Acetone Market to Undertake Strapping Growth CAGR of 5.0% During 2016 - 2026
Acetone is primarily used as a precursor to methyl methacrylate (MMA), for the production of acetone cyanohydrin (chemical intermediate). Around 80% of the world’s MMA is consumed by the automotive industry, construction activity, and original equipment manufacturers (OEMs). 50%-60% of MMA production capacity is consumed to manufacture PMMA polymethyl methacrylate resins or surface coatings. There is a huge market demand for PMMA in the production of electronics items such as mobile phone screens, monitors and LCD screens, TV and video equipment etc. The use of acetone in the production of MMA in the automotive and electronics industries is the main driving factor for the growth of the global acetone market. Acetone is also used as a raw material, chemical intermediate, and as a solvent in various end-use industries including rubber and polymer, adhesives, metal cleaning, electronics, printing inks, paints and coatings, automotive, pharmaceuticals, agricultural chemicals, etc. Increasing use of polycarbonate is one of the major growth drivers of the global acetone market.
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However, due to rising environmental concerns, development of green solvents and bio based solvents are emerging as an attractive replacement for acetone and increasing use of water based solvent in paints and coatings may hamper the growth of the global acetone market.
The global acetone market is segmented on the basis of Application (Methyl Methacrylate, Bisphenol-A, Solvents, Others (Aldol Chemicals, etc.)) and End-use industry (Chemical & Allied Products, Pharmaceutical Drugs, Cosmetics & Personal Care Use).
The Solvents application segment is estimated to increase at a value CAGR of 5.3% over the forecast period, creating a total incremental opportunity of US$ 1,169.3 Mn between 2016 and 2026
The Chemical and allied products end-use segment is projected to register a growth rate of 5.1% in terms of value over the forecast period. This segment is also expected to hold disproportionately large shares in the global acetone market throughout the forecast period, accounting for 80.4% of the total incremental opportunity created between 2016 and 2026.
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Regional market projections
The global acetone market is segmented into seven key regions namely North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East and Africa. APEJ is expected to register the fastest growth among all regions in the global acetone market. The region is anticipated to strengthen its market value share from 39.9% in 2016 to 43.4% by 2026 end. With APEJ (led by China) becoming the major market for acetone end-use industries, demand is expected to remain high throughout the forecast period. North America and Western Europe are witnessing a steady improvement in the acetone market, registering a CAGR of 4.7% and 4.3% respectively during the forecast period.
The global acetone market report covers detailed profiles of key players operating in the global acetone market. The report presents key strategies, key developments, product offerings, and market performance of leading companies. Major players reported in this study of the global acetone market include INEOS Phenol, Royal Dutch Shell PLC, Sasol, The Dow Chemical Company, Mitsui Chemicals, Inc., Hindustan Organic Chemicals Limited, Domo Chemicals, Honeywell International, Inc., Formosa Chemicals and Fiber Corporation, and CEPSA Quimica.
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