Strong demand from multiple end use industries including personal care, coatings & adhesives, electronics, agriculture chemicals & paints, construction pharmaceuticals, and automotive sectors is a key factor generating growth in the acetone industry. The acetone market is estimated to reflect a steady rate of 5% CAGR for the duration of the assessment period from 2021 to 2031. Significant scope of use, and favorable chemical characteristics such as miscibility in water, and a low boiling point will influence developments in end use industries throughout the coming decade. Demand for methyl methacrylate in the consumer electronics sector is a major contributor to long-term growth prospects.
“Exponential growth of the construction, paints and coatings, and automotive sectors, coupled with rising levels of disposable income generating demand for acetone. In addition, the massive potential for growth of the pharmaceutical and cosmetics industries supported by rising demand from varied demographics is also indirectly bolstering the rise of the acetone market,” says the FMI study.
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Acetone Market – Primary Takeaways
- Solvent applications will account for long term growth supported by miscible properties in water and organic compounds.
- Specialty grade acetone will witness increased demand owing to low water and benzene content applications in pharmaceuticals.
- China and India will display relatively stronger growth on the back of low labor and infrastructure costs.
- Canada reflects strong growth opportunities owing to rising pharmaceutical and personal care sector activities.
Acetone Market – Growth Factors
- Widespread application of acetones as a solvent in multiple end use industries are likely to generate long term opportunities.
- Introduction of cumene processes for acetone and phenol production bolsters scope for growth.
- Niche applications in the personal care sector is supporting long term growth, with increased investments by cosmetic manufacturers.
Acetones Market – Major Constraints
- Stagnancy in profit margins and increased operational costs owing to production expansion is hindering growth.
- Concerns over environmental hazards of acetone and availability of safer alternatives are hurting growth prospects.
Expected Impact on Market by Coronavirus Outbreak
The global acetone market has been negatively affected by the ongoing covid-19 pandemic. Disrupted supply chains arising from restrictions on international and domestic trade for essential raw materials have been a major area of concern for market players. In addition lockdown restrictions have impacted the availability of manpower and manufacturing activities.
Recovery of the industry is likely to be gradual through 2021 and beyond, owing to competition from alternative materials despite the relaxation of lockdown regulations. In addition, applications of acetones in the healthcare sector will continue to benefit manufacturers even after the end of the pandemic.
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The top manufacturers taking part in the acetone market include but are not limited to CEPSA Quimica, INEOS Phenol, Formosa Chemicals and Fiber Corporation, Royal Dutch Shell plc, Sasol, Honeywell International Inc., The Dow Chemical Company, Domo Chemicals, Mitsui Chemicals Inc., and Hindustan Organic Chemicals Ltd.
Major players in the acetone market are investing increasingly in volume growth strategies along with cost control to consolidate market position. Also, strategic mergers and acquisitions are rapidly gaining ground in the industry.
Deepak Nitrile started production of isopropyl alcohol at a manufacturing capacity to produce 30,000 MT annually with the goal of a comprehensive portfolio of downstream derivatives. In December 2020, Greenfield Global Inc. a leading ethanol producer of Canada won Excipient Quality System (EXCiPACT) Good Manufacturing Practice (GMP) certifications for acetone, ethanol, and IPA products at its Connecticut facility. Also, ALTIVIA Petrochemicals announced an acquisition agreement for Dow’s acetone derivatives business, aimed towards the adhesive and pharmaceutical industries.
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More on the Report
FMI provides in-depth insights on the acetones market. The market is segmented in terms of end use industry (chemical & allied products, pharmaceutical drugs, cosmetics & personal care use), and application type (methyl methacrylate, bisphenol-A, solvents, and others), across seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa).
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