Acetone Market By Application (Solvent, Chemical intermediate, Cleaning agent); By End-use Industry (Paints and coatings, Adhesives and sealants, Pharmaceuticals, Plastics, Construction, Automotive, Electronics, Personal Care &s Cosmetics); By Production Method (Acetone from the cumene process, Acetone from the propylene process); By Purity (Technical grade acetone, Pharmaceutical grade acetone, Industrial grade acetone); By Form (Liquid, Powder); By Distribution Channel (Distributors, Wholesalers, Retailers); By source (Petroleum, Coal tar); ; By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Acetone Market Insights

Acetone is a colorless, volatile, and flammable liquid with a characteristic fruity odor. Its formula is C3H6O, and it's the only and smallest ketone. it's highly miscible with water, alcohol, ether, and most organic solvents, making it a useful solvent in many applications. Acetone is usually used as a solvent for cleaning, degreasing, and stripping substances like paint, varnish, and adhesives. it's also used as a component in nail enamel remover, also as within the production of plastics, fibers, and drugs.

The market is driven by the demand for acetone in a sort of industries, including the development, automotive, and electronics industries. The acetone market is additionally influenced by factors like the value of raw materials, production capacity, and competition among manufacturers. the worth of acetone fluctuates with the worth of petroleum and therefore the production capacity of the industry. As a highly flammable substance, acetone should be handled with care and kept far away from sources of ignition. It also can irritate the skin, eyes, and systema respiratorium, so proper protective equipment should be worn when working with it.

Acetone Market Size

The global acetone market size was valued at around USD 5.7 billion in 2021 and is projected to grow at a compound annual rate of growth (CAGR) of around 3.7% from 2022 to 2032.The market size is projected to succeed in USD 8.5 billion by 2032.

Acetone Market

The acetone market is a significant part of the worldwide chemical industry. Acetone is primarily used as a solvent, and its demand is driven by various end-use industries like paints and coatings, adhesives, and pharmaceuticals.

The paints and coatings industry is the largest consumer of acetone, accounting for around 30% of the entire demand. The pharmaceutical industry consumes a big amount of acetone because it is employed as a solvent within the production of varied drugs and medicines

The Asia-Pacific region is the largest consumer of acetone, accounting for around 50% of the worldwide demand. China is the largest consumer of acetone within the region, followed by India and Japan. The increasing demand for paints and coatings, adhesives, and pharmaceuticals within the region is predicted to drive the expansion of the acetone market within the coming years.

Acetone Market Key Drivers

Several key drivers are contributing to the growth of the acetone market:

• Fluctuation in the price of petroleum: The worth of acetone is correlated with the worth of crude oil because it springs from petroleum.
• Growing demand from the Asia-Pacific region: The Asia-Pacific region is the largest consumer of acetone, and therefore the increasing demand for acetone from countries like China and India is driving the expansion of the acetone market.
• Growing demand from the pharmaceutical industry: Acetone is employed as a solvent within the production of varied drugs and medicines, and therefore the increasing demand for pharmaceuticals is driving the expansion of the acetone market.
• Growth of the adhesives and sealants industry: The adhesives and sealants industry is additionally a serious consumer of acetone, and therefore the increasing demand for adhesives and sealants in various industries like construction, automotive, and packaging is driving the expansion of the acetone market.
• Increase in the use as a fuel and energy source: Acetone features a high energy content and may be used as a fuel for combustion engines and boilers.
• Increasing demand from the paints and coatings industry: The paints and coatings industry is the largest consumer of acetone, and therefore the increasing demand for paints and coatings within the construction and automotive industries is driving the expansion of the acetone market.
• Increasing use within the production of polycarbonate and other plastics: Acetone is employed within the production of polycarbonate and other plastics, and therefore the increasing demand for these materials is driving the expansion of the acetone market.

Acetone Market Key Research Trend Development

Some of the key research trends and developments in the acetone market include:

• Development of bio-based acetone: Researchers are developing new methods to supply acetone from renewable sources like biomass and agricultural waste. this will help reduce the dependence on fossil fuels and reduce the carbon footprint of the acetone industry.
• Use of acetone in energy storage: Acetone is being investigated as a possible material for energy storage in batteries and supercapacitors. This research aims to develop more efficient and cost-effective energy storage solutions.
• Recycling and reuse of acetone: Researchers are exploring ways to recycle and reuse acetone to scale back waste and minimize the environmental impact of the acetone industry. This includes the event of the latest technologies for solvent recovery and recycling.
• Advanced production methods: Researchers are developing new methods for the assembly of acetone, including new catalysts and reaction conditions. These advancements can improve the efficiency and sustainability of acetone production.
• Applications in emerging industries: Acetone is being investigated to be used in emerging industries like 3D printing and nanotechnology. This research aims to develop new materials and technologies which will enjoy the unique properties of acetone as a solvent.

Acetone Market Segmentation

The acetone market can be segmented based on various factors such as:

• By Application
  • Solvent
  • Chemical intermediate
  • Cleaning agent
• By End-use industry
  • Paints and coatings
  • Adhesives and sealants
  • Pharmaceuticals
  • Plastics
  • Construction
  • Automotive
  • Electronics
  • Personal Care &s Cosmetics
• By Region
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
• By Production Method
  • Acetone from the cumene process
  • Acetone from the propylene process
• By Purity
  • Technical grade acetone
  • Pharmaceutical grade acetone
  • Industrial grade acetone
• By Form
  • Liquid
  • Powder
• By Distribution Channel
  • Distributors
  • Wholesalers
  • Retailers
• By Source
  • Petroleum
  • Coal tar

Acetone Market Regional Synopsis

The North American acetone market is projected to reach around $1.4 billion by 2028, driven by the increasing demand for acetone from various end-use industries such as paints and coatings, adhesives and sealants, and pharmaceuticals. The United States is the largest consumer and producer of acetone in the region growing at a CAGR of 3.0% from 2021-2028 against an earlier estimate of $1.1 billion in 2020. The European acetone market is driven by the growth of the pharmaceutical and chemical industries, with Germany, France, and the UK being some of the leading markets. The European acetone market is projected to reach around $1.7 billion by 2028 at a CAGR of 2.5% (2021-2028) against an earlier estimate of a market value of $1.4 billion in 2020.

