Acetone Global Market – Overview
The Global Acetone Market has seen the tremendous growth in last couple of years attributed to demand from the burgeoning cosmetic Industry. Acetone is used in laboratories and servers as an important solvent. With the huge demand from the application segment including solvent, cosmetics, medicals, laboratories, automotive, electronics, pharmaceuticals, paints & coating and others, the acetone market has grown immensely with the overall production of over 6 million tons per year; and as the demand augments further; the market will grow further with the rapid pace, indicates the recently published study report by MRFR.
According to the Market Research Future, The global market of Acetone is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2016 – 2027). The Global Acetone market’s revenue contribution is expected to increase by a substantial monetarily growth by end of the forecast i.e. 2027, with a substantial expansion rate during the period 2016 to 2027.
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Globally, the demand for acetone is very high as it finds application in almost every major industry involved in making solvents and bisphenol-A, Methyl Isobutyl Ketone and Methyl Methacrylate. The demand for acetone in the global market has almost doubled in the last decade owing to the static production capabilities, the dependency on imports has increased as the local production struggles to keep up with the demand. Acetone pricing is vulnerable to international demand, supply situation and volatility in the international market.
However, emergence of green solvents and bio based solvents which are rapidly substituting acetone and increasing use of water based solvents in paints and coatings is likely to restrict the growth of the global acetone market. Also, lack of planned projects for acetone production is likely to hamper the market growth during the forecasted period. The lack of planned projects also leads to a huge difference in global demand and supply status.
The primary feedstock for production of acetone is phenol. Most manufacturers, therefore, prefer to have an integrated facility, wherein the phenol production can be used captivity for the production of acetone. Displaying this trend, most of the manufacturers are producing phenol as well as acetone, and they try to cater the huge demand.
Acetone, a colourless liquid, is a solvent used in manufacture of plastics and other industrial products. Acetone may also be used to a limited extent in household products, including cosmetics and personal care products, where its most frequent application would be in the formulation of nail polish removers. Acetone occurs naturally in the human body as a by-product of metabolism.
Acetone Global Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Acetone appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. The Market demonstrates high growth potential which is likely to attract several new entrant in the market. Further resulting in intensified completion. Top players are investing heavily in R&D and clinical trial.
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The key players operating in the Acetone market compete based upon pricing, Technology and services. Manufacturers operating in the Acetone Market strive to deliver the best quality, reliable and consistent pure high-quality Acetone products based on innovative technologies, and best practices. Acetone market demonstrates high growth potential which is likely to attract many entrants to the market resulting in further intensified competition.
Acetone Global Market – Segments:
Global Acetone Market is segmented in to 2 Key dynamics for an easy grasp and enhanced understanding.
Segmentation by Application: Comprises – Solvent, Cosmetics, Medicals, Laboratories and other (automotive, electronics, pharmaceuticals, paints & coating).
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Acetone Global Market – Regional Analysis
Asia-Pacific is expected to be the largest consumer of Acetone whereas; the United States will be the leading producer. As per the analysis, the Global Acetone Market is poised to reach astronomical amounts by 2027, with a substantial CAGR during the forecasted period. United States has the highest production capacity followed by China and Taiwan. Asia-Pacific region includes most of the acetone integrated production facilities.
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