WASHINGTON, July 14, 2023 (GLOBE NEWSWIRE) -- The Global Acetone Market is valued at USD 5.3 Billion in 2022 and is projected to reach a value of USD 9 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.9% over the forecast period 2023-2030.
One of the crucial growth factors for the Acetone industry is the demand from end-use sectors. The paints and coatings industry, for instance, heavily relies on Acetone as a solvent. Acetone's excellent solvency power and quick drying ability make it an ideal ingredient in many paint formulations. As the global construction industry grows, the demand for paints and coatings is also expected to rise, subsequently augmenting the demand for Acetone. Moreover, advancements in technology have led to the development of eco-friendly paints and coatings, which often require Acetone as a primary solvent. Thus, the increasing popularity of sustainable, low-VOC (volatile organic compounds) paints also contributes to the growth of the Acetone industry.
The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Acetone, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors anticipated to accelerate the Acetone market growth over the forecast period are rising demand for cosmetics & skincare products, growing pharmaceutical industry, advancements in polymer and resin industries, and technological advancements in production processes. In addition, the Acetone industry is witnessing significant growth in emerging markets, including the Asia-Pacific region and Latin America. The population growth, rapid industrialization, and increasing disposable income are driving the demand for Acetone in these markets. Additionally, the expanding construction, automotive, and electronics sectors in these regions further boost the growth of the Acetone industry.
Asia-Pacific region dominates the global Acetone market, accounting for the highest share in terms of both volume and value. The region has witnessed a significant growth in the production of chemicals, pharmaceuticals, and plastics, which has increased the demand for Acetone. North America and Europe are also witnessing a steady growth in the market owing to the growth of end-use industries, such as automotive and construction.
Market Dynamics
Rising Demand for Cosmetics and Skincare Products to Drive the Market
Acetone is a key ingredient in cosmetic and skincare products due to its excellent solvent properties. It is commonly used in nail polish removers, skincare cleansers, and hair care products. The increasing consumer focus on personal grooming and beauty trends is contributing to the growth of the Acetone industry. In addition, the growth in the cosmetics and skincare industry, driven by factors such as increasing consumer disposable income, changing lifestyles, and growing awareness about personal grooming, can contribute to the demand for Acetone. As consumers continue to seek new and innovative cosmetic and skincare products, manufacturers may require Acetone for formulation purposes.
Advancements in Polymer and Resin Industries to Propel the Market
Acetone plays a vital role in the production of polymers and resins, such as polycarbonates and epoxy resins. These materials are extensively used in the manufacturing of various consumer and industrial products, including automotive parts, electronic components, and packaging materials. The growth of these industries and the increasing demand for durable and lightweight materials are driving the demand for Acetone. In addition, With an increasing focus on sustainability, there have been advancements in polymer and resin recycling technologies. Acetone can be used as a solvent in certain recycling processes, helping to dissolve and separate polymers and resins from other materials.
Top Players in the Global Acetone Market
- Altivia
- BASF SE
- Borealis AG
- Cepsa
- Formosa Chemicals and Fibre Corporation
- Honeywell International Inc.
- INEOS
- Kumho P&B Chemicals Inc.
- LCY GROUP
- Mitsui Chemicals Inc.
- Prasol Chemicals Pvt. Ltd
- PTT Phenol Company Limited
- Reliance Industries Limited
- Shell PLC
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Top Trends in Global Acetone Market
- One trend that Vantage Market Research (VMR) expects to see in the Acetone industry is the growing pharmaceutical industry. Acetone finds significant usage in the pharmaceutical industry, primarily as a solvent for various active pharmaceutical ingredients (APIs). The expanding global population and increasing healthcare expenditure are driving the demand for pharmaceutical products, which, in turn, fuels the demand for Acetone.
- Another trend that VMR predicts will continue in the Acetone industry is the increasing demand in end-use industries. Acetone is a versatile chemical with numerous applications in various industries. It is extensively used as a solvent in paints, coatings, adhesives, and pharmaceuticals. The growing demand for these end-use products drives the demand for Acetone. For example, with the flourishing automotive, construction, and pharmaceutical industries, the demand for Acetone as a solvent is expected to increase.
Top Report Findings
- Based on Application, Solvents application dominated the market in 2022. This is due to the increasing demand for Acetone, as an essential ingredient of hand sanitisation and excipient in medicines. To deliver the right amount of medicinal products for each dose, an active filter uses Acetone as a solvent. Isopropyl alcohol (IPA) is utilized in the manufacturing of hand sanitizer. In producing IPA it is expected that this will lead to increased demand for Acetone as raw material.
- Based on Grade, the technical grade category is accounted the largest growth of the market in 2022. This is attributed to an increase in the consumption of technical products during manufacturing of MMA and BPA. Its increased market shares make technicalgrade products available at a lower cost. In addition to other grades, technical grade is primarily used for paints, adhesives and floor polishing.
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Increasing Invest in Infrastructure, Advanced Technologies, and Expertise to Ensure Efficient Production Processes Generates Maximum Revenue
Acetone players are responsible for manufacturing and producing Acetone on a large scale. They invest in infrastructure, advanced technologies, and expertise to ensure efficient production processes, high-quality products, and increased volumes. This contributes to the growth of the industry by meeting the growing demand for Acetone in various sectors such as pharmaceuticals, plastics, solvents, and cosmetics. Players in the Acetone industry invest in research and development to improve product quality, develop new applications, and enhance production processes. They conduct extensive research to find innovative ways to produce Acetone, improve its purity, and reduce production costs. R&D activities help in driving technical advancements and discovering new uses for Acetone, thus expanding the market and fostering industry growth.
Methyl Methacrylate in Acetone Market Expected to Generate Maximum Revenue
MMA is one of the primary building blocks used in the production of acrylic-based paints and coatings. With the growth of the construction industry and increasing infrastructure development globally, the demand for paints and coatings has been on the rise. This, in turn, has resulted in the increased consumption of MMA as a raw material in these applications. Growing automotive industry: The automotive sector is one of the major consumers of MMA. It is used in the production of automotive coatings, adhesives, and interior parts. With the increasing demand for automobiles worldwide, especially in emerging economies, the consumption of MMA has witnessed significant growth. Rise in demand for adhesives and sealants: MMA-based adhesives and sealants are widely used in various industries, including automotive, construction, and electronics. The growing demand for lightweight and high-performance materials in these industries has led to an increased usage of MMA-based adhesives and sealants. This has positively impacted the growth of the MMA segment in the Acetone market.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Acetone Market Forecast Report (2023-2030). s
Global Acetone Market Segmentation
By Application
- Solvents
- Methyl Methacrylate
- Bisphenol A
- Others
By Grade
- Technical Grade
- Specialty Grade
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.3 Billion |
| Revenue Forecast by 2030 | USD 9 Billion |
| CAGR | 7.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Altivia, BASF SE, Borealis AG, Cepsa, Formosa Chemicals and Fibre Corporation, Honeywell International Inc., INEOS, Kumho P&B Chemicals Inc., LCY GROUP, Mitsui Chemicals Inc., Prasol Chemicals Pvt. Ltd, PTT Phenol Company Limited, Reliance Industries Limited, Shell PLC |
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