The Asia-Pacific acetone market is projected to reach around $4.2 billion by 2028, driven by the increasing demand from various end-use industries such as paints and coatings, plastics, and pharmaceuticals in the region of China, Japan, and India.  The market size in 2020 was estimated to be around $2.8 billion and is expected to grow at a CAGR of 4.0% from 2021 to 2028.

The Latin American acetone market is driven by the increasing demand from end-use industries such as paints and coatings, adhesives and sealants, and pharmaceuticals in the region of Brazil, Mexico, and Argentina. The market size in 2020 was estimated to be around $100 million and is expected to grow at a CAGR of 3.5% from 2021 to 2028, expected to reach $140 million by 2028.

The Middle East and African acetone market are projected to reach around $220 million by 2028 at a CAGR of 3.5% from 2021 to 2028, driven by the growth of various end-use industries in the region of Saudi Arabia, UAE, and South Africa. The acetone market was valued at around $160 million in 2020.

Acetone Market in Japan

The growth of the acetone market in Japan is driven by the increasing demand from various end-use industries like paints and coatings, adhesives and sealants, and pharmaceuticals. Japan may be a leading producer and exporter of high-quality paints and coatings, which is one of the main applications of acetone. the Japanese acetone market is predicted to succeed in around $250 million by 2028 at a CAGR of around 2.5% during the forecast period (2021-2028) against $200 million in 2020.

Additionally, the pharmaceutical industry in Japan is a serious consumer of acetone, particularly for the assembly of medicines and medicines. The Japanese government has been focusing on the development of new technologies and the promotion of R&D activities to drive the growth of the chemical industry, which is predicted to further boost the demand for acetone within the country.

Acetone Market Key Challenges

There are several challenges that the acetone market faces, including:

• Volatility in staple prices: Acetone is primarily produced from phenol, which springs from petroleum or pitch. Fluctuations in the price of those raw materials can affect the value of acetone production, which may be passed on to customers.
• Environmental concerns: Acetone production and use can generate hazardous waste and emissions which will have negative impacts on the environment. These concerns can cause increased regulations and better production costs.
• Competition from substitutes: Acetone is employed as a solvent in various industrial processes, and competition from other solvents can impact the demand for acetone. Additionally, bio-based solvents are getting more popular as an alternative.
• Technical challenges within the production process: the assembly of acetone requires a high degree of technical expertise and precision, and any technical challenges can affect assembly efficiency and costs.
• Fluctuation in demand: The acetone market is suffering from the economic conditions and therefore the demand from various industries. A downturn in any of the industries that use acetone can cause a decrease in demand and lower prices.
• Strong competition: The acetone market is very competitive, with an outsized number of worldwide and regional manufacturers. This intense competition can make it difficult for brand-spanking new entrants to enter the market and for existing players to take care of their market share.

Acetone Market Key Players

Key players in the global acetone market are:

• Celanese Corporation: Celanese is one of the most important acetone manufacturers in the world, with production facilities within the Americas, Europe, and Asia.
• CEPSA Química: CEPSA Química is a Spanish chemical company that produces and supplies acetone to customers worldwide. The company's products are utilized in a good range of applications like solvents, coatings, and pharmaceuticals.
• Daicel Corporation: Daicel Corporation is a leading acetone producer in Japan, with a production facility in Osaka.
• Eastman Chemical Company: Eastman is a leading producer of acetone, with production facilities within the Americas, Europe, and Asia.
• INEOS Phenol: INEOS Phenol is a global leader in the production and provision of acetone, with a production capacity of over 1 million tons per annum. The company's products are utilized in a good range of applications like solvents, coatings, and pharmaceuticals.
• INEOS: INEOS is a leading global producer of acetone with production facilities in Europe and North America.
• LCY Chemical Corp: LCY Chemical Corp. is a Taiwanese chemical company that produces and supplies acetone to customers worldwide. The company's products are utilized in a good range of applications like solvents, coatings, and adhesives.
• Mitsui Chemicals Inc: Mitsui Chemicals is a leading acetone producer in Asia, with production facilities in Japan and China.
• Sasol Limited: Sasol is a South African-based chemical company that produces acetone also as other chemicals.
• Shandong Huatai Plastic Chemical Co., Ltd: Shandong Huatai Plastic Chemical is a leading acetone producer in China, with a production facility in Shandong Province.
• Shell Chemicals: A global supplier of acetone, with a production capacity of over 200,000 tons per annum. The company's products are utilized in a good range of applications like solvents, coatings, and pharmaceuticals.
• SIPCHEM: SIPCHEM is a leading acetone producer within the Middle East, with a production facility in Saudi Arabia.
• The Dow Chemical Company: The Dow Chemical Company is a leading global producer and supplier of acetone, with a production capacity of over 1 million tons per annum. The company's products are utilized in a good range of applications like solvents, coatings, and adhesives.