Acetone Market to Boom with Impressive CAGR from 2021 to 2027 – Queen Anne and Mangolia News
The global acetone market The size was valued at USD 5.84 billion in 2020 to reach USD 8.05 billion in 2027, registers a CAGR of 5.5% during the forecast period. Acetone is a flammable, colorless, volatile liquid commonly used as an industrial solvent. Acetone is a by-product of phenol manufacturing. It widely used in industry and domestic. The major end-use industries in the acetone market are pharmaceutical, cosmetic, paints and adhesives industries. The pharmaceutical and cosmetics industries have unveiled growth potential due to growing demand from emerging economies and increased spending on cosmetics.
Factors affecting the acetone market over the forecast period:
Factors such as increasing application of acetone as a solvent and strong demand in cosmetics, pharmaceuticals, paints and adhesives industries are expected to drive the growth.
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Rising demand for acetone in the paints and coatings, construction, and automotive industries is expected to drive the growth of the acetone market. Additionally, rising price of propylene and stringent regulations in the chemical industry are major challenges for the growth of the acetone market. Additionally, the increasing use of the product as an active ingredient in strippers, cleaners, degreasers and thinners is expected to fuel the overall growth in acetone growth.
However, acetone is considered one of the hazardous chemicals that significantly affects human health and groundwater. Therefore, solvent manufacturers are looking for biodegradable substitutes. The high acceptance rate of bio-based solvents is expected to increase as acetone disposal is not environmentally friendly. Commonly used substitutes for making solvents include bio-solv, surfasolve, acastrip r, replacetone, and methyl acetate. In the paints and coatings industry, acetone is expected to be replaced by trichlorethylene (TCE), methyl ethyl ketone (MEK), and tetrachlorethylene.
Impact of COVID-19 on the Acetone Market:
During the COVID 19 pandemic, the global acetone market experienced a large gap between supply and demand, which resulted in a decline in overall sales. End-use industries are going through huge setbacks that affect the overall demand for acetone across the world.
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The report outlines the global acetone market study based on grade, application, and sales channel.
On the basis of grade, the acetone market has been segmented into –
- Specialty category
- Technical quality
On the basis of Application, the acetone market has been segmented into –
- Methyl methacrylate (MMA)
- Bisphenol A (BPA)
Based on sales channel, Acetone Market has been segmented into –
Acetone Market: Regional Outlook
Based on region, the global acetone market has been segmented into five geographical regions, namely North America, Asia-Pacific, Europe, South America, Middle East and Africa. In 2020, Asia-Pacific held the largest global acetone market share, followed by North America and Europe. Additionally, North America is expected to grow with a high CAGR over the forecast period owing to the growth of paint & coating and construction industries in the region.
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Asia-Pacific accounted for the largest market share of around 40% of revenue in 2020. The changing preference of international manufacturers for the domestic market, due to affordable infrastructure and low workforce. In addition, it is estimated that emerging economies, combined with increasing industrialization and rising purchasing power, will continue to contribute to demand for chemicals from regional end-use industries.
Leading Competitors in Global Acetone Market include-
The global acetone market is highly fragmented, with a large number of small players across the globe. Leading companies operating in the global acetone market are –
- LyondellBasell Industries
- INEOS Phenol GmbH
- The Dow Chemical Company
- Royal Dutch Shell Co.
- Honeywell Chemicals
- Mitsui Chemicals Inc.
- Kumho P&B Chemicals
- Cepsa Quimica
The Acetone Market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of industry/regional outlook with market player’s presence in the respective segment and region/country. The information concluded in the report includes inputs from primary interviews with industry experts.
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