Acetone Market Growth, Insights Developments, Impact of Covid-19 on Industry Size, Report Overview and Business Plans Forecast to 2030
Market Overview:
Acetone is a clear, colorless, and volatile fluid with a sweet
aroma. The major route for production acetone is by cumene peroxidation where
phenol is obtained as a secondary product. The major application of acetone is
in the production of acetone cyanohydrin for methyl methacrylate (MMA),
bisphenol A (BPA). The other applications include heavy metal degreaser,
cleaning tools and chemical peeling in pharmaceuticals, personal care, paints
& coatings, plastics and construction end use industries. Acetone has
characteristics such as high solvency and a high rate of evaporation which
enable them to find their application in many everyday products including
paints, cleaning fluids, nail polish remover, and adhesives
In the present scenario, direct solvent applications have a
higher share in the global Acetone Market Growth. MMA is
having the second highest global market share followed by bisphenol A. The
largest end use for MMA is PMMA (polymethyl methacrylate). PMMA resins are used
to produce acrylic sheet and acrylic molding and extrusion compounds. These
resins have major applications in the construction, automotive, and computer
segments are now seen as key growth markets by polycarbonate
manufacturers. The important positive impacting factors for acetone market
growth are surge in global industrialization, increasing demand for personal
care products, and increasing government investments in construction projects.
Moreover, demand for acetone is anticipated to observe significant growth over
the review period owing to increasing demand in plastics industry. Furthermore,
rapid urbanization coupled with increasing disposable income in emerging
economies is predicted to propel the growth of the market during the assessment
period, 2017 to 2023.
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Segmentation
The global acetone market growth is categorized on the basis of
application, end use industry, and region. On the basis of application, the
acetone market is categorized into methyl methacrylate, bisphenol A, and
solvent. On the basis of end use industry, the market is segmented into
pharmaceuticals, personal care, paints & coatings, plastics, construction and
electrical & electronics. On the basis of region, the market is categorized
into Asia Pacific, Europe, Latin America, North America, and the Middle East
& Africa.
Regional Analysis
The worldwide acetone market comprises of five areas: Asia
Pacific, Europe, Latin America, North America, and the Middle East and Africa.
Among these, Asia Pacific is anticipated to develop with the most astounding
CAGR amid the survey time frame, 2017 to 2023 by virtue of extending paints and
coatings and construction industries. Rising white collar class populace and
their increasing expenditure on enhancing the living standards for everyday
comforts is required to increment more in the time frame, 2017 to 2023. The
acetone market is anticipated to increment in various nations of the Asia
Pacific, for example, China, India, Japan and Indonesia because of expanding
urbanization and populace is expected to drive the market in the estimate time
frame.
North American acetone market growth is anticipated to witness a
huge development by virtue of high acetone consumption potential, expanding
production capacities, and rising monetary development rate. Expanding interest
for electrical and electronic appliances and pharmaceuticals are the elements
driving the market. In Europe, the interest for acetone is anticipated to
develop in different nations, such as, Italy, Germany, Spain, U.K, France, and
Russia by virtue of expanding use in advancement in health care and cosmetic
products and increasing purchasing power of consumers. In the Middle East,
interest for construction and paints & coatings industries are boosting the
acetone market in the review period. As acetone solvent is broadly utilized as
an integral part in paints and coatings, it is foreseen to be the real driver
in the assessment period. Latin American nations, such as, Argentina, Colombia,
and Brazil are having political emergency in the rising economies of this area.
Money related obligation in these nations has crossed their income which is the
real restriction for the acetone market to develop in the forecast period.
Key Players
Some of the prominent players operating in the global acetone
market are INEOS (Switzerland), The Royal Dutch Shell plc (the Netherlands),
The Dow Chemical Company (U.S.), Cepsa (Spain), Mitsui Chemicals, Inc. (China),
Altivia (U.S.), LCY GROUP (Taiwan) Formosa Chemicals & Fiber Corporation
(China), Prasol Chemicals Pvt. Ltd. (India) and EMCO Limited (India) among
others
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