Acetone Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3981
Acetone Market size is likely to witness significant gains from 2019 to 2025 owing to growing plastics demand across the globe. This organic compound is majorly utilized for methyl methacrylate production which is used as an intermediate for PVC and PMMA plastics manufacturing.
Acetone is an organic compound which commonly produced through cumene hydroperoxide process as a by-product of phenol on reaction with benzene and propylene. This compound majorly used as an essential feedstock for methyl methacrylate, Bisphenol A(BPA) and solvents manufacturing. Acetone is majorly used in industries including cosmetics & personal care, electronics, construction, automotive, pharmaceutical, agriculture chemicals and paints, coatings & adhesives which should accelerate industry growth.
Acetone market size from Bisphenol A (BPA) application may experience appreciable growth in the projected time frame. BPA is predominantly utilised for epoxy and polycarbonate production owing to its stability and heat resistant attributes which should promote product demand. Rising polycarbonate demand for applications including optical media, electrical & electronics and automotive owing to superior thermal and strength characteristics should stimulate industry growth.
Acetone market size from solvents application may witness a steady demand over forecast period owing to superior miscibility and solvency properties. Growing product utilisation as active ingredient in cleaning products, nail polish removers, paint thinners and degreasers should accelerate industry growth.
Acetone market size from automotive industry may experience appreciable growth in the projected time frame. Rising polycarbonate for automotive lighting applications including light housing, headlamp lenses, bezels owing to superior transparency and temperature resistance properties should promote product demand. Increasing lightweight automobiles demand owing to enhance performance and lower emissions should accelerate polycarbonate demand due to lightweight properties, thus driving market growth.
Global pharma market may surpass USD 1.5 trillion by 2023 owing to rising healthcare affordability along with product innovations. Acetone is predominantly utilised for pharma production as a solvent to produce denatured alcohol which should stimulate industry growth.
High exposure of acetone may cause unconsciousness, seizures and respiratory distress, thus hampering product demand. Stringent regulation regarding Bisphenol A utilisation in plastic food contact materials due to hazardous human effects should hinder industry profitability, thus affecting acetone market price trends.
North America, led by Mexico, Canada and the U.S. acetone market size is anticipated to rise significantly in the projected time period. Growing cosmetics and personal care products demand owing to rising young population and skin care awareness which should accelerate acetone industry growth. This product is extensively used in personal care and cosmetics products formulation which includes bath, cleansing, nail polish,fragrance, hair care and skin care solutions owing to high miscibility and VOC free properties which should promote industry growth.
Europe, driven by UK, Spain, Italy, France and Germany acetone market may observe steady gains. Rising pharmaceuticals demand owing to increasing clinical trials, research along with supportive government initiatives including PRIME launched by European Medicines Agency to research and produce novel drugs should promote regional industry growth.
Asia pacific, led by Australia, South Korea, Japan, China and India acetone market is anticipated to experience significant growth owing to rising industrial and infrastructural investments. Shifting manufacturing facilities to India due to lower labour and production costs should boost Indian manufacturing sector which would propel acetone market. Government initiatives like Make in India by Indian government which promotes domestic production should increase manufacturing activities in sectors including automotive, electronics and paints which may boost product demand.
Global acetone market share is highly fragmented. The key players operating in the market includes INEOS, Royal Dutch Shell plc, Dow Chemical Company, Cepsa, Mitsui Chemicals, Inc., Altivia, LCY GROUP, Formosa Chemicals & Fiber Corporation, Prasol Chemicals Pvt. Ltd. and EMCO Limited.
Companies are predominantly focusing on acquisitions, mergers, innovation and increasing production capacities to cater worldwide product demand. In 2018, Deepak Nitrite wholly owned subsidiary commissioned its phenol and acetone production plant. This facility is equipped to manufacture 2,00,000 MPTA of phenol and 1,20,000 MPTA of acetone. This plant establishment will help company to cater more customers in India, thus attaining strong market position.
In 2015, Cepsa established its chemical plant in China. This plant is in Shanghai Chemical Industrial Plant. Through this setup, the company will be world’s second largest producer of phenol and acetone with an annual production capacity of 250,000 and 150,000 tons respectively, thus increasing global market share.
Initiatives along with competitive pricing will support increase in market share over projected time frame. Manufacturers are predominantly investing in research for developing innovative products for obtaining sustainability and reducing environmental damages.
Acetone Market, By Application, 2014-2025 (Tons) (USD Million)
- Methyl Methacrylate (MMA)
- Bisphenol A (BPA)
Acetone Market, By End-use, 2014-2025 (Tons) (USD Million)
- Cosmetics and Personal Care
- Agricultural Chemicals
- Paints & Coatings
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Royal Dutch Shell plc
- Dow Chemical Company
- Mitsui Chemicals, Inc
- Altivia, LCY GROUP
- Formosa Chemicals & Fiber Corporation
- Prasol Chemicals Pvt. Ltd
- EMCO Limited.
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