Pune, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that “The Acetone Market reached a valuation of USD 5.47 billion in 2022, with a projected increase to USD 10.09 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.95% during the forecast period spanning from 2023 to 2030.”
Market Overview
Acetone is a colorless, highly flammable organic compound with the chemical formula C3H6O. It is one of the simplest and most widely used ketones, known for its distinct odor and a wide range of applications in various industries. Acetone is a key ingredient in most nail polish removers. Its effectiveness in breaking down and dissolving nail polish makes it a popular choice for quick and efficient nail care. In the medical field, acetone can be employed as an antiseptic for skin preparation before surgery. Additionally, it is used in the development of certain pharmaceutical drugs.
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Market Analysis
The acetone market is influenced by various growth drivers, reflecting its importance in several industries. The chemical industry is a primary consumer of acetone, using it as a solvent in the production of numerous chemicals and plastics. As the global chemical industry continues to grow, the demand for acetone is expected to rise in tandem. Acetone is used as a solvent in various construction materials, including adhesives, coatings, and sealants. As the construction industry expands globally, particularly in emerging markets, the demand for acetone in construction-related applications is set to increase. Acetone plays a vital role in pharmaceutical manufacturing, used as a solvent in drug formulation. As the pharmaceutical industry continues to innovate and expand, the demand for acetone for pharmaceutical applications is expected to grow.
Acetone Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.47 billion |
| Market Size by 2030 | USD 10.09 billion |
| CAGR | CAGR of 7.95% over 2023-2030 |
| Key Segments | By Grade (Technical Grade and Specialty Grade) By Application (Solvents, Bisphenol A (BPA), Methyl Methacrylate (MMA), and Others) By End-Use (Agricultural Chemicals, Cosmetics & Personal Care, Automotive, Paints & Coatings, Plastics, Pharmaceuticals, Rubber Processing, Printing Ink, Polymer & Resin Processing, Adhesive, and Others) |
| Key Market Players | INEOS Phenol GmbH, SABIC, The Dow Chemical Company, Domo Chemicals GmbH, Formosa Chemical and Fiber Corporation, Kumho P&B Chemicals, Royal Dutch Shell PLC, Honeywell Research Chemicals, Spectrum Chemical Mfg. Corp., Altivia Chemicals and other players |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Key Takeaway from Acetone Market Study
- The market is experiencing a significant boost, with the Methyl Methacrylate (MMA) segment emerging as a dominant force behind this expansion. MMA, a key ingredient in the production of plastics, paints, adhesives, and coatings, heavily relies on acetone in its manufacturing process. As demand for MMA-based products continues to soar, so does the need for acetone, creating a symbiotic relationship between the two industries.
- The agricultural chemicals segment is another significant driver shaping the market's landscape. Acetone serves as an essential solvent in the formulation of various pesticides, herbicides, and fertilizers. As the global population swells, the agricultural sector faces immense pressure to maximize crop yields while minimizing environmental impacts.
Recent Developments
- In a strategic move to expand its presence in the Asian chemical market, Ineos has announced its acquisition of Mitsui's phenol plants located in Singapore. The acquisition includes two state-of-the-art phenol plants that boast cutting-edge technology and a robust infrastructure. These plants are strategically located in Singapore, a key hub for chemical manufacturing and distribution in Asia.
- ALTIVIA, a leading chemical company, has announced its acquisition of Dow's Acetone Derivatives Business, marking a significant development in the chemical industry. With this acquisition, ALTIVIA is poised to strengthen its position as a key player in these markets and better serve its customers' evolving needs.
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Market Dynamics Analysis
The dynamics of the acetone market are influenced by a complex interplay of drivers, restraints, challenges, and threats. One of the key drivers propelling the market is its extensive use as a solvent in various industries, including pharmaceuticals, chemicals, and plastics, owing to its excellent solvency properties. Additionally, the growing demand for acetone in the production of high-demand products such as bisphenol-A and methyl methacrylate further fuels market growth. The increasing adoption of renewable and sustainable acetone production methods is another positive driver, aligning with environmental sustainability goals. However, several restraints and challenges hinder the market's growth. Fluctuating crude oil prices can significantly impact the cost of acetone production since it is primarily derived from petrochemical feedstocks, leading to price volatility. Regulatory constraints and environmental concerns regarding the emissions and waste generated during acetone production pose challenges, pushing manufacturers to invest in cleaner production technologies.
Key Regional Developments
North America, particularly the United States, is a significant consumer of acetone due to its robust chemical and manufacturing industries. The demand for acetone is driven by applications in the production of chemicals, plastics, and solvents. Moreover, the shale gas boom in the United States has ensured a steady supply of raw materials like propylene, which is a key feedstock for acetone production. Countries like Germany, France, and the United Kingdom have well-established chemical and automotive sectors, which are major consumers of acetone for applications in paints, coatings, and adhesives. The Asia-Pacific region, especially China, is a dominant player in the global acetone market. China's rapid industrialization and growth in manufacturing sectors contribute significantly to acetone consumption. The country also exports acetone to other Asian countries and beyond.
Impact of Recession
The impact of an ongoing recession on the acetone market is multifaceted and depends on the severity and duration of the economic downturn. While reduced demand and price volatility are likely outcomes, other factors such as supply chain disruptions, shifts in product mix, and government policies can also significantly influence the market. Companies operating in this sector should closely monitor economic trends and adapt their strategies to navigate the challenges posed by recessions.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Acetone Market Segmentation, By Grade
8.1 Technical Grade
8.2 Specialty Grade
9. Acetone Market Segmentation, By Application
9.1 Solvents
9.2 Bisphenol A (BPA)
9.3 Methyl Methacrylate (MMA)
9.4 Others
10. Acetone Market Segmentation, By End-use
10.1 Agricultural Chemicals
10.2 Cosmetics & Personal Care
10.3 Automotive
10.4 Paints & Coatings
10.5 Plastics
10.6 Pharmaceuticals
10.7 Rubber Processing
10.8 Printing Ink
10.9 Polymer & Resin Processing
10.10 Adhesive
10.11 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 INEOS Phenol GmbH
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
11.2 SABIC
12.3 The Dow Chemical Company
12.4 Domo Chemicals GmbH
12.5 Formosa Chemical and Fiber Corporation
12.6 Kumho P&B Chemicals
12.7 Royal Dutch Shell PLC
12.8 Honeywell Research Chemicals
12.9 Spectrum Chemical Mfg. Corp.
12.10 Altivia Chemicals
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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