fuelled by the growing demand for cleaning supplies for homes. The demand is being fuelled by customers' rising consciousness for cleanliness and by the rising disposable income of the population.
Acetone Industry Definition and Major Segments
Acetone is an organic compound that can be manufactured or can also be found naturally. It is a chemical and a colourless liquid that typically has a distinctive smell. Acetone is used to make upstream chemicals, dyes, other explosives, and bulk medications. It can be dissolved into water, easily evaporates, and is highly flammable.
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Based on application, the market can be segmented into:
• Solvents
• Methyl Methacrylate (MMA)
• BPA
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Acetone Market Trends
Most bisphenol A (BPA) applications are in the chemical and industrial segment. Acetone is a crucial component of several polymer materials, including polyurethanes, polycarbonates, and epoxy. Demand for bisphenol-A is anticipated to rise due to the increased production of consumer goods such sports equipment, food storage containers, polycarbonate bottles, and other items that need different polymers.
The Asia Pacific region has the largest acetone market, followed by North America and the European Union. Acetone is widely produced in China, and is also imported to China from South Korea, Taiwan, and Thailand. The United States and Belgium are among the other nations that export acetone to the Asia Pacific region.
The demand for chemicals from regional end-use industries is anticipated to continue to be influenced by developing economies, increasing industrialisation, and augmented purchasing power. Due to its growing use as a solvent, China is likely to continue to dominate the acetone market as both a producer and consumer.
In addition, the Chinese producers of acetone have profited from an abundant supply of raw materials, which has increased competition among other regional and international suppliers.
Key Market Players
The major players in the global acetone market report are:
• Shell Chemicals
• INEOS Group Holdings S.A.
• Cepsa Química, S.A.
• LG Chem
• Honeywell International Inc.
• Versalis S.p.A.
• Mitsui Chemicals Group
• Formosa Chemicals and Fibre Corporation
• Altivia
• Hindustan Organic Chemicals Limited
• SI Group, Inc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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