The South Korea Acetone market in terms of volume was nearly 320 thousand tonnes in 2023 and is expected to grow at a CAGR of 3.84% during the forecast period until 2034.
Acetone, a versatile compound with transparent and volatile properties (chemical formula C3H6O), finds extensive use across diverse industries. The majority of acetone is produced as a by-product of Phenol, involving the alkylation of benzene with propylene to create cumene. This process, followed by an air oxidation reaction, yields both phenol and acetone. Due to its seamless miscibility with water, acetone is a vital organic solvent in industrial and commercial settings. Its applications span various industries, such as cosmetics, personal care, and the paints & coatings industry. Additionally, acetone serves as a crucial raw material in the production of bisphenol A, an essential component in manufacturing epoxy resins, and methyl methacrylate, a key ingredient in polymer and plastics production.
South Korea is poised for a significant increase in the usage of Acetone. Anticipated growth in the demand for Acetone in South Korea during the forecast period is fuelled by its substantial consumption within the chemical industry. The production of key derivatives such as Methyl Methacrylate and Bisphenol A, crucial components for various end-use industries, contributes significantly to this surge in demand. South Korea's robust chemical sector, marked by the increasing need for Acetone, is expected to play a pivotal role in shaping market dynamics. Furthermore, the pharmaceutical industry in South Korea is emerging as a prominent consumer of Acetone and majorly used as a solvent. As a versatile and cost-effective solvent, Acetone finds extensive utility in the chemical sector. Acetone also serves various other purposes. Its use as a solvent extends to applications in the production of paints & coatings. The automotive industry also relies on Acetone for mainly paints & coatings. The multifaceted nature of Acetone, with its diverse applications across industries, positions it as a critical component in South Korea's industrial landscape. Due to these reasons, the South Korea Acetone market size is estimated to reach roughly 485 thousand tonnes in 2034.
Based on the end-user industry, the South Korea Acetone market is segregated into Solvent, MMA (Methyl Methacrylate), Bisphenol A, and Others. The predominant share of Acetone is held by the Solvent sector, constituting approximately 40% of the entire South Korea Acetone market in 2023.
Major players in the South Korea Acetone market are Kumho P&B Chemicals, Inc. and LG Chem. Other players in the Global Acetone market are Chang Chun Petrochemical Co., Ltd., Advansix, INEOS Group Ltd., PTT Phenol, Formosa Chemicals and Fibre Corp, Olin Corporation, LG Chem Ltd., Cepsa Corporation, Kumho P&B Chemicals., Inc., Mitsui Phenols Singapore Pte. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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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 South Korea.
• To analyse and forecast the market size of Acetone
• To classify and forecast South Korea Acetone market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Acetone market in South Korea.
To extract data for South Korea 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 South Korea Acetone market over the coming years.
ChemAnalyst calculated Acetone demand across the South Korea region by analysing the volume of Acetone consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine 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, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, South Korea Acetone market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
320 thousand tonnes
Market size Volume by 2034
485 thousand tonnes
Growth Rate
CAGR of 3.84% from 2024 to 2034
Base year
2023
Estimated Year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: [Solvent, MMA (Methyl Methacrylate), Bisphenol A, and Others]
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
Northern South Korea, Central South Korea, and Southern South Korea
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Acetone market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Acetone.
3. Capacity By Location
To better understand the regional supply of Acetone by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Acetone by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry [Solvent, MMA (Methyl Methacrylate), Bisphenol A, and Others] are creating a market and the forecast for the growth of the Acetone market.
7. Demand by Region
Analyzing the change in demand of Acetone in different regions, i.e., Northern South Korea, Central South Korea, and Southern South Korea, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Acetone. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Acetone.
10. Country-wise Export
Get details about quantity of Acetone exported by major countries.
11. Country-wise Import
Get details about quantity of Acetone imported by major countries.
12. Company Share
Figure out what proportion of the market share of Acetone is currently held by leading players across South Korea.
13. Manufacturing Process
Discover insights into the intricate manufacturing process of Acetone.
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supply of the product in the market at a Global level.
What will be the size of South Korea Acetone market in terms of volume in 2034?
Ans:
The size of South Korea Acetone market has grown significantly in the historic period and is likely to reach approximately 485 thousand tonnes in 2034.
Q2.
Which industry is leading as the leading consumer of South Korea Acetone market?
Ans:
Solvent industry is the leading consumer of South Korea Acetone market.
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