According to the latest report by Market Research Future, the Global Acetone Market 2020 is poised to grow by 10.57 million tons by 2025, progressing at a CAGR of about 5.2% during the forecast period—2019–2024. Market Research Future presents the study while taking COVID 19 analysis affected the Acetone Market.
The Leading Players in this market include Dow (US), Reliance Chemicals Pvt Ltd (India), Honeywell International Inc. (US), Formosa Chemicals & Fibre Corp (Taiwan), Ineos (UK), Mitsui Chemicals Inc (Japan), BASF SE (Germany), LG Chem Ltd (South Korea), Shell Chemical Co (US), and Kumho P&B Chemicals (Korea).
Acetone Market – Boosters & Drivers:
The Global Acetone Market is expected to go through a short-term restrictive phase owing to overcapacity of phenol production along with the mounting use of ethylene in the process of producing methyl methacrylate, which is further augmented by the wide range of derivatives that have been introduced recently in the market.
The trend of surged capacities has a prominent influence on the global trade of acetones, particularly in a large number of Asian countries, which includes Japan, China, Taiwan, Thailand, Singapore, and South Korea. Reductions in imports by China are expected to spawn new opportunities for sales in neighboring consumers in India, which could boost the market’s expansion in the forecast period.
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Simultaneously, the factor such as changes in the phenol production industry has played a pivotal role in dictating the growth of the Acetone Market, as most Acetone is produced as a byproduct from the process of phenol production. Consequently, overcapacity in the phenol market will also result in the expansion of the Global Acetone Market.
On the other hand, acetone manufacturers are progressively emphasizing, improving production and supply chains for the widespread consumer base, intending to retain market share. Consequently, the price sensitivity of the market makes it challenging for new players to set up business in the market easily.
BASF SE claims recorded that the global chemical industry grew at 2.7% in the year 2019, where Japan is probable to witness more substantial chemical growth driven by domestic demand. In Latin America, the chemical industry is observing remarkable growth owing to a microeconomic recovery in Brazil. Also, the demand for chemicals in construction, automotive, and agricultural sectors is projected to compel the need for chemicals, thus optimistically influencing the growth of the Acetone Market during the assessment period.
By the Segment of Application Type, the global market has included bisphenol-a, methyl methacrylate, powder, solvents, and others.
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By the Segment of the End-Use Industry, the Global Acetone Market includes chemical, plastic, cosmetics & personal care, pharmaceutical, agriculture chemicals, paint & coatings, and others.
By the Regional Aspect, the growing sale of technologically advanced vehicles from countries such as the U.S, China, and Western Europe also increases the demand for Acetone. The growing need to boost efficiency and reduce maintenance costs of commercial vehicles also motivates the growth of the market. New product launches and acquisitions by foremost players in the market and technological advancements have surged the demand for Acetone Worldwide.
Asia-Pacific led the global market in the year 2019. Rising urbanization, expansion of international and growing research and development activities and players, and technological advancements in this region are some of the bonus factors attributed to the growth of this regional segment. In fact, the rising disposable incomes and industrial growth in countries such as India, China, Japan drive the growth of this region.
Apart from this, rising applications in agriculture, construction, pharmaceutical, and electronics has augmented the demand for acetone. Escalating awareness regarding personal care and hygiene and improving lifestyles in developing countries of this region boosts the Acetone Industry Growth.
COVID-19 Study in Detail:
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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