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Acetone Market Opportunities and Strategies 2024-2033: Size, Share, and Analysis
Acetone Market Opportunities
According to The Business Research Company's, The acetone market size has grown strongly in recent years. It will grow from $5.13 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to chemical manufacturing demand, solvent and paint industry, plastics and resin production, pharmaceutical and cosmetic applications, expanding chemical and petrochemical industries..
The acetone market size is expected to see strong growth in the next few years. It will grow to $7.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to expanding use in solvents and coatings, demand from plastics and resins sector, rise in pharmaceutical and cosmetic applications, expanding use in industrial cleaning products, global economic expansion.. Major trends in the forecast period include consumer preferences and industry adoption, market globalization and economic factors, rising demand for industrial cleaning products, shift towards green chemistry, environmental and regulatory pressures..
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Market Drivers and Trends:
Increased demand for personal care products is driving the acetone market. Personal care products refer to a consumer goods used for hygienic practices, grooming, and beautification. Acetone is a key chemical compound used in personal care products, thus drives up acetone demand. For instance, in August 2023, according to Circana, Inc., a US-based media company, sales of prestige beauty products in the US reached $14 billion in the first half of 2023, a 15% rise over the same period in 2022. On the other hand, the mass beauty market generated $28 billion and saw 9% growth. Therefore, the increased demand for personal care products will propel the growth of the acetone market.
Product innovation is a key trend gaining popularity in the acetone market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in June 2022, INEOS Phenol GmbH, a Germany-based phenol, and acetone manufacturer launched the INVIRIDISTM. INVIRIDISTM is a bio-attributed innovative product line for phenol, acetone alpha-methyl styrene (AMS), made without using fossil fuels as feedstock. INVIRIDISTM is made using bio-attributed cumene that enables the replacement of fossil fuel resources to offer a lower carbon footprint compared to conventionally produced phenol, acetone, and AMS to deliver a 100% substitution of fossil feedstock (mass balance approach) in its production system.
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Major Key Players of the Market:
INEOS Phenol GmbH; Royal Dutch Shell plc; Honeywell International Inc.; Prasol Chemicals Limited; Mitsui Chemicals Inc.; Kumho P&B Chemicals Inc.; Saudi Basic Industries Corporation.; LyondellBasell Industries Holdings B.V.; ALTIVIA Chemicals LLC; Domo Chemicals GmbH; Formosa Chemicals & Fibre Corp; Borealis AG; Reliance Industries Limited; CEPSA Quimica S.A; Arkema S.A.; Celanese Corporation; The Dow Chemical Company; LG Chem Ltd.; Deepak Nitrite Limited; PTT Global Chemical Public Company Limited; China National Petroleum Corporation; Jubilant Life Sciences Ltd.; Dairen Chemical Corporation; Chevron Phillips Chemical Company LLC; Versalis S.p.A.; Daicel Corporation; JX Nippon Oil & Energy Corporation; PetroChina Company Limited; Lihuayi Group Co. Ltd.; SunVic Chemical Holdings Limited; A.B. Enterprises; Wuhan Youji Industries Co. Ltd.; Tangshan Lory Industry Co. Ltd.; Aadi Industries Ltd.; Qenos Pty Ltd.; Rain Carbon Inc.
Acetone Market 2024 Key Insights:
• The acetone market will grow to $7.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Surging Demand For Personal Care Products Ignites Acetone Market Growth
• Ineos Phenol Unveils Inviridistm, Redefining Acetone Production
• Asia-Pacific was the largest region in the acetone market in 2023 and is expected to be the fastest-growing region in the forecast period
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