The global Acetone market size was valued at USD 4,565.8 million in 2019 and is anticipated to grow at a CAGR of 4.6% during the forecast period. The significant growth in the global personal care industry across the globe is expected to fuel the growth of this market. Acetone is used in most skincare and haircare products as a solvent. Growth in disposable income coupled with increasing middle-class aspirational spending has increased the demand for personal care products, especially in emerging economies. Global cosmetics companies are increasingly targeting the youth segment to address their health and wellness concerns, while using digitization to create product awareness, supplementing the growth of the market.
The increasing population, increasing disposable income, and rising demand from the personal care and cosmetics industry drives the growth of the market. Use of acetone in wide range of industries such as construction and petroleum further fuels the market growth. Pharmaceutical industry uses acetone as a solvent for delivery of correct amount of medication. It is used for dissolution of chemical agents in medicines and regulation of efficient density and viscosity of solution. Growing demand from emerging economies, application in new applications, and technological advancements are factors expected to provide numerous growth opportunities to the global acetone industry in the coming years.
Know more about this report: request for sample pages
Acetone Market is experiencing significant growth owing to increasing use in manufacturing of chemicals such as Methyl Methacrylate, and Bisphenol A among others. Methyl Methacrylate finds applications in a wide range of products such as lighting displays, safety glazing, plumbing fixtures, and shatterproof glass replacements. Significant use of Methyl Methacrylate in metal coatings, adhesives, industrial finishes, sealants, and floor polishes fuels the growth of the market.
The market has also registered a growth in demand from the automotive industry for applications such as windows and windshields, glazing, number plates, rear lights, and interiors. The strengthening automotive industry, and increasing demand for light weight and luxury vehicles supports the growth of the market. The rising sale of technologically advanced vehicles from countries such as China, U.S, and Western Europe also increases the demand of Methyl Methacrylate. Growing need to increase efficiency and reduce maintenance costs of commercial vehicles also drives the growth of this market. New product launches and acquisitions by leading players in the market coupled with technological advancements have increased the demand for acetone across the globe.
The market is primarily segmented on the basis of Grade, End-User, Application, and Geographic region.
Know more about this report: request for sample pages
On the basis of Grade, the market is segmented into Specialty Grade Acetone, and Technical Grade Acetone. The technical grade segment dominated the global market in 2019 by holding largest market share in the industry. Bisphenol A and Methyl Methacrylate (MMA) are obtained through technical grade acetone. Increasing use of Bisphenol A in building and construction sector to offer higher durability, resistance, and sustainability. The construction industry is increasingly using Bisphenol A for building roofs, facades, and floors for its light weight and high weather resistance.
The end-user segment has been divided into is segmented into Construction, Automotive, Cosmetics and Personal Use, Paints and Coatings, Pharmaceutical, Agriculture, and Others. The pharmaceutical and healthcare sectors use BPA-based polycarbonate plastic in a large range of medical equipment owing to features offered such as durability, heat resistance, biological compatibility, high strength, and clarity. The critical need to provide safe and hygienic surgical procedures supports the growth of this segment.
On the basis of application, the market is segmented into Bisphenol A, Methyl Methacrylate (MMA), Solvents, Methyl Isobutyl Ketone, and Others. In 2019, the solvents segment accounted for the highest market share. Acetone is used as a solvent in a wide range of products such as paints, adhesive, resin, and cleaning products among others. It is a major component in plastics, synthetic fibers, and polyester resin. This segment is also influenced by the rising population, growing industrialization, and increasing demand for consumer products.
Asia-Pacific dominated the global market in 2019. Increasing urbanization, growing research and development activities, expansion of international players in this region, and technological advancements are some of the additional factors attributed to the growth of this regional segment. The increasing disposable incomes, and industrial growth in countries such as China, India, Japan drives the growth of this region. Rising applications in agriculture, construction, pharmaceutical, and electronics has increased the demand for acetone. Increasing awareness regarding personal care and hygiene and improving lifestyles in developing countries of this region boosts the acetone industry growth.
The leading players in this market include Hindustan Organic Chemicals Limited, Royal Dutch Shell PLC, Formosa Chemicals and Fiber Corporation, INEOS Phenol, Honeywell International Inc., BASF SE, Green Biologics Limited, Prasol Chemicals Pvt. Ltd., Borealis AG, Altivia, Reliance Industries Limited, Mitsui Chemicals Inc, LyondellBasell Industries Inc., and DOMO Chemicals GmbH. These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.