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Acetone Market Research Report Information By Application (Methyl Methacrylate, Bisphenol A, Solvents, Powder, Others), By End-Use (Plastic, Chemical, Pharmaceutical, Cosmetics & Personal Care, Paint & Coatings, Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) ‚Äď Market Forecast Till 2030.

ID: MRFR/CnM/0527-HCR | 140 Pages | Author: Chitranshi Jaiswal| May 2024

Global Acetone Market Overview

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.Acetone Market Overview

   Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Acetone Market Trends

  • The pharmaceutical industry's high need for solvents will aid the growth

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.

Acetone Market Segment Insights

Acetone Application Insights

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.

Acetone End-Use Insights

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.

Figure 2:  Acetone Market, by Application, 2022 & 2030 (USD Billion)

Acetone Market, by Application, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review 

Acetone Regional Insights

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.


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.

Acetone Key Market Players & Competitive Insights

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.

Key Companies in the Acetone market include

  • 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

Acetone Industry Developments

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 announced that it would be investing $100 million to expand its acetone production capacity at its plant in Kingsport, Tennessee. This expansion is also expected to meet the growing demand for acetone from the chemical and plastics industries.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.

Acetone Market Segmentation

Acetone Application Outlook

  • Methyl Methacrylate

  • Bisphenol A

  • Solvents

  • Powder

  • others

Acetone End-Use Outlook

  • Plastic

  • Chemical

  • Pharmaceutical

  • Cosmetics & Personal Care

  • Paint & Coatings

  • others

Acetone Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report 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

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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