Acetone Market Set to Reach USD 10.09 Billion by 2030, Fueled by Emerging Economies' Growing Demand for Acetone in Personal Care and Industrial Sectors

According to the SNS Insider report, the Acetone Market size, valued at USD 5.47 billion in 2022, is projected to soar to USD 10.09 billion by 2030, exhibiting a robust CAGR of 7.95% during the forecast period of 2023-2030. The acetone market is experiencing substantial growth, driven by its widespread use as a solvent and an intermediate in various industries, including pharmaceuticals, cosmetics, and plastics. Acetone is a vital component in the production of methyl methacrylate (MMA) and bisphenol-A (BPA), which are essential for manufacturing acrylic plastics and polycarbonate, respectively. Its role as an effective solvent makes it indispensable in the formulation of paints, coatings, adhesives, and cleaning agents. The increasing demand for these products in construction, automotive, and consumer goods sectors is fueling the growth of the acetone market. As industries continue to expand and innovate, the need for high-quality solvents like acetone is set to rise.

Technological advancements and innovations in acetone production are enhancing efficiency and sustainability, further propelling market growth. The development of bio-based acetone production methods, using renewable feedstocks such as biomass, is gaining traction as a more environmentally friendly alternative to traditional petrochemical processes. These sustainable production techniques not only reduce the carbon footprint associated with acetone manufacturing but also align with the growing global emphasis on green chemistry and circular economy principles. Moreover, advancements in catalytic processes and purification technologies are improving the yield and purity of acetone, making it more suitable for high-end applications in pharmaceuticals and electronics.

Request for Sample Report@ https://www.snsinsider.com/sample-request/3703  

KEY PLAYERS
INEOS Phenol GmbH
SABIC
The Dow Chemical Company
Domo Chemicals GmbH
Formosa Chemical and Fiber Corporation
Kumho P&B Chemicals
Royal Dutch Shell PLC
Honeywell Research Chemicals
Spectrum Chemical Mfg. Corp.
Altivia Chemicals
and other
 
Market Report Scope:
The escalating demand for solvents, particularly in pharmaceuticals, cosmetics, adhesives, and automotive sectors, is anticipated to be a significant growth driver of the acetone market. Notably, the transition towards eco-friendly products in response to consumer preferences for sustainable options has spurred innovation in renewable acetone production. The emergence of green solvents, characterized by their non-toxic nature and minimal environmental impact, is reshaping the market landscape, presenting lucrative opportunities. However, concerns regarding safety hazards and flammability persist, posing challenges to market growth despite the compound's widespread utility.

Market Analysis:
Methyl Methacrylate (MMA) and Bisphenol A (BPA) stand as pivotal derivatives of acetone, playing crucial roles in various industries. The escalating demand for MMA in acrylic plastics manufacturing, particularly for construction activities, is expected to drive acetone consumption. Similarly, the rising production of BPA, utilized in food-grade packaging and automotive applications, is projected to positively impact market growth. Acetone's extensive use in cosmetics, pharmaceuticals, and sanitization products, especially amid the COVID-19 pandemic, further boosts market prospects.

Ask More…. @https://www.snsinsider.com/enquiry/3703 

Segment Analysis:
By Grade
Technical Grade
Specialty Grade

By Application
Solvents
Bisphenol A (BPA)
Methyl Methacrylate (MMA)
Others

By End-use
Agricultural Chemicals
Cosmetics & Personal Care
Automotive
Paints & Coatings
Plastics
Pharmaceuticals
Rubber Processing
Printing Ink
Polymer & Resin Processing
Adhesive
Others

By Grade, technical-grade acetone, capturing 98.2% of the market in 2022, is driven by its extensive usage in the production of methyl methacrylate (MMA) and bisphenol A (BPA).

Similarly, the solvents application segment led with a revenue share of 32.5% in 2022, propelled by acetone's integral role in manufacturing hand sanitizers and pharmaceuticals.

Within end-use industries, paints & coatings accounted for the largest market share, driven by their indispensable function in dissolving polar and non-polar substances, complemented by the swift drying properties of solvent-based formulations.

Key Regional Development:

Asia Pacific dominated the acetone market, capturing a staggering 47.8% revenue share in 2022, owing to burgeoning demand from pharmaceuticals, personal care, and automotive sectors in countries like China, India, and Japan. Meanwhile, Europe anticipates the highest CAGR of 8.3% during the forecast period, fueled by heightened consumer spending on skincare and cosmetic products, thus augmenting acetone consumption.

Buy Single User PDF @ https://www.snsinsider.com/checkout/3703 

Key Takeaways for Acetone Market Study:

The acetone market is poised for exponential growth, fueled by escalating demand across diverse industries, particularly in emerging economies.
Innovation in renewable acetone production and the shift towards eco-friendly solvents present lucrative avenues for market players.
Technical-grade acetone remains the dominant segment, with applications ranging from pharmaceuticals to construction materials.
Asia Pacific led the market landscape, driven by robust industrial activities and evolving consumer preferences.
Recent Developments:

INEOS Phenol unveiled its pioneering bio-attributed product line in June 2022, featuring phenol, acetone, and alpha-methyl styrene (AMS), marking a significant milestone in sustainable chemical production. These innovative products, devoid of fossil fuel-derived feedstock, are set to revolutionize the industry under the brand name INVIRIDISTM.
 
Related Reports:

https://www.snsinsider.com/reports/thermal-barrier-coatings-market-size-4120

https://www.snsinsider.com/reports/intumescent-coatings-market-4130

https://www.snsinsider.com/reports/octyl-alcohol-market-size-4132

https://www.snsinsider.com/reports/medical-device-coating-market-4138

https://www.snsinsider.com/reports/alpha-olefin-market-4139

https://www.snsinsider.com/reports/dyes-and-pigments-market-4141

https://www.snsinsider.com/reports/electronic-materials-and-chemicals-market-4156

Contact Us:
Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

This release was published on openPR.