According to the report, the global acetone market reached a volume of nearly USD 5.69 billion in 2022. Aided by the rising demand in various end-user industries and the growing importance of acetone as a critical solvent, the market is projected to further grow at a CAGR of 7.8% between 2023 and 2028 to reach a value of USD 8 billion by 2028.
Acetone, also known as propanone, is a simple ketone with the formula (CH3)2CO. It is a colourless, volatile, and flammable liquid that is widely used as a solvent. Apart from its significant role in cleaning and degreasing applications, acetone serves as an essential intermediate in the production of various chemicals, including bisphenol A (BPA), methyl methacrylate (MMA), and other derivative products.
The burgeoning demand for lightweight and efficient materials in the automotive and construction industries is increasing the global acetone market share. With the increasing emphasis on energy efficiency and fuel economy, there has been a substantial shift towards the use of polycarbonate and epoxy resins-both of which rely on acetone as a key raw material. This has significantly contributed to the surging demand for acetone globally.
Furthermore, the extensive use of acetone in the pharmaceutical sector plays a vital role in bolstering the acetone market demand. Acetone is used as a solvent in the production of various drugs and is employed in different processes such as crystallisation. Its role in the synthesis of active pharmaceutical ingredients (APIs) further underscores its importance in healthcare applications.
The industrial applications of acetone are diverse and continue to expand, aligning with trends in various sectors. In the cosmetics sector, for instance, acetone is a primary component in nail polish removers due to its effectiveness in dissolving substances and its rapid evaporation rate. It is also used in the formulation of various skincare products, owing to its role as a denaturant and solvent for many oils, gums, and resins.
In the electronics sector, the need for high-purity solvents in manufacturing processes makes acetone a key player. It is used extensively in cleaning and preparing components, often acting as the solvent of choice due to its low cost and high evaporation rate. With the relentless advancement of technology and increasing production of electronic devices, the demand for acetone in this sector is set to remain robust. Over the forecast period, the anticipated increase in demand for consumer electronics is likely to advance the acetone market growth.
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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Acetone, also known as propanone, is a simple ketone with the formula (CH3)2CO. It is a colourless, volatile, and flammable liquid that is widely used as a solvent. Apart from its significant role in cleaning and degreasing applications, acetone serves as an essential intermediate in the production of various chemicals, including bisphenol A (BPA), methyl methacrylate (MMA), and other derivative products.
The burgeoning demand for lightweight and efficient materials in the automotive and construction industries is increasing the global acetone market share. With the increasing emphasis on energy efficiency and fuel economy, there has been a substantial shift towards the use of polycarbonate and epoxy resins-both of which rely on acetone as a key raw material. This has significantly contributed to the surging demand for acetone globally.
Furthermore, the extensive use of acetone in the pharmaceutical sector plays a vital role in bolstering the acetone market demand. Acetone is used as a solvent in the production of various drugs and is employed in different processes such as crystallisation. Its role in the synthesis of active pharmaceutical ingredients (APIs) further underscores its importance in healthcare applications.
The industrial applications of acetone are diverse and continue to expand, aligning with trends in various sectors. In the cosmetics sector, for instance, acetone is a primary component in nail polish removers due to its effectiveness in dissolving substances and its rapid evaporation rate. It is also used in the formulation of various skincare products, owing to its role as a denaturant and solvent for many oils, gums, and resins.
In the electronics sector, the need for high-purity solvents in manufacturing processes makes acetone a key player. It is used extensively in cleaning and preparing components, often acting as the solvent of choice due to its low cost and high evaporation rate. With the relentless advancement of technology and increasing production of electronic devices, the demand for acetone in this sector is set to remain robust. Over the forecast period, the anticipated increase in demand for consumer electronics is likely to advance the acetone market growth.
Market Segmentation
The market can be divided based on application and region.Market Breakup by Application
- Solvents
- Methyl Methacrylate (MMA)
- BPA
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global acetone market.Some of the major players explored in the report are as follows:
- Shell Chemicals
- INEOS Group Holdings S.A.
- Cepsa Química, S.A.
- LG Chem
- Honeywell International Inc.
- Versalis S.p.A.
- Mitsui Chemicals Group
- Formosa Chemicals and Fibre Corporation
- Altivia
- Hindustan Organic Chemicals Limited
- SI Group, Inc.
- Others
About the Analyst
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.These high-quality, data-driven analysis provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market15 Value Chain Analysis
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Acetone Market Analysis
9 North America Acetone Market Analysis
10 Europe Acetone Market Analysis
11 Asia Pacific Acetone Market Analysis
12 Latin America Acetone Market Analysis
13 Middle East and Africa Acetone Market Analysis
14 Market Dynamics
16 Trade Data Analysis (HS Code - 291411)
17 Price Analysis
18 Competitive Landscape
19 Key Trends and Developments in the Market
1 Manufacturing Process
2 Project Requirement and Cost Analysis
List of Key Figures and Tables
Companies Mentioned
- Shell Chemicals
- INEOS Group Holdings S.A.
- Cepsa Química S.A.
- LG Chem
- Honeywell International Inc.
- Versalis S.p.A.
- Mitsui Chemicals Group
- Formosa Chemicals and Fibre Corporation
- Altivia
- Hindustan Organic Chemicals Limited
- SI Group Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 198 |
| Published | October 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value ( USD | $ 5.5 Billion |
| Forecasted Market Value ( USD | $ 8 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
