Acetone Market – Competitive Analysis
Acetone market appears to be more competitive with the presence of many major global chemicals and materials manufacturers operating in the market. Presence of many key players will lead to increase the competition between manufacturers in order to deliver better products and customer service. Additionally, competitive edge in innovation and technology is expected to be rapid and results into the lowering the Acetone prices in order to sustain in the market race. Acetone Market demonstrates a high growth potential as the demand for these materials is increasing at industrial and consumer level and new Acetone manufacturers are likely to invest in opening new production capacities to meet the global demand with better solutions.
Industry/ Innovation/ Related News:
May 2015 – ALTIVIA Petrochemicals (U.S.), is one of the key global manufacturer of acetone, has announced its Haverhill Chemicals phenol-acetone plants facilities at Ohio, U.S. This is expected to meet the increasing demand for acetone based cleaning and degreasing agents for industrial cleaning purposes owing to the rising crude oil production. Recent shale gas discovery in this region is expected to increase more crude oil production capacities is fuel the use of acetone.
July 2017 – INEOS (U.K), is the largest producer of acetone and phenol in the world, has announced that it is planning to open a new cumene production capacity in Germany by 2020. The purpose of this opening of new production is to support the demand and supply of acetone production plants at Gladbeck, Germany, and Antwerp in Belgium. However, the company didn’t reveal the location of this new production capacity in Germany. While it is anticipated that by opening up of this production capacity is expected to provide benefits for the nearby automotive, cosmetics and chemical industries and also reduce the import costs which directly affect the end user products. Presence of major global automobile manufacturers are the most benefited by opening up of this new production capacity.
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Akzo Nobel Eka (Netherlands), Neutron Industries (U.S.), Aditya Birla Chemicals (India), Hansol Chemicals (Korea), Kemira Oyj (Europe), State Industrial Products Corporation (U.S.), Hercules and Hercules Inc. (U.S.), 3M Company (U.S.), Arrow-Magnolia International, Inc. (U.S.), and Ecolab G.K. (Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Acetone Market.
Acetone Market – Overview
The Global Acetone Market is growing with the rapid pace for its major use as solvent in manufacturing wide variety of plastics; mainly due to the proliferation of plastics industry. According to a recent study report published by the Market Research Future, The global market of Acetone is increasing and anticipated to gain significance over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Globally, the market for Acetone is driven by the region Asia pacific, owing to the rise in the necessity to lodge expanding population resulting in to increasing demand for acetone based adhesives & sealants serving different purposes in this expanding construction projects. Acetone are extensively used in the production of cleaning and degreasing chemical agents for industrial purposes. Acetone enhances the functioning and improve the durability of industrial machinery. Not only is acetone’s extreme flammability a risk to the environment, but it also poses a significant risk to the oxygen depletion in aquatic systems due to the microbial consumption.
Rising disposable incomes and urbanization suggests the growth of cosmetics and personal care industry. Moreover growing industries such as pharmaceuticals, electrical & electronics, and paints & coatings provide momentum to the Acetone Market growth.
On the other hand, the negative impact Bleaching Chemical leave on the environment, restricts its uptake resulting in to further hampering the Bleaching Chemical Market growth.
Most of the world’s acetone production is derived from phenol. Thus, acetone is directly influenced by the phenol market. Asia Pacific is the largest producer of acetone and most of it is utilized as an intermediate chemical solvent for various chemical industries. Methyl methacrylