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Acetone Market Research Report - Global Forecast till 2030

Acetone Market: Information by Application Type (Methyl Methacrylate, Bisphenol A, Solvents, Powder and others), By End-Use Industry (Plastic, Chemical, Pharmaceutical, Cosmetics & Personal Care, Paint & Coatings and others) and Region (North America, Europe, Latin America, Asia-Pacific and Middle East & Africa) - Forecast till 2030

ID: MRFR/CnM/0527-HCR | February 2021 | Region: Global | 140 pages

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Acetone Market Overview:


The Acetone Market is predicted to reach 10.57 million tons with a healthy CAGR of 5.2% during the forecast period. Acetone is an organic solvent.


 It can find in trees, forest fires, volcanic gases, and plants. It is also produced from propene acetone and is a significant solvent for plastic and synthetic fibers. Moreover, acetone is a primary solvent for various cleaning agents. The other names of acetone are 2-propane or dimethyl ketone. It is one of the simplest and most important aliphatic ketones.


Generally, Acetone plants are integrated with phenol. This chemical is used as a solvent for fats, oils, waxes, resins, rubber, plastics, lacquers, varnishes, and rubber cement and also used as an intermediate in the formation of Bisphenol-A (BPA), Methyl Isobutyl Ketone (MIBK), and Methyl Methacrylate (MMA). During phenol manufacturing, acetone is produced as a byproduct. The other manufacturing methods are the cumene process, wacker process, and dry distillation. The cumene process is mostly used for the production of acetone and phenol. Acetone is one of the most common solvents used in nail polish removers and cleansers in the cosmetic industry. The physical properties like low boiling point and miscibility in acetone water drive the product consumption and further drive the global market in the forthcoming years.


COVID-19 Analysis:


Due to the COVID-19 pandemic, the acetone market and its derivatives are weakened its demand due to logistics, large-scale supply chain, and economic disruptions. In addition, owing to the lockdown measures enforced by governments, temporarily, the operations of chemical manufacturing plants have negatively impacted the acetone market share.


Moreover, lags in automotive production and construction activities lead to a decline in polymers and plastics. As a result, the demand for industrial use chemicals BPA and MMA also lower. With new opportunities, manufacturers of the pharmaceutical sector, the major consumers of acetone, try to increase their growth again in the market. In addition, an increase in the demand for numerous drugs, medications, and hygiene products amid the pandemic further increases the demand for acetone market share.


The prominent key players in the acetone market trends are the following:



  • Honeywell International Inc. (US)

  • Dow (US)

  • Ineos (UK)

  • Formosa Chemicals & Fibre Corp (Taiwan)

  • BASF SE (Germany)

  • Mitsui Chemicals Inc (Japan)

  • Shell Chemical Co (US)

  • LG Chem Ltd (South Korea)

  • Reliance Chemicals Pvt Ltd (India) and

  • Kumho P & B Chemicals (Korea)


Global Acetone Market Share, by Application Type, 2018 (%)
 Acetone Market


Source: MRFR Analysis


Market Dynamics:


Drivers:


Factors like rising the application of acetone as a solvent and a high demand in cosmetics & personal care, pharmaceutical, paints, and adhesive industries are expected to propel the growth—the rapid growth of these industries due to the increasing employment and disposable increases the demand for acetone. The personal care industry has enormous growth potential in emerging economies like Asia-Pacific and Latin American countries and is expected to grow at a CAGR of 5.78% in the coming years, 2021-2028. The augmented demand and strengthening the growth of the personal care industry in developing regions are expected to increase the growth of the personal care industry, and hence it leads to an increase in the acetone market. Moreover, the chemical industry is also strengthening its growth in Japan, Brazil, and Latin America. Increasing the demand for chemicals in various industries like automotive, construction, and agricultural sectors are predicted to drive the need for chemicals and hence increase the growth of the acetone market.


Restraint:


Due to the high demand for acetone, the manufacturers run the production plants at higher rates. Acetone is a hazardous chemical that highly affects groundwater and human health. Due to this non-eco-friendly solvent, the popularity of bio-based solvents is anticipated. Availability of substitutes and growing use of green solvents hampers the growth of the acetone market. Moreover, it is highly flammable and has low acute toxicity, and exposure to this liquid causes severe eye irritation and may cause eye drowsiness or dizziness. Under the increasing regulations of the European Commission on BPA, the growth of the acetone market hinders as it is the major ingredient in the production of polycarbonates and epoxy resins.


Opportunities:


The production of plastic resins is one of the opportunities to increase the growth in the market. In addition, acetone is a solvent with high solubility, which is suitable for solvent-based paints, and coatings dry up faster than low solvent paints, making it more preferable for the paints and coatings. Apart, the rise in the production of sanitizers and disinfectants is also one of the opportunities to increase the demand for the acetone market.


Challenges:


High cost and highly flammable factors are the major challenges of the acetone market.


Study Objectives -



  • To provide detailed information about the acetone market structure along with various forecast segments and sub-segments for the next ten years.

  • To provide the factors that are affecting the growth of the acetone market value.

  • To analyze the acetone market based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.

  • To provide history and forecast revenue segments and sub-segments of the acetone market revenue for the four main geographies and their countries.

  • To provide the country-level analysis of the current acetone market size and future prospective.

  • To provide country-level analysis of the acetone market growth by region, form, and application.

  • To provide a strategic profile of the key players in the market, analyze their core competencies, and draw a global acetone market growth landscape.

  • To track and analyze new product developments, strategic alliances, and global acetone market research.


Segment Overview:


The global acetone market research has been segmented based on application type, end-use industry, and region.


Based on Application Type


The global acetone market based on application type is segmented into methyl methacrylate, bisphenol A, solvents, powder, and others. 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 Industry


Based on the end-use industry, the global acetone market is segmented into plastic, pharmaceutical, chemical, cosmetics & personal care, paint & coatings, agriculture chemicals & others. The personal care segment leads the demand for the acetone market for maintaining the 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. 


Based on Region


Region-wise segmentation for the global acetone market is divided into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific dominates the acetone market share for increasing demand for plastic products.


Regional Analysis -


The global acetone market based on regions is segmented into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Out of these, 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, rising demand for plastic products leads to drive the demand for methyl methacrylate.


North America has high growth potential for the global acetone market due to the flourishing petrochemical industry in the US and hence drive the acetone application in chemical and plastic industries. Europe holds tremendous potential growth of acetone market 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.


Competitive Landscape


Recent Developments



  • October 2021– A Scotland-based biotech company, Celtic Renewables, has discovered a way of turning on its head the maxim that drinking and driving should never be combined – by building fuel for automobiles, which uses the by-products generated from the production of whiskey. Scotland’s national tipple consists of water, yeast, and barley, and the manufacturing process leaves the by-products such as a sugary liquid called pot ale and spent grains called draff.
    These by-products are generally pumped into the sea or even used as animal feed. Still, as per the research, they can also be converted for ethanol, butanol, and acetone production. All these chemicals are used in various applications, from fuel and food production to medicine and cosmetics. The process is called ABE fermentation and was long considered inefficient due to the high cost of raw materials used to produce these chemicals. The company believes that its technique of using organic waste has resolved the issue.

  • August 2021- Brenntag, a solvents distributor and the largest distributor of acetone in North America, announced the acquisition of the business and all operating assets of Matrix Chemical, LLC. The company accounted the sales of over USD200 million to date in 2021. The deal closed, and the acquisition was signed at the same time.

  • In March 2020, Mitsubishi Chemical started a plan for an MMA facility in the US to set up a 350,000 metric ton per year. This new plant is based on acetone and hydrogen cyanide, which is an alternative to the traditional acetone cyanohydrin process.

  • In August 2019, ALTIVIA petrochemicals, ALTIVIA Ketones & Additives, acquire Dow Chemical Company’s acetone derivatives business and associated chemical production assets based in Institute, West Virginia, and Dow’s Institute, Industrial Park.


Report Overview:


This global acetone market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market dynamics include the acetone market drivers, restraints, challenges, and opportunities. The acetone market forecast segments are application type, end-use industry, and region.


Segmentation Table


The acetone market outlook is segmented into application type, end-use industry, and region.


By Application Type


The market is divided into Methyl methacrylate, bisphenol, solvents, powder, and others.


By End-use Industry


The industry is divided into Plastic, pharmaceutical, chemical, cosmetics & personal care, paint & coatings, agriculture chemicals & others.


By Region


Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa are the main geographies included in this market.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2025: USD 10.57 Million
  • 2030: Significant value
  •   CAGR   5.2%(2019–2027)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   By Type, End-Use Industry and Region
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Honeywell International Inc. (US), Dow (US),Ineos (UK), Formosa Chemicals & Fibre Corp (Taiwan), BASF SE (Germany), Mitsui Chemicals Inc (Japan), Shell Chemical Co (US), LG Chem Ltd (South Korea), Reliance Chemicals Pvt Ltd (India) and Kumho P & B Chemicals (Korea)
      Key Market Opportunities   The production of plastic resins is one of the opportunities to increase the growth in the market.
      Key Market Drivers   A high demand in cosmetics & personal care, pharmaceutical, paints, and adhesive industries are expected to propel the growth


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    Frequently Asked Questions (FAQ) :

    acetone market would achieve a volume of 10.57 million tons by 2025.

    The acetone market would attain a CAGR of 5.2% between 2019 to 2025 (forecast period).

    China would dominate the Asia Pacific acetone market.

    Industries like chemical, plastic, cosmetics & personal care, pharmaceutical, agriculture chemicals, paint & coatings, and others would trigger growth for the acetone market.

    Growing acceptance of acetone in the personal care industry and the hike in the latter’s growth could trigger better growth for the acetone market.