Acetophenone Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1424
Acetophenone Market size is estimated to register a notable growth in the forecast timeframe owing to its rising consumption in perfume & fragrance production. It is an extension of ketone with improved sweet smelling properties. Natural presence in substantial number of sources including apricot, apple, banana, beef, cauliflower and cheese has enhanced the product development.
Strong application outlook in fragrances, pharmaceuticals, resins, laboratory reagent and chewing gums will drive the acetophenone market growth. Increasing product usage as precursor in manufacturing process of several chemicals has enhanced the industry demand. Optimum viscosity, colorless and pungent fragrance are key properties encouraging the product scope.
Extensive product usage as perfumery ingredient in detergents, soaps, lotions and creams and as specialty solvent in resins and plastics will drive the acetophenone market. Manufacturing process mainly includes reaction of ethyl benzene and oxygen. Heavy R&D and technological advancement in production process has positively influenced the product development. The product has sweet pungent smell of jasmine or orange blossom with considerable odor threshold values.
Regulatory claim indicating the product as free from carcinogenic effects in humans will open new opportunities for the industry growth. Rapid industrialization along with increasing manufacturing facilities and capacity expansions particularly in emerging economies will fuel the acetophenone market growth.
Changing lifestyle coupled with shifting preference towards luxury products are key driving factors for the industry demand. Moreover, increasing spending on consumer goods including perfume and personal care products will fuel the product price trend. Surging demand for flavoring agents in food & beverages and tobacco will drive the demand.
Acetophenone market share is further segmented as perfumes & fragrances, pharmaceutical products, resins and others. Inclination towards the luxury perfumes coupled with changing human psychology to enhance pleasantness will drive the industry growth in perfumes & fragrances.
Rapid urbanization along with growing consumer goods industry will propel the product demand. Fragrance production widely include extraction from jasmine, almond, strawberry, cherry and honey to resemble the respective aroma. It is also broadly used in creams, lotions, soaps and detergents to enhance scents.
Acetophenone market is set to witness notable gains from pharmaceutical industry owing to its increasing applications in tablets. Rising demand for hypnotic and anticonvulsant in pharmaceutical industry will fuel the industry growth. Increasing consumption in synthesis of pyrrobutamine, trihexyphenidyl, dextropropoxyphene, pridinol, biperiden, cycrimine, procyclidine, mesuximide, benmoxin and acifran will enhance the product scope in pharmaceutical applications.
Acetophenone modified resins are extensively used in inks, adhesives and coatings. Resin polymerization process consists product treatment with formaldehyde. Increasing catalyst uses in polymerization process will propel the industry growth. Increasing product uses in production of styrene and phenylethanol has enhanced the product penetration.
Asia Pacific was the dominant region of the acetophenone market share in 2015. Increasing product consumption in organic synthesis and polymerization of olefins will propel revenue growth. Rising demand for high end, luxury and lifestyle products particularly in China and India will drive the demand in this region. China catered for dominating demand for acetophenone followed by India and Japan.
North America acetophenone market was one of the major contributor following Asia Pacific in 2015. Presence of key fragrance and perfume manufacturers mainly in the U.S. will enhance the product penetration. Latin America acetophenone market will witness substantial growth in the forecast timeframe. Rising demand from the end-use industries including consumer goods, pharmaceuticals and food & beverages will drive the regional demand. Growing demand for textile coating and flavoring agents are the key factors fueling the industry demand.
Europe acetophenone market size will witness significant growth in the forecast period. Expansion in the cosmetic industry coupled with increasing consumption in chewing gums, cigarettes and tobacco will fuel the regional demand.
Increasing side effects including skin irritation and transient eye injury are the major restraining factors of the industry growth. Imposition of strict regulations on product usage may further hamper the product demand. High exposure in drinking water and ambient air causing health problems may impact the acetophenone market trend.
Global acetophenone market share is highly competitive. The major industry players include Alfa Aesar, Rhodia, INEOS Phenol, CellMark USA LLC, Tanfac, A.B. Enterprises and Triveni Interchem. Product development, mergers, ventures and product portfolio expansions are the major strategies adopted by the industry participants.
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