NEWARK, N.J., Feb. 17, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global acetone market is expected to grow from USD 4.05 billion in 2020 to USD 7.01 billion by 2028, at a CAGR of 7.25% during the forecast period 2021-2028.
Acetone has various applications in multiple industries such as electronics, automotive, personal care & household, and pharmaceutical. Acetone is used in cosmetics and personal care products, and its most frequent application is in the formulation of nail polish removers. Acetone is also found in varnishes, paints, and lacquers, and is used as a solvent in the rubber & leather industries.
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Acetone, also known as propanone, is a colourless solvent used widely in the manufacturing of plastics and other industrial products. It is an organic chemical that contains oxygen, hydrogen, and carbon atoms. Acetone is produced in nature by forest fires, trees & plants, and volcano eruptions, and also in the human body as a natural by-product of metabolism. It is a volatile and flammable liquid, which can break down super glue and leave the alcohol denatured.
The global acetone market is expected to witness rapid growth over the forecast period, owing to increasing demand from various end-use industries. Excess use of acetone could lead to a negative impact on health, which is anticipated to hinder the market growth over the forecast period. However, the growing demand for acetone from the Asia Pacific and Latin America is expected to offer lucrative growth opportunities in the upcoming years.
Key companies operating in the global acetone market are INEOS, Royal Dutch Shell plc, Cepsa, Mitsui Chemicals, Inc., ALTIVIA, LCY GROUP, Formosa Chemicals & Fiber Corporation, Prasol Chemicals Pvt. Ltd., EMCO Limited, BASF SE, Reliance Industries Limited, and KUMHO P&B CHEMICALS, INC. among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global acetone industry.
- In July 2019, INEOS announced the plan to build a world-scale Cumene unit at Marl, Germany for the production of phenol and acetone. The new 750,000-tonne plant will support future customer demand and improve the security of supply for INEOS plants in Gladbeck and Antwerp.
- In August 2019, Altivia acquired of Dow's Acetone Derivatives Business and associated chemical manufacturing assets. This acquisition is aimed to offers access to the global market and downstream expansion for its acetone production capacity.
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The technical grade segment accounted for the major market share and was valued at USD 3.52 billion in 2020
The grade type segment is divided into specialty grade and technical grade. The technical grade segment accounted for the major market share and was valued at USD 3.52 billion in 2020, due to the increasing demand for technical grade acetone in various industries. This is primarily due to its cost-effectiveness and wide availability in the market.
The solvent segment held the major market share of 35.22% in the year 2020
The application segment includes methyl methacrylate (MMA), bisphenol A (BPA), solvents, and others. The solvent segment held a major market share of 35.22% in the year 2020, owing to the increasing usage of solvent in various industrial and personal care applications. It is widely used in the personal care products such as nail paint remover and skincare and hair care product formulations.
The personal care industry held the major market share of 35.26% in the year 2020
The end-user segment includes cosmetics and personal care, electronics, construction, automotive, pharmaceutical, agricultural chemicals, paints, coatings, adhesives, and others. The personal care industry held a major market share of 35.26% in the year 2020. Face creams, nail polish remover, and lotions contain acetone to dilute the product. Thus, increasing usage of acetone as both solvent and denaturant in the personal care industry is boosting the growth of the market.
Regional Segment Analysis of the Acetone Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East & Africa (UAE, South Africa, Rest of MEA)
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The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East & Africa. The Asia Pacific region accounted for the major market share in the global acetone market and was valued at USD 1.66 billion in the year 2020. This is because of the highest production and consumption of acetone in the region. In addition to this, many international companies are shifting their manufacturing base in the Asia Pacific region, owing to high raw material availability and overall cost-effective production. Furthermore, emerging countries such as India and China, have the highest demand for acetone for the various industry verticals. North America region is anticipated to hold the prominent market share in the global acetone market, due to increasing demand for acetone for the production of solvent for different applications. In addition to this, the growing personal care and cosmetics industry in the region is further driving the growth market.
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About the report:
The global acetone market is analysed on the basis of value (USD Billion), volume (Kilotons), export (Kilotons), and import (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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