Acetone Market Worth $7.01 billion by 2032: Players INEOS, Royal Dutch Shell plc, Cepsa, Mitsui Chemicals

The global acetone market is estimated to grow from USD 4.05 billion in 2020 to USD 7.01 billion by 2028, at a CAGR of 7.25% during the forecast period 2021-2028. Global acetone market is witnessing a considerable growth, owing to increasing end-use application of acetone in the various industries. Furthermore, rising demand from downstream use such as BisphenolA (BPA) and methyl methacrylate, also propelling the growth of the market.

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The specialty grade segment is estimated to grow at the highest CAGR of 7.40% over the forecast period

The grade type segment is divided into specialty grade and technical grade. The specialty grade segment is estimated to grow at the highest CAGR of 7.40% over the forecast period. Increasing usage of specialty grade acetone in the pharmaceutical industry for the development of novel drugs is likely to drive the demand for specialty grade acetone in the upcoming years.

BisphenolA (BPA) is anticipated to grow at the highest CAGR of 7.56% over the forecast period

The application segment includes methyl methacrylate (MMA), bisphenol A (BPA), solvents, and others. BisphenolA (BPA) is anticipated to grow at the highest CAGR of 7.56% over the forecast period. This is mainly due to the rising usage of bisphenol A (BPA) in polycarbonate manufacturing, which is extensively used in the electronics and automotive industry.

Personal care industry held the major market share and valued at USD 1.42 billion in the year 2020

The end-user segment includes cosmetics and personal care, electronics, construction, automotive, pharmaceutical, agricultural chemicals, paints, coatings, and adhesives, and others. Personal care industry held the major market share and valued at USD 1.42 billion in the year 2020. Face creams, nail polish remover, and lotions contain acetone contains acetone to thin the product. Thus, increasing usage of acetone as both solvent and denaturant in the personal care industry boosting the growth of the market.

Regional Segmentation Analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the acetone market and valued at USD 1.66 billion in 2020. This is because of the highest production and consumption of acetone in the region. In addition to this, many international companies are shifting their manufacturing base in the Asia Pacific region, owing to high raw material availability and overall cost-effective production. North America region is anticipated to hold the prominent market share in the global acetone market, due to increasing demand for acetone for the production of solvent for different applications.

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Competitive Analysis:

Some of the significant companies in the global acetone market are Royal Dutch Shell plc, INEOS, 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.

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This release was published on openPR.