Press release
Leading Companies Reinforce Their Standing in the Acetone Market
Acetone Market
Projected Expansion and Market Size of the Acetone Industry
The acetone market is anticipated to experience consistent growth over the coming years, reaching a value of $6.6 billion by 2030. This expansion is expected to occur at a compound annual growth rate (CAGR) of 4.0%. Several factors underpin this growth trajectory, including increasing demand for lightweight plastics, broader utilization in pharmaceutical formulations, growth in electronics-grade solvent applications, and rising investments in sustainable chemical manufacturing processes. Additionally, emerging manufacturing economies are contributing to heightened consumption of acetone. Noteworthy trends influencing the market include the growing use of acetone in specialty plastics, a surge in demand for high-purity solvents, expanded applications in cosmetics and personal care products, and the development of methyl methacrylate (MMA) and bisphenol A (BPA) production chains. There is also an increased emphasis on improving process safety and handling standards in the sector.
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Leading Companies Driving the Acetone Market Forward
Several prominent corporations hold significant positions in the acetone market, including 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, 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., and SunVic Chemical Holdings Limited.
Significant Acquisition Highlights for Market Players
In April 2023, Germany-based manufacturer INEOS Phenol made a strategic acquisition by purchasing Mitsui Phenol Singapore Co. Ltd. for $330 million. This deal enhances INEOS's phenol and bisphenol A production assets located in Jurong, aligning well with their existing manufacturing facilities in Germany, Belgium, and the United States. Mitsui Phenol Singapore Co. Ltd., originally a US-based acetone manufacturer, brings valuable capabilities to INEOS's integrated production portfolio.
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Investments and Innovations Shaping Acetone Industry Growth
Leading companies in the acetone market are actively investing in new production facilities to expand their capacity and solidify their market presence. These investments are aimed at boosting output, incorporating innovative technologies, and supporting broader company growth strategies. For example, in November 2023, Shanghai Sinopec Mitsui Chemicals Co. Ltd., a China-based chemical producer, announced the resumption of operations at its phenol plant in Shanghai. The acetone and phenol manufactured at this facility serve as essential raw materials for synthesizing bisphenol A (BPA), which is used to produce polycarbonate-a thermoplastic material in diverse industrial applications.
Segment Breakdown and Market Share Outlook in the Global Acetone Market
This report divides the acetone market into various key segments for detailed analysis:
1) By Grade: Specialty Grade Acetone and Technical Grade Acetone
2) By Distribution Channel: Manufacturer To Distributor and Manufacturer To End-User
3) By Application: Bisphenol A, Methyl Methacrylate (MMA), Solvents, Methyl Isobutyl ket*one, and Other Applications
4) By End-User: Paints, Coatings, And Adhesives; Electronics; Cosmetics And Personal Care; Pharmaceutical; and Other End-Users.
Subcategories within these segments include:
- Specialty Grade Acetone: Electronics Grade Acetone, Pharmaceutical Grade Acetone, and Cosmetic Grade Acetone
- Technical Grade Acetone: Industrial Grade Acetone and Laboratory Grade Acetone.
This detailed segmentation helps stakeholders understand the diverse uses and demand drivers across the acetone market, enabling more precise strategic planning and investment decisions.
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