The Global Acetone Market size is estimated to grow a CAGR above 6% over the forecast timeframe and reach a market value of around US $ 6,962Mn by 2028
LONDON, Feb. 28, 2022 (GLOBE NEWSWIRE) – The acetone industry has gained significant impetus in the recent past, owing to its uses in several types of end-user industries. The most important application of acetone is in the medical industry, where it is used to maintain the right density of tablets, pills, and liquid medicines in order to enhance medicine efficiency. Currently, it is used as a sanitizer for beauty products. Acetone is a chemical that is used to create plastic, textiles, pharmaceuticals, and other products. Moreover, other substances can also be dissolved with it.
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Covid-19 Impact on the Acetone Industry
The market was relentlessly disrupted as a result of the COVID-19 pandemic. Manufacturing of numerous end products came to a standstill as production units were shut down. The demand for acetone was severely impacted as a result of this. The increased use of acetone in the pharmaceutical industry for sanitizers, disinfectants, and other personal care products, however, has resurrected acetone market growth in the global market.
Global Acetone Market Dynamics
The market is expected to develop due to the growing demand for chemicals and petrochemicals from various end-use industries. Green solvents have seen a significant increase in demand from the industrial sector, owing to their numerous attractive advantages over petrochemical solvents. The growing need for lightweight vehicles is expected to increase per capita plastic consumption, pushing up the demand for acetone during the forecast period. The need for acetone is expected to rise in the future due to the increased production of acrylic polymers, glass, and translucent sheets from methyl methacrylate, which is largely used in the building industry. Additionally, rising demand for plastics from end-user industries such as automotive and construction is expected to boost acetone demand in the near future. However, health issues such as liver damage, vomiting, blindness due to exposure to acetones are expected to hinder the market growth.
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Easy availability and lower price of technical grade acetone propels the segmental growth
Based on the grade segment, the bifurcation is given as technical grade and specialty grade. In 2020, technical grade acetone occupied the majority of the share. The high growth in the segment is attributed to its major use in the production of BPA and MMA and due to its availability at lower costs. Meanwhile, the specialty grade acetone is expected to register the fastest growth during the forecast period 2021 – 2028. The market for specialty grade is growing due to its unique properties such as low benzene and water content. Furthermore, over the projection period, expanding R&D investments, together with the growing need for generic formulations, are expected to improve market demand.
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High demand for solvents from numerous end-use industries propels the market growth
Methyl methacrylate (MMA), solvents, bisphenol-A, and others, and others are the class of application segment. Among them, the solvent segment dominated the market with a high percentage of shares in 2020. However, the bisphenol-A segment is expected to register the fastest growth during the forecast period 2021 – 2028. The product’s desirable qualities, including ductility, amorphousness, UV light transparency, glare reduction, and excellent resilience to extreme temperatures, are driving demand.
The paints, coatings, and adhesives held for a significant market share in 2020
Based on end-use industries, the market is classified into automotive, electronics, cosmetics and personal care, paints, coatings, and adhesives, pharmaceuticals, and others. Among them, paints, coatings, and adhesives contributed to a significant share in 2020. The huge demand for acetone can be attributed to its use to prepare metal for painting and for cleaning old brushes or dried paint pans. Furthermore, increasing construction activities across the world are also boosting the paints, coatings, and adhesives segmental growth.
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Acetone Market Regional Stance
The global classification of the Acetone market includes Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa. Among all the regions, Asia-Pacific accumulated the largest share in the regional scenario. This is credited to the increasing consumption of acetone in countries such as China and India. In addition, the rapidly expanding electronics and pharmaceutical industry in the region has also supported the leading share of APAC in the global market. Furthermore, the affordable infrastructure and labor costs are also likely to attain a significant impetus during the forecast period. However, North America is also leading the market with driving factors such as growing R&D in the electronics industry and increasing consumption of acetone in the region.
The Acetone market is merged with a large number of key companies. Prominent players presented in the report include ALTIVIA, Cepsa Quimica, SA, Honeywell Chemicals, INEOS Phenol GmbH, Kumho P&B Chemicals, Lyondell Basell Industries, Mitsui Chemicals Inc., Royal Dutch Shell Co., SABIC, and The Dow Chemical Company, and others .
Moreover, on August 13, 2019 – Dow announced that it has signed a deal to put up for sale its Acetone Derivatives business to ALTIVIA Ketones & Additives, LLC, a subsidiary of ALTIVIA, a privately held chemical company based in Houston, Texas.
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