Acetone Industry to Achieve $6.33 Billion Growth by 2029

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How Will the Acetone Market Grow by 2025 in Terms of Size and Growth?
In recent times, the acetone market size has experienced consistent growth. It is projected to expand from $5.32 billion in 2024 to $5.46 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 2.5%. This growth in the past period can be traced back to the demand in chemical manufacturing, the solvent and paint industry, the production of plastics and resins, usage in pharmaceutical and cosmetic applications, as well as the expansion of the chemical and petrochemical industries.

What Are the Estimated Growth Rates for the Acetone Industry Through 2029?
The size of the acetone market is predicted to experience consistent expansion in the coming years, reaching an estimated $6.33 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 3.8%. The expected growth during this forecasted period can be explained by factors such as broadening use in solvents and coatings, increased demand from the plastics and resins industry, the upsurge in pharmaceutical and cosmetic applications, further use in industrial cleaning products, and global economic development. Notable trends anticipated for this forecast period encompass consumer choices and industry adaptation, market globalization and economic influences, growing demand for industrial cleaning goods, a switch towards eco-friendly chemistry, and environmental and regulatory demands.

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What Are the Strategic Drivers Boosting Acetone Market Performance?
The surge in the demand for personal care items plays a significant role in fueling the growth of the acetone market. The term personal care products encompass consumer goods used for beautification, grooming, and maintaining hygiene. Acetone, being an essential chemical compound incorporated in these products, contributes significantly to its high demand. For instance, Circana Inc., an American media firm, reported that the sales of high-end beauty products in the US touched $14 billion in the initial half of 2023, marking a 15% increase from the corresponding period in 2022. Meanwhile, the mass beauty market produced $28 billion and observed a 9% surge. Hence, the escalating demand for personal care items is projected to drive the acetone market's growth.

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What Are the Segments in the Acetone Market?
The acetone market covered in this report is segmented -

1) By Grade: Specialty Grade Acetone, Technical Grade Acetone
2) By Distribution Channel: Manufacturer To Distributor, Manufacturer To End-User
3) By Application: Bisphenol A, Methyl Methacrylate (MMA), Solvents, Methyl Isobutyl ket*one, Other Applications,
4) By End-User: Paints, Coatings, And Adhesives, Electronics, Cosmetics And Personal Care, Pharmaceutical, Other End-user

Subsegments:
1) By Specialty Grade Acetone: Electronics Grade Acetone, Pharmaceutical Grade Acetone, Cosmetic Grade Acetone
2) By Technical Grade Acetone: Industrial Grade Acetone, Laboratory Grade Acetone

What Are the Key Adoption Trends in the Acetone Market?
A significant trend gaining traction in the acetone market is product innovation. Leading players in the industry are investing heavily in research and development to bring innovative products to the fore and maintain their market dominance. For example, INEOS Phenol GmbH, a Germany-based manufacturer of phenol and acetone, debuted its INVIRIDISTM product line in June 2022. As an innovative solution produced from bio-attributed cumene instead of fossil fuels, INVIRIDISTM is a step towards achieving a lower carbon footprint. This innovative product line allows the substitution of fossil fuel resources with bio-attributed ones in phenol, acetone, and alpha-methyl styrene (AMS), thus implementing a 100% replacement of fossil materials (based on a mass balance approach) in its manufacturing process.

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Which Companies Lead the Competitive Landscape of the Acetone Industry?
Major companies operating in the acetone market include 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, 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.

Where Are the Key Acetone Market Opportunities by Region?
Asia-Pacific was the largest region in the acetone market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the acetone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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