Driven with the aid of the rising programs throughout diverse sectors, the Acetone market is forecast to reach US$ 6.3 Bn via 2021. Rising software in solvents will keep developing boom opportunities throughout diverse industries. Despite a temporary setback amidst restrictions imposed to comprise COVID-19, the marketplace will retain showcasing increase at a tremendous price among 2021 and 2031.
Acetone marketplace is segmented through grade as excessive purity grade (≥ ninety nine.Five%) and low purity grade (< 99.Five%). Among these, low purity grade bills for the dominant proportion. Low purity grade acetone is used inside the production of agricultural chemical compounds, paints & coatings, adhesives, rubber processing, plastics & polymers and others even as excessive purity grade acetone is preferred for prescription drugs and cosmetics & personal care merchandise. The global Acetone marketplace is predicted to attain a total marketplace price folks$ 10,248.6 Mn by means of the give up of 2031, developing at a fee of 4.9% at some point of the forecast duration.
The continued COVID-19 pandemic has impacted the global economic system to a massive volume inflicting extreme loss to the industrial as well as to the industrial sector. This fashion is observed to be proper for the Acetone market boom, which is estimated to barely dip down in the 12 months 2020 and similarly is projected to get the suitable increase from first half of of 2021.
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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.
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.
Acetone Market by category
Grade
- ≥ 99.5%
- < 99.5%
Application
- Solvent
- MMA
- BPA
- MIBK
- Others
End Use
- Chemicals
- Pharmaceuticals
- Cosmetics & Personal Care
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
to be continued…!
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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