A new study by Future Market Insights (FMI), uncovers hidden opportunities within the global acetone market. Driven by the rising applications across diverse sectors, the market is forecast to reach US$ 6.3 Bn by 2021. Despite a temporary setback amidst restrictions imposed to contain COVID-19, the market will continue showcasing growth at a positive rate between 2021 and 2031. Rising application in solvents will continue creating growth opportunities across various industries.
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Acetone market is segmented by grade as high purity grade (≥ 99.5%) and low purity grade (< 99.5%). Among these, low purity grade accounts for the dominant share. Low purity grade acetone is used in the production of agricultural chemicals, paints & coatings, adhesives, rubber processing, plastics & polymers and others while high purity grade acetone is preferred for pharmaceuticals and cosmetics & personal care products. The global Acetone market is estimated to reach a total market value of US$ 10,248.6 Mn by the end of 2031, growing at a rate of 4.9% during the forecast period.
The ongoing COVID-19 pandemic has impacted the global economy to a considerable extent causing severe loss to the industrial as well as to the commercial sector. This trend is observed to be true for the Acetone market growth, which is estimated to slightly dip down in the year 2020 and further is projected to get the desirable growth from first half of 2021.
Key Takeaways of Acetone Market Study
- Rising at 4.9% CAGR, acetone market will continue registering positive growth between 2021 and 2031
- Expansion of chemicals sector supporting growth in the U.S. market, which accounts for over 84% share in North America
- Recovering industrial applications will enable the U.K. market to register 1 y-o-y growth in 2021
- Germany and France too will showcase positive growth rate as acetone markets within Europe
- China is projected to hold a relatively larger share in East Asia owing to rising demand for coatings in the manufacturing sector
“Acetone manufacturers mostly have integrated plants with phenol and currently the market is oversupplied; however, increasing demand from various industries is anticipated to offset the surplus production during the forecast period” Said by a FMI analyst.
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Solvent application accounts for the maximum share of acetone consumption followed by MMA and BPA. Increasing demand for solvents from industries such as paints & coatings adhesives, agricultural chemicals, pharmaceuticals and others is anticipated to drive the demand for acetone in upcoming future. According to the study, it will account for over 35% of sales in the market in 2021, with projections indicating steady increasing over the forecast period.
In terms of end user industries, chemicals segment dominate the global acetone market and same trend is followed by all regions except South Asia & Pacific, where pharmaceuticals dominate the global market. Furthermore, increasing demand for plastics from end user industries such as automotive and constructions is further anticipated to bolster the demand for acetone in upcoming future. Increasing demand for light weight vehicles is anticipated to increase the consumption of plastic per capita and thereby push the demand for acetone during the forecast period.
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Who is Winning?
The global Acetone market can be considered as fairly fragmented, large number of players account for a small share of the total Acetone market. In order to survive in the market, manufacturers are focusing on long-term contracts with raw material suppliers and end users for maximizing profits and ensuring continuous revenue flow.
Key market participants including Ineos Phenol, Altivia Chemicals, Royal Dutch Shell PLC, Sasol Ltd, The Dow Chemical Company, Domo Chemicals GmbH, Formosa Chemical and Fibre Corporation, Cepsa Quimica, SABIC, Honeywell Research Chemicals and Spectrum Chemical Mfg. Corp. amongst others are focusing on increasing their share in global market by entering into strategic acquisitions and collaboration with other market participants. Most of the acetone manufacturers have integrated plants with phenol.