Acetone Market at a CAGR of 3.1%
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The global acetone market is currently estimated at XX.XX million tons in 2016. The market is likely to reach XX.XX million tons by 2021, at a CAGR of 3.1% during the forecast period, 2016 to 2021. Acetone, also known as dimethyl ketone, is a co-product of phenol and is prepared as a derivative in the cumene peroxidation process. It is a colorless liquid, miscible in ether alcohol or water. Additionally, it is flammable and volatile in nature, and possesses a fragrant mint-like smell.
Acetone, owing to its solvent and volatile nature (i.e. it evaporates quickly), is becoming an integral part of numerous industrial/commercial and medical applications. Additionally, it is used for thinning polyester resin, cleaning tools used with it, and dissolving two-part epoxies and superglue before they harden. Acetone is also used for degreasing, preparation of metal prior to painting, and transportation and storage of acetylene.
This market is driven by a number of factors, such as dynamic economic development in Asia-Pacific and a positive demand for MMA from the electronics industry. However, the growth of the global acetone market is impeded, owing to the slow demand growth in Europe, and the strict regulations imposed by the governments worldwide.
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In the global acetone market, we have considered the following major applications: methyl methacrylate (MMA), bisphenol - A (BPA), solvents and others.
Moreover, the market has also been segmented based on the end-user industries into cosmetics & personal care, electronics, construction, automotive, pharmaceutical, agricultural chemicals, paints, coatings & adhesives and others. Additionally, the market has been geographically segmented into Asia-Pacific (China, India, South Korea, Japan, Nordic Countries, rest of Asia-Pacific), North America (United States, Canada, Mexico, rest of North America), Europe (Germany, United Kingdom, France, Italy, Nordic Countries, rest of Europe), South America (Brazil, Argentina, rest of South America), and Middle East and Africa (South Africa, Saudi Arabia, rest of MEA).
Asia-Pacific leads the global production of acetone followed by North America and Europe. The dominance of Asia-Pacific can be attributed to the rising number of end-user industries in the region. Asia-Pacific is expected to maintain its dominance in the coming years, projecting a CAGR of XX.XX% during the forecast period, 2016 to 2021.
Furthermore, the growing demand and usage of bio-based acetone will offer numerous opportunities for the growth of the global acetone market. Some of the major companies dominating this market for its products, services, and continuous product developments are INEOS Phenol, Shell Chemical, BASF, Cepsa Quimica, Sinopec and The Dow Chemical Co., among others.
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