The global acetone market is projected to reach a value of US$ 10248.6 Mn in 2031, with the market growing at an average CAGR of 4.9% from 2021 to 2031. The target market is expected to experience increasing demand from the electrical, pharmaceuticals, paints and coatings, and automotive industries which will drive the market growth during the forecast period.
As chemical acetone is commonly used in agricultural chemicals such as fungicides and insecticides. This is because it is a good solvent and serves as a carrier agent for the active ingredients. Likewise, it is employed in thinning polyester resin and dissolving two-part epoxies and superglue before they harden. It further assists in the cleaning of polyester resins and gel coats.
Acetone can also act as an effective means of clearing casting resin from the skin. It is utilized in the production of gravure and flexography packaging printing inks. As Acetone is the fastest-drying solvent, it also gains usage as a solvent in screen printing to strip lacquer and lacquer-adhered stencils from screen materials. It also acts as an ink thinner.
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The evolution of various end-use industries including automotive, chemicals, and pharmaceuticals might bolster the target market demand. It will also amplify the demand of acetone which will assist in the production of polycarbonates.
As polycarbonate is extensively used in diverse automotive parts of a car such as windows, headlamps, sunroofs, taillights, and many others, it is likely to foster growth for the global acetone market. Acetone also helps in the production of methyl methacrylate which is used in auto-glazing and for exterior car coating, as it is weather-resistant and shields against scratches.
Moreover, the strong demand for polycarbonates in different developed and developing economies is expected to positively influence the growth of the acetone market during the projected period.
"Heightened demand from the advancing automobile, pharmaceutical, and chemical sectors will augment the global sales of the acetone market over the forecast period," says an FMI analyst.
Key Takeaways:
- The introduction of plastic resins will strengthen market prospects.
- Low acute toxicity and the highly flammable nature of acetone may hinder market growth.
- China's acetone market is expected to dominate the global space.
- A strong presence of plastic producers in Germany will drive the regional acetone market growth.
- Low purity grade acetone will hold the largest market share during the forecast period.
- The chemical industry will continue to remain the largest end-user of the acetone market.
Competitive Landscape
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. among others are some of the major players in the acetone market profiled in the full version of the report.
Leading market players are focusing on product innovation, novel solutions, and technologies to enhance their market position. These businesses employ partnerships and collaboration strategies to gain a competitive edge.
More Insights into Acetone Market Report
In its latest report, FMI offers an unbiased analysis of the global acetone market, providing historical data from 2016 to 2020 and forecast statistics for 2021 to 2031.
To understand the global market potential, growth, and scope, the market is segmented on the basis of product grade (≥ 99.5%, <99.5%), application (solvent, MMA, BPA, MIBK, others), end user (chemicals (agricultural chemicals, paints & coatings, rubber processing, polymer & resin processing, adhesives, printing ink), pharmaceuticals, cosmetics & personal care), and region.
According to the latest FMI reports, based on segmentation, the chemical industry is expected to remain the leading end-user of the target market. In addition, the pharmaceutical industry is also anticipated to generate greater demand during this period. In terms of grade, the low purity grade will dominate the international marketplace.
Based on region, the acetone market in China will exhibit remarkable growth during 2021-2031. As the leading consumer and manufacturer of acetone, China will continue to dominate the global market space. An abundant supply of raw materials and heightened consumption of acetone as a solvent will drive the target market growth in this region. Apart from China, Brazil, India, and Germany are likely to present substantial growth during the forecast period.