Global Acetophenone Market Growth Analysis 2023-2031 | CAGR 4.9%

Market Overview

The global Acetophenone Market reached US$ 159.4 million in 2023 and is projected to grow to US$ 233.7 million by 2031, with a CAGR of 4.9% during the forecast period from 2024 to 2031.

Acetophenone, represented by the chemical formula (C6H5COCH3), is an organic compound found in a slightly oily liquid form. It exhibits a fragrance reminiscent of sweet orange or jasmine with a bitter taste and is naturally present in various plants and foods such as apples, apricots, bananas, cauliflower, cheese, and cocoa.

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Drivers of Acetophenone Market Growth

Increased Usage in Pharmaceuticals: The pharmaceutical sector's growing demand for anticonvulsants and the synthesis of medications like pyrrobutamine, dextropropoxyphene, and others are expected to drive the demand for acetophenone.

Expansion in the Flavor and Fragrance Industry: Acetophenone's solubility in various substances and its biodegradability make it a sought-after ingredient in personal care products, body washes, lotions, and scents. Additionally, its pleasant odor and stability contribute to its widespread use in the fragrance and flavoring industry.

Growing Demand in Asia-Pacific: With rapid urbanization and industrialization in countries like China, India, and South Korea, there's an increased need for products made from styrene and oxidized ethylbenzene. This, coupled with the expanding consumer electronics industry, is driving the demand for acetophenone in the region.

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Market Segmentation

The acetophenone market is segmented by type (oxidation of ethylbenzene, oxidation of cumene), end-user (perfumes and fragrances, resins, pharmaceuticals, flavoring agents, others), and region (North America, Europe, Asia-Pacific, South America, Middle East, and Africa).

Geographical Penetration

Asia-Pacific dominates the global acetophenone market, driven by increasing demand in pharmaceuticals and cosmetics industries, particularly in China, India, and Japan. Rising population, standards of living, and healthcare requirements contribute to the region's growing demand for acetophenone.

Impact of COVID-19 and Russia-Ukraine War

The COVID-19 pandemic has disrupted production, demand, and distribution channels globally, impacting the acetophenone market. Similarly, the Russia-Ukraine war has disrupted the supply chains of raw materials and energy resources necessary for chemical manufacture, affecting acetophenone availability and manufacturing costs.

Key Developments

Mitsui Chemicals invested in FullStem for stem cell culture technology.
Solvay and ENOWA collaborated to build a carbon-neutral soda ash production facility.

Competitive Landscape

Major players in the acetophenone market include SI Group, Tokyo Chemical Industry, Solvay, INEOS Phenol, A B Enterprises, Jiangsu Yalong Chemical, Mitsui Chemicals, Haicheng Liqi Carbon Materials, Versalis S.p.A., and Merck KGaA.

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