Acetone Market Set to Surpass a Valuation of US$ 8.3 Bn by 2032, Driven by Wide Range of Industrial Uses
The growth of the acetone market is being propelled by its diverse applications in industries such as automotive, pharmaceuticals, personal care, and cosmetics. Furthermore, the increased demand for acetone as a solvent in hand sanitizers during the COVID-19 pandemic has created many profitable opportunities in the market.
New York, April 05, 2023 (GLOBE NEWSWIRE) — According to Market.us, The Global Acetone Market was worth US$ 5.0 billion in 2022 and the market size is projected to surpass around US$ 8.3 billion by 2032, and it is poised to reach a CAGR of 5.3% from 2023 to 2032.
Acetone is an organic chemical that is present naturally in the environment in the form of ash in a volcano, gases, plants, body fat, and many other sources. The wide applications of acetone for various industries in forms like methyl methacrylate, bisphenol A, and methyl-isobutyl ketone solvents are driving the growth of the acetone market. The increasing use of acetone-based compounds and elements in the automotive sector is anticipated to boost the growth of the acetone market in the upcoming period.
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- By Grade, technical grade acetone dominates over specialty grade acetone.
- By Application, acetone is mostly used as a solvent in many end uses of it.
- By End-use Industry, the pharmaceutical industry leads the segment with a massive share of the account.
- Asia Pacific held a revenue share of approximately 37.4% in the global acetone market.
- The North American regional market is experiencing significant growth in the last few years.
Various industries use acetone in different types of applications. One of the major sectors in acetone use is the industrial sector. The wide application of acetone in the industrial sector for use in adhesives, paints, coatings, and thinners is raising the demand for acetone due to continuously increasing growth in the industrial sector. This is anticipated to boost the acetone market over the forecast period.
Factors affecting the growth of the Acetone Market
Several factors can affect the growth of the acetone market. Some of these factors include:
- Increasing use across industries: The continuously increasing usage of acetone in different industries is boosting the growth of the acetone market. Acetone is used in many applications in industries like paints and coatings, adhesives, automotive, pharmaceutical, and many other industries.
- Increased demand during the Pandemic: During the COVID-19 pandemic, the demand for acetone skyrocketed. The application of acetone as a solvent in hand sanitizers boosted the demand for acetone in the market.
- Low labor and production cost: Acetone is produced at low production cost and low labor cost in many countries like India. This is boosting the growth of the acetone market.
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Top Trends in Acetone Market
The rising demand for petrochemicals and chemicals in various industries is anticipated to propel the growth of the global acetone market. Major industry like personal care and cosmetics is using acetone in large amounts due to changing health-related and cosmetics preferences of the consumers with changing lifestyle. Consumers are shifting to eco-friendly products to avoid harm to nature. Therefore, many companies are coming up with different types of products with eco-friendly nature. This is expected to boost the growth of the global acetone market over the forecast period.
Acetone is produced at low production costs and low labor costs in many countries like India. This is primarily boosting the growth of the acetone market. The continuously increasing usage of acetone in different industries is boosting the growth of the acetone market. Acetone is used in many applications in industries like paints and coatings, adhesives, automotive, pharmaceutical, and many other industries. Moreover, during the COVID-19 pandemic, the demand for acetone skyrocketed. The application of acetone as a solvent in hand sanitizers boosted the demand for acetone in the market.
The Asia Pacific region dominates the global acetone market by accounting for a major revenue share of 37.4%. The growth of the Asia Pacific region is attributed to the rising demand for acetone from the major countries in the region, like China, Japan, and India. The continuously growing sectors like electronics, construction, and pharmaceutical in China are increasing the demand for acetone for its use in adhesives, paints and coatings, and pharmaceutical excipients. On top of that, the easy availability of raw materials and low-cost labor and production is fueling the growth of the acetone market in the Asia Pacific region. After the Asia Pacific region, the North American region is anticipated to experience significant growth during the forecast period.
The competitive landscape of the market has also been examined in this report. Some of the major players include Mitsui Chemicals Inc., Honeywell Research Chemicals, Kumho P&B Chemicals, INEOS Phenol GmbH, Prasol Chemicals Pvt. Ltd., The Dow Chemical Company, Thermo Fisher Scientific Inc., Lynodell Basell Industries Inc., Formosa Chemicals & Fiber Corporation, SABIC, Domo Chemicals and Other Key Players.
Recent Development of the Acetone Market
- In July 2022, LG Chem declared that they were exporting acetone and phenol in the biggest shipment in South Korea with ISCC PLUS certification.
- In August 2021, Brenntag acquired Matrix Chemical. LLC and its business assets. The company accounted for a major revenue share in 2021. The closing deal of the company and acquisition was signed at a similar time.
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Scope of the Report
|Market Value (2022)||USD 5 Billion|
|Market Size (2032)||USD 8.3 Billion|
|CAGR (from 2023 to 2032)||5.3%|
|Asia Pacific Revenue Share||37.4%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
The increasing demand for acetone-based chemicals like bisphenol A and methyl methacrylate across various industries is driving the growth of acetone in the market. Bisphenol A and methyl methacrylate are derived from dimethyl ketone which is used in industrial sectors for different uses. The industries like automotive, pharmaceutical, personal care and cosmetics, and many other industries are using acetone in different forms for its wide applications. This has been driving the growth of the acetone market for the last few years. The use of bisphenol A in polymer materials like polycarbonates, polyurethanes, epoxy, and polysulfone is propelling the growth of the market. Also, the use of methyl methacrylate in the automotive industry for exterior coatings is helping in the growth of the acetone market.
Acetone is a highly flammable and toxic chemical. It is advised to be used under proper guidelines and precautions by the manufacturers or consumers. The highly flammable nature of acetone makes it dangerous to transport. Therefore, it needs heavy precautions and safety measures to transport. Also, the presence of acetone in the human body can cause the symptoms like mild depression and irritation in the central nervous system. Therefore, it needs to be handled with care. The explosive nature of acetone and many such factors are obstructing the growth of the acetone market.
The high use of acetone as a solvent due to its soluble nature has created many opportunities in the acetone market over the last few years. Acetone is used as a solvent in paints and coatings. It makes paints dry faster as compared to other solvents in the paints and coatings. Moreover, the increased demand for acetone for its use as a solvent in hand sanitizers had boosted during the COVID-19 pandemic. This created many lucrative opportunities in the market during the pandemic period.
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Report Segmentation of the Acetone Market
Technical grade acetone dominates over specialty grade acetone in the grading segment of the acetone market. The heavy use of technical-grade acetone in the production of bisphenol A and methyl methacrylate is driving the growth of the technical-grade acetone in the acetone market. Increasingly construction businesses are using technical-grade acetone in concrete mixtures and cement. These key factors are boosting the growth of technical-grade acetone in the acetone market.
Acetone is mostly used as a solvent in many cases. This is boosting the growth of the solvents to dominate the application segment of the acetone market. The increased use of acetone in the preparation of hand sanitizers, paints and coatings, adhesives, and excipients in drugs is driving the growth of the solvent as an application of the acetone.
End-Use Industry Insight
The pharmaceutical industry uses acetone in huge amounts due to its application in excipients of drugs. Acetone is used in the formulation of many drugs within the pharmaceutical industry. This heavy use of acetone in the pharmaceutical industry is driving the growth of the acetone market. With the increasing pharmaceutical sector, the acetone market is expected to experience significant growth during the forecast period.
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Based on Grade
- Specialty Grade
- Technical Grade
Based on Application
- Bisphenol A
- Methyl Methacrylate (MMA)
- Methyl Isobutyl Ketone
- Other Applications
Based on End-Use Industry
- Cosmetics and Personal Care
- Paints and Coatings
- Other End-Use Industries
Based on Geography
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Mitsui Chemicals Inc.
- Honeywell Research Chemicals
- Kumho P&B Chemicals
- INEOS Phenol GmbH
- Prasol Chemicals Pvt. Ltd.
- The Dow Chemical Company
- Thermo Fisher Scientific Inc.
- Lynodell Basell Industries Inc.
- Formosa Chemicals & Fiber Corporation
- Domo Chemicals
- Other Key Players
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