The global acetone market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Acetone is an organic compound produced as a by-product of phenol production. It is a major solvent and accounts for 35% of the solvent industry. It is largely used in pharmaceuticals manufacturing and is used to make a number of chemical intermediates, such as methyl isobutyl ketone, isophorone, and diacetone alcohol. Some of the other important uses include as a feedstock for methyl methacrylate (MMA) and Bisphenol A production.
Rising demand of solvent from various industries such as pharmaceuticals, chemical intermediates, and other industries is likely to drive the acetone market. As acetone is a major raw material for these industries, demand for pharmaceuticals and chemical intermediates is expected to fuel the growth of this market. Demand from pharmaceuticals, chemical intermediates, and other industries are actually increasing because of growing population and extra income in developing countries. Additionally, demand for methyl methacrylate (MMA), bisphenol A (BPA), and aldehyde and alcohol (aldol) chemicals is likely to increase at a greater rate because of an upsurge in demand due to growing end-use markets like construction, automobile, electronics and other industries. This demand is growing at a higher rate, which in turn will boost consumption of acetone.
Drivers and Restraints of Acetone Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for acetone market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Acetone has a probability of volatility in supply and price due to its availability as a by-product of cumene process. The production costs and feedstock prices are also a huge concern for the market. Feedstock supply and prices are highly dependent on oil prices. Acetone is a VOC and can is harmful to the environment. Existing and future regulations concerning the use of acetone in end products are likely to challenge the market growth.
Acetone Market by Region
Asia was the largest consumer of acetone and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China, South Korea, and Japan were the largest consumers of acetone in this region. Growing demand for pharmaceuticals, construction, automobile, electronics and other industries will drive acetone market in Asia. Consumption of acetone in North America was second highest and is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from pharmaceuticals, construction, and automobile industry. Demand from the Middle East and South America was low relatively and is likely to stay same in the next few years.
Top players in this market include INEOS Phenol, Sunoco, Mitsui, Shell, Shanghai Sinopec Mitsui, DOW Chemical, CEPSA Quimica U.S. Chemicals LLC, Formosa Chemicals & Fibre Corp, Minda, EMCO Chemical Distributors, ConChemCo, and Prasol.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth