The global acetone market size is projected to reach USD 6.3 billion by 2025, exhibiting a revenue-based CAGR of 5.4% over the forecast period, according to a new report published by Grand View Research, Inc. Increasing demand for specialty chemicals and solvents manufactured from acetone in end-use industries, such as automotive, construction and electronics is anticipated to propel the market.
Solvents manufactured from acetone have a strong demand in pharmaceutical, cosmetics, agrochemicals, and paints and coatings manufacturing. Paints and coatings used in automobile, construction, and industrial segments are one of the largest consumer groups. The excellent solvent power exhibited toward synthetic resins, such as vinyl, nitrocellulose, and acrylics has boosted the application of acetone in coating formulation. Acetone is considered as one of the most efficient solvents as most of the waxes, oils, and dyestuffs are soluble in it.
Among the two commercially available grades, the market for specialty grade acetone is comparatively low, however, it has high growth potential owing to its unique properties and rising demand from the pharmaceutical industry. Pharmaceutical industry is witnessing strong growth globally and especially in U.S. Acetone has witnessed increasing usage for manufacturing syrups and tablets, which is expected to further fuel the global market growth. Acetone is used in ophthalmic solutions in minute quantities to sterilize surgical equipment.
In spite of the various advantages and uses, production of acetone across Europe has shown a gradual decline, due to a fall in demand affecting the chemical imports. The price rise has forced manufacturers towards on-demand production in the region. The economic turmoil has largely affected and inflated the prices of petrochemicals, which has negatively impacted the Europe acetone market. Certain European regulations such as the green taxes and nuclear power taxes have also hampered the chemical industry and have inflated the demand for bio-based products.
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Further key findings from the report suggest:
• Acetone consumption for the production of bisphenol A is projected to expand at a revenue-based CAGR of around 5% from 2019 to 2025 owing to rising demand in polycarbonate production
• The manufacturer to end-user or the direct distribution channel is anticipated to hold the dominant market share of 80.1% by 2025, due to the various cost and timeline advantages to end-users
• Solvents manufacturing is one of the leading application segments in terms of growth. The segment is projected to register a CAGR of 5.4% from 2019 to 2025, owing to higher volume of chemical consumption of the product compared to the other applications
• The India acetone market is anticipated to exceed USD 147 million by 2025, owing to the rising demand from different end-use industries, such as construction and electronics coupled with increasing chemical imports
• In July 2019, INEOS Phenol announced that it will be increasing its feedstock efficiency and availability by building a 750,000-tonne Cumene unit in Gladbeck, Marl. It will use pipeline connections between the acetone and INEOS’ phenol manufacturing site
Grand View Research has segmented the global acetone market on the basis of application, distribution channel, grade, and region:
Acetone Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Methyl Methacrylate (MMA)
• Bisphenol A (BPA)
• Solvents
• Others
Acetone Distribution Channel Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Manufacturer to Distributor
• Manufacturer to End User
Acetone Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Specialty Grade
• Technical Grade
Acetone Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• North America
o U.S
o Canada
• Europe
o Germany
o France
o Belgium
o CIS
• Asia Pacific
o China
o India
o Japan
o South Korea
o Taiwan
• Central & South America
o Brazil
o Mexico
• Middle East
• Africa