The global Acetone market has expanded to reach approximately 8 million tonnes in 2021 and is expected to grow at an impressive CAGR of 4.33% during the forecast period until 2032.
Acetone is a colorless and volatile compound with chemical formula C3H6O. It is a versatile component that is widely used as a primary ingredient in various industries. More than 95 percent of the total Acetone produced on a global scale comes as a by-product of Phenol. Acetone is synthesized by alkylating benzene with propylene to produce cumene, which is then subjected to an air oxidation reaction to provide phenol and acetone. Because it is miscibility with water, acetone is used as a significant organic solvent in industry. It is employed in a wide range of industries such as cosmetics and personal care, paints and coatings, and automobile industries. Acetone is an excellent solvent and serves as a cross - linking agent for the bioactive substances in fungicides and insecticides. Additionally, it aids in polyester resin cleaning. It is also employed in the polymer industry to produce polycarbonates, bisphenol-A, and epoxy resins.
The rising demand from pharmaceutical sector is fueling the market growth of acetone. Its demand is expected to rise in the near future due to an increase in solvent demand from end user sectors such as Paints & coatings, agro-chemicals, pharmaceuticals, and others. The widespread usage of polycarbonates to make light-weight automotive components, coupled with the expanding global automotive industry is anticipated to further propel the demand of acetone in the forecast period. The global Acetone market is anticipated to reach 12 million tonnes by 2032.
The Asia Pacific region dominates the Acetone market in terms of consumption. As of 2021, this region consumed approximately 52% of the market. This region is anticipated to contribute maximum consumption share in the forecast period owing to rapidly expanding pharmaceutical and electronics sectors. Moreover, the addition of new production sites in China in recent years will result in reduced dependency on imports and make it self-reliable. Furthermore, India is also expected to ramp up its domestic production in the coming years.
Based on the end-use, the global Acetone market is segregated into Solvent, MMA (Methyl Methacrylate), Bisphenol A, and Others. During the forecast period, the Solvent industry prompts rising demand for derivative Isopropyl Alcohol, for the manufacturing of sanitizers and disinfectants. Demand is anticipated to increase in the near future on account of rising awareness over hygiene and cleanliness, influenced by the ripple effects of coronavirus. Moreover, companies engaged in the downstream utilization of Acetone products like BPA and MMA are eyeing to expand their business by several mergers and acquisitions, hence, creating immense scope for the growth of the global Acetone Market in the next ten years.
Major players in the production of Global Acetone are INEOS Group Ltd., Cepsa Corporation, Formosa Chemicals and Fibre Corp, Kumho P&B Chemicals., Inc., Chang Chun Petrochemical Co., Ltd., Advansix, PTT Phenol, Shell Chemicals, Versalis, Zhejiang Petroleum & Chemical Co., Ltd., Mitsui Phenols Singapore Pte. Ltd., LG Chem Ltd., and Olin Corporation.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023-2032
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Objective of the Study:
• To assess the demand-supply scenario of Acetone which covers production, demand and supply of Acetone market in the globe.
• To analyse and forecast the market size of Acetone
• To classify and forecast Global Acetone market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Acetone market in the globe.
To extract data for Global Acetone market, primary research surveys were conducted with Acetone manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Acetone market over the coming years.
ChemAnalyst calculated Acetone demand in the globe by analyzing the historical data and demand forecast which was carried out considering the historical extraction and supply and demand of Acetone across the globe. ChemAnalyst sourced these values from industry experts, and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Acetone manufacturers and other stakeholders
• Organizations, forums and alliances related to Acetone distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Acetone manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Acetone market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
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Details
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Market size Volume in 2021
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8 million tonnes
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Market size Volume by 2032
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12 million tonnes
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Growth Rate
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CAGR of 4.33% from 2022 to 2032
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Base year for estimation
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2022
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Historic Data
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2015 – 2021
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Forecast period
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2023 – 2032
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Quantitative units
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Demand in million tonnes and CAGR from 2022 to 2032
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Report coverage
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Industry Market Size, Capacity By Company, Capacity by Location, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share
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Segments covered
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By End-Use: [Solvent, MMA (Methyl Methacrylate), Bisphenol A, and Others]
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
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