The Acetone Market Size was valued at USD 6.02 Billion in 2022. The Acetone industry is projected to grow from USD 6.35 Billion in 2023 to USD 10.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.68% during the forecast period (2023 - 2030). Acetone has a distinct, sweetish odor and is highly flammable, with a low flashpoint. It is miscible with water and a wide range of organic solvents, making it an effective solvent for many types of compounds. Acetone is also used as a starting material for the synthesis of other chemicals and as a feedstock in the production of other solvents. In addition to industrial and laboratory applications, acetone is also used in some personal care products, such as nail polish removers and some skin care products. It is also used as a fuel additive and as a component in some types of adhesives and coatings. However, it should be used with caution due to its flammability and potential health hazards associated with exposure.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In the industrial sector, the solvent is frequently utilized. Solvents are used in a variety of everyday applications, including paints & coatings, adhesives, thinners, cleaning solutions, and nail polish removers. It is widely used in the paint and coating industries because of its low VOC content. Solvents are commonly employed in pharmaceutical applications to synthesize ascorbic acid and as an extractant for hormones and microorganisms. Due to the COVID-19 outbreak, there has recently been a huge surge in the manufacturing of sanitizers, disinfectants, and other sanitization products. Isopropanol is a major chemical generated from dimethyl ketone and employed in the manufacture of such sanitization treatments. The acetone sector is also predicted to benefit from increased demand for personal care goods and cosmetics. Dimethyl ketone-related compounds are used to clean chemical stains and are becoming more popular in the production of different industrial solvents. The chemical, which is miscible with water and other organic molecules, is predicted to see growing demand in the manufacturing of solvents.
The International Monetary Fund (IMF) in July 2023 warned that there could be a shortage of acetone worldwide in the future. The rising demand from chemical and plastic industries, as well as disturbances in supply from Russia and China, were cited by the IMF as the main reasons for the possible shortage. This further emphasizes how market expansion, stability, diversification and investments in acetone manufacturing become necessary amidst supply disruptions from key players like Russia and China.
The market segmentation, based on Application, includes Methyl Methacrylate, Bisphenol A, Solvents, Powder, and Others. The Bisphenol A segment may dominate the market. Bisphenol A is predicted to witness rapid growth over the forecast period for its usage in polycarbonate production. These polycarbonates are used in different end-use industries like electronics, automotive, and construction.
Based on End-Use, the market segmentation includes Plastic, Chemical, Pharmaceutical, Cosmetics & Personal Care, Paint & Coatings, and others. The personal care segment leads the demand for the market for maintaining product consistency in polish removers. In addition, it is also used in hair care products, cleansers, and fragrance formulations. Furthermore, increasing the usage of acetone in skincare products for oily skin is expected to increase the demand.
Kumho P&B Chemicals announced that ISCC PLUS certification had been received for five products (Cumene, Phenol, Acetone, Bisphenol-A, Epoxy resin) in June 2023. Consequently, increased demand for environmentally friendly acetone drives sales growth, expands market reach and solidifies Kumho P&B Chemicals' position in the acetone market. Trustworthiness and loyalty are promoted by this certificate among eco-conscious buyers.
Figure 2: Acetone Market, by Application, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region leads the highest market share due to the leading position of consumers and producers of methyl methacrylate in China. In addition, the rising demand for plastic products leads to drive the demand for methyl methacrylate.
Figure 3: ACETONE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America has high growth potential for the market due to the flourishing petrochemical industry in the US and hence drives the acetone application in chemical and plastic industries. Europe holds tremendous potential growth of market volume in the next five years to recover the chemical industry. Latin America is expected to influence acetone consumption during the fastest-growing cosmetics & personal care products industry during the forecast period. Moreover, Mexico is the eighth-largest oil producer across the globe. This is one of the fastest-growing countries for the largest exports of electrical products, automotive vehicles, and machinery.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Acetone industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Acetone industry to benefit customers and expand the market sector. Major market players, including Honeywell International Inc, Dow, BASF, Mitsui Chemicals Inc, Shell Chemical Co, LG Chem Ltd, and others, are attempting to increase market demand by funding R&D initiatives.
Dow is a leading American multinational chemical company that operates in various industries, including packaging, infrastructure, consumer care, and electronics. Dow is organized into three business segments: Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings. The Packaging & Specialty Plastics segment produces packaging materials and films, while the Industrial Intermediates & Infrastructure segment produces chemicals used in manufacturing, including solvents, plastics, and adhesives. The Performance Materials & Coatings segment produces materials used in industrial and consumer applications, including coatings and adhesives.
Mitsui Chemicals Inc. is a Japanese multinational chemical company that operates in a wide range of industries, including petrochemicals, basic chemicals, and performance materials. Mitsui Chemicals is organized into five business segments: Mobility, Health Care, Food & Packaging, Basic Materials, and Others. The Mobility segment produces materials used in the automotive industry, including engineering plastics and films. The Health Care segment produces materials for medical devices and pharmaceuticals. The Food & Packaging segment produces materials used in food packaging, including films and containers. The Basic Materials segment produces basic chemicals, such as phenol and acetone, as well as performance materials such as elastomers, synthetic resins, and films. The Others segment includes businesses related to energy and the environment.
LG Chem Ltd started exporting their first batch of bio-balanced phenol/acetone from July 2022 onwards. The use of renewable bio-feedstocks such as biomass or waste cooking oil obtained from renewable sources makes this an ISCC PLUS-certified product. South Korea has exported biggest volume of ISCC PLUS certified product so far: 4000 tons of phenol plus 1,200 tons of acetone alone.
In July 2022, LG Chem announced that it would export 1,200 tons of acetone and 4,000 tons of phenol. According to the company, this is South Korea's largest shipment of products with the ISCC PLUS certification.
In June 2023, Eastman Chemical said it would spend $100 million expanding its acetone production at Kingsport, Tennessee. Chemicals used in making plastics and other substances will also rise, thus necessitating this expansion.
In July 2023, the International Monetary Fund (IMF) warned that the global acetone market could be facing a shortage in the near future. The IMF cited rising demand from the chemical and plastics industries, as well as supply disruptions from Russia and China, as the main reasons for the potential shortage.
| Attribute/Metric | Details |
| Market Size 2022 | USD 6.02 Billion |
| Market Size 2023 | USD 6.35 Billion |
| Market Size 2030 | USD 10.1 Billion |
| Compound Annual Growth Rate (CAGR) | 6.68% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, End-Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Honeywell International Inc, Dow, Ineos, Formosa Chemicals & Fibre Corp, BASF, Mitsui Chemicals Inc, Shell Chemical Co, LG Chem Ltd, Reliance Chemicals Pvt Ltd, Kumho P & B Chemicals |
| Key Market Opportunities | · The production of plastic resins is one of the opportunities to increase the growth in the market |
| Key Market Dynamics | · High demand in cosmetics & personal care, pharmaceutical, paints, and adhesive industries are expected to propel the growth |
Acetone Market Highlights:
Frequently Asked Questions (FAQ) :
The Acetone Market size was valued at USD 6.02 Billion in 2022.
The global market is projected to grow at a CAGR of 6.68% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Acetone Market.
The key players in the market are Honeywell International Inc, Dow, Ineos, Formosa Chemicals & Fibre Corp, BASF, Mitsui Chemicals Inc, Shell Chemical Co, LG Chem Ltd, Reliance Chemicals Pvt Ltd, Kumho P & B Chemicals.
The Bisphenol A category dominated the market in 2022.
Cosmetics & Personal Care had the largest share of the global market for Acetone.
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