New York, Jan. 06, 2020 (GLOBE NEWSWIRE) -- The global acetone market is expected to reach USD 6.64 Billion by 2027, according to a new report by Reports and Data. Acetone is a commonly used solvent primarily used in industrial and laboratory settings, as well as is considered safe enough for household applications. Currently, acetone is produced from petrochemicals as a co-product of phenol.
The rapid growth of the cosmetics industry is estimated to drive the market demand for acetone in the forecast period. The developing nations in the Asia Pacific and Latin America regions are likely to offer substantial growth opportunities for the cosmetics industry. Acetone is popular as the primary ingredient in nail polish remover. Moreover, cosmetic products, including makeup and skin creams, comprise acetone as a solvent provider to different chemicals. It is also a chief constituent in chemical skin peels to treat acne.
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Increasing demand for polycarbonates is likely to boost the market demand in the upcoming years. Polycarbonates, derived from Bisphenol-A, find increasing implementation in the automotive industry, which is one of the key drivers for the growth of the market. Polycarbonate is increasingly deployed as an alternative for manufacturing a wide variety of materials and are most beneficial when transparency and impact resistance are a product requirement (for example, in bullet-proof glasses). Polycarbonate is usually used for plastic lenses in eyewear, protective gear, in medical devices, digital Disks (CDs, DVDs, and Blu-ray discs), greenhouses, and exterior lighting fixtures.
Further key findings from the report suggest
- By grade, the technical grade contributed to a larger market share of around 85.0% in 2018 and is estimated to grow at a rate of 4.5% in the forecast period.
- By application, the solvents dominated the market in 2018 and is expected to witness a growth rate of 5.1% in the forecast period. Solvents find application in products including nail polish removers, lacquers & finishes, cement, cleaners, films, paint, coatings, and adhesives.
- By industry vertical, the electronics industry held a considerable market share in 2018 and is projected to have a CAGR of 5.4% in the period 2019-2027. Electronics devices require exceptionally clean components for maximum performance and acetone suits well in meeting those requirements. Also, acetone is used in the manufacturing of polycarbonates used in several electronics applications.
- The Asia Pacific region led by China contributed to the largest market share in 2018 and is forecasted to experience the fastest growth rate of 6.2% in the forecast period. The high market demand is due to the increasing demand for solvents, MMA, and bisphenol-A from several end-user industries, including electronics, construction, and automotive.
- Key participants include Honeywell Research Chemicals, Royal Dutch Shell PLC, INEOS Phenol GmbH, Mitsui Chemicals Inc., CEPSA Quimica, Inc., Prasol Chemicals Pvt. Ltd. LyondellBasell Industries Inc., ALTIVIA Ketones & Additives, LLC, SABIC, and Kumho P&B Chemicals, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global acetone market on the basis of grade, application, industry vertical, and region:
Grade Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Technical Grade
- Specialty Grade
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Solvents
- Bisphenol-A
- Methyl Methacrylate (MMA)
- Methyl Isobutyl Ketone
- Others
Industry Vertical Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Cosmetics
- Electronics
- Automotive
- Construction
- Agriculture
- Paints & Coatings
- Pharmaceuticals
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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