The global acetone market is likely to touch USD 10.57 million tons at a 5.2% CAGR between 2019- 2024, according to the new report by Market Research Future (MRFR). Acetone, simply put, is an organic solvent that is naturally found in plants, trees, volcanic gases, and forest fires. This organic solvent is also produced from propene acetone, which is a key solvent for synthetic and plastic fibers. Besides, it is a primary solvent for different cleaning agents.
Various factors are adding to the global acetone market growth. According to the new MRFR report, such factors include increasing demand in paints and adhesives, cosmetics, and pharmaceutical industries, increasing application as a solvent, increasing use by dermatologists, increasing use in the production of household products, demand for methyl methacrylate (MMA) in the automotive industry, and favorable physical properties like miscibility in water and low boiling point.
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COVID-19 Analysis/COVID-19 Impact on Acetone Market
Following the COVID-19 pandemic, many industries have experienced a sharp fall in its growth. The acetone market too has faced the consequences of this crisis for China being the largest supplier of chemicals registering a decline in manufacturing. This resulted in an imbalance amid the supply and demand, thus forcing customers and manufacturers in renegotiating supply agreements.
Some of the key players in the global acetone market are INEOS (Switzerland), The Royal Dutch Shell plc (the Netherlands), The Dow Chemical Company (the U.S.), Cepsa (Spain), Mitsui Chemicals, Inc. (China), Altivia (the U.S.), LCY GROUP (Taiwan) Formosa Chemicals & Fiber Corporation (China), Prasol Chemicals Pvt. Ltd. (India) and EMCO Limited (India) among others.
Increasing research and development expenditure by the players in the global acetone market is reinforcing the competition in the global market. The players are planning on strategic mergers and acquisition for business expansion to sustain the highly competitive environment of the global acetone market.
The global acetone market has been segmented on the basis of application and end-use industry. Based on application, the acetone market is segmented into methyl methacrylate, bisphenol A, solvent, and others. Among these segments, bisphenol A accounts for the largest market share in the global acetone market due to its high utilization as a raw material for the production of epoxy and polycarbonate resins. The extensive use of polycarbonate in the automobile industry is anticipated to further the expansion of bisphenol A segment in the global acetone market during the forecast period.
Based on end-use industry, the acetone market is segmented into pharmaceuticals, personal care, paints & coatings, plastics, construction, electrical & electronics, and others.
An organic compound, Acetone (CH3)2CO, is a volatile, colorless, flammable liquid and is the smallest and simplest form of ketone with a sweet smell. Miscible in water, Acetone serves as a solvent and is used for cleaning purposes in laboratories. Acetone is prepared using cumene peroxidation, as a coproduct with phenol. It is used for producing methyl methacrylate which is an intermediate in the Poly Vinyl Chloride (PVC) production which is used to manufacture plastic. According to a new report by Market Research Future (MRFR), the global market for acetone is predicted to witness significant growth during the forecasted period 2017-2023. Acetone is used in producing polycarbonate which is a raw material used for manufacturing of insulation for electrical applications.
Acetone can also be used as a direct solvent in several applications including printing inks, nail polish removers, adhesives, paints and coatings, and other skin care products owing to its high evaporation and high solvency rate.
Drivers and Restraints
There has been a rise for methyl methacrylate in LCDs which is estimated to be a major driver for this market. The largest end use is polymethyl methacrylate (PMM) resins which are used to produce acrylic molding, acrylic sheet, and extrusion compounds. Residential, non-residential, remodeling and commercial holds the largest market share for acrylic sheets. The computer, automotive and construction segments are some of the major growth markets by polycarbonate manufacturers. Besides, increasing expenses on construction activities, demand for personal care products, and rapid industrialization are some of the major factors driving the market. Also, demand for acetone is witnessing significant growth due to a gush in the plastic industry.
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Acetone is a derivative of rising crude oil usage and petroleum production which is estimated to be an important driver during the forecasted period. However, with the rising consumption of medicines, pharmaceutical production and sales is expected to drive the market growth. The rise in disposable income along with rapid urbanization in emerging economies is expected to boost the growth of the market.
Meanwhile, acetone with water might react explosively and burst into flames with air, making it an extremely hazardous chemical. This is anticipated to be a restraining factor to the growth of the market. On the other hand, development in bio-based and green solvents and environmental policies might act a restriction over the forecasted period. Moreover, political crisis and financial debt of certain regions are expected to be major restraints for the market growth over the forecast period.
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