According to the SNS Insider report, the Acetone Market size was valued at USD 6.1 billion in 2023. It is estimated to hit USD 11.01 billion by 2031 and grow at a CAGR of 7.7% over the forecast period of 2024-2031. The acetone market is experiencing notable growth due to its wide range of applications in various industries, including chemicals, pharmaceuticals, cosmetics, and plastics. As a key solvent, acetone is integral in the production of numerous chemical products, such as methyl methacrylate (MMA) and bisphenol-A (BPA), which are essential for manufacturing plastics, resins, and synthetic fibers. The booming demand for lightweight and durable materials in the automotive and construction sectors is driving the consumption of acetone, as these industries increasingly rely on high-performance plastics to enhance fuel efficiency and structural integrity.
The cosmetics and personal care industry also contributes substantially to the acetone market, with its use in products such as nail polish removers, skin creams, and hair care products. Acetone’s properties as an effective solvent and its ability to evaporate quickly without leaving residue make it a preferred ingredient in many cosmetic formulations. The increasing consumer demand for beauty and personal care products, driven by rising disposable incomes and the growing influence of social media, is enhancing the market for acetone in this sector. Additionally, the trend towards more innovative and efficient beauty products is expected to further propel the use of acetone in cosmetic applications.
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KEY PLAYERS
l INEOS Phenol GmbH
l SABIC
l The Dow Chemical Company
l Domo Chemicals GmbH
l Formosa Chemical and Fiber Corporation
l Kumho P&B Chemicals
l Royal Dutch Shell PLC
l Honeywell Research Chemicals
l Spectrum Chemical Mfg. Corp.
l Altivia Chemicals
l and other
Market Report Scope:
The escalating demand for solvents, particularly in pharmaceuticals, cosmetics, adhesives, and automotive sectors, is anticipated to be a significant growth driver of the acetone market. Notably, the transition towards eco-friendly products in response to consumer preferences for sustainable options has spurred innovation in renewable acetone production. The emergence of green solvents, characterized by their non-toxic nature and minimal environmental impact, is reshaping the market landscape, presenting lucrative opportunities. However, concerns regarding safety hazards and flammability persist, posing challenges to market growth despite the compound's widespread utility.
Market Analysis:
Methyl Methacrylate (MMA) and Bisphenol A (BPA) stand as pivotal derivatives of acetone, playing crucial roles in various industries. The escalating demand for MMA in acrylic plastics manufacturing, particularly for construction activities, is expected to drive acetone consumption. Similarly, the rising production of BPA, utilized in food-grade packaging and automotive applications, is projected to positively impact market growth. Acetone's extensive use in cosmetics, pharmaceuticals, and sanitization products, especially amid the COVID-19 pandemic, further boosts market prospects.
Segment Analysis:
By Grade
l Technical Grade
l Specialty Grade
By Application
l Solvents
l Bisphenol A (BPA)
l Methyl Methacrylate (MMA)
l Others
By End-use
l Agricultural Chemicals
l Cosmetics & Personal Care
l Automotive
l Paints & Coatings
l Plastics
l Pharmaceuticals
l Rubber Processing
l Printing Ink
l Polymer & Resin Processing
l Adhesive
l Others
By Grade, technical-grade acetone, capturing 98.2% of the market in 2022, is driven by its extensive usage in the production of methyl methacrylate (MMA) and bisphenol A (BPA).
Similarly, the solvents application segment led with a revenue share of 32.5% in 2022, propelled by acetone's integral role in manufacturing hand sanitizers and pharmaceuticals.
Within end-use industries, paints & coatings accounted for the largest market share, driven by their indispensable function in dissolving polar and non-polar substances, complemented by the swift drying properties of solvent-based formulations.
Key Regional Development:
Asia Pacific dominated the acetone market, capturing a staggering 47.8% revenue share in 2022, owing to burgeoning demand from pharmaceuticals, personal care, and automotive sectors in countries like China, India, and Japan. Meanwhile, Europe anticipates the highest CAGR of 8.3% during the forecast period, fueled by heightened consumer spending on skincare and cosmetic products, thus augmenting acetone consumption.
Key Takeaways for Acetone Market Study:
- The acetone market is poised for exponential growth, fueled by escalating demand across diverse industries, particularly in emerging economies.
- Innovation in renewable acetone production and the shift towards eco-friendly solvents present lucrative avenues for market players.
- Technical-grade acetone remains the dominant segment, with applications ranging from pharmaceuticals to construction materials.
- Asia Pacific led the market landscape, driven by robust industrial activities and evolving consumer preferences.
Recent Developments:
- INEOS Phenol unveiled its pioneering bio-attributed product line in June 2022, featuring phenol, acetone, and alpha-methyl styrene (AMS), marking a significant milestone in sustainable chemical production. These innovative products, devoid of fossil fuel-derived feedstock, are set to revolutionize the industry under the brand name INVIRIDISTM.
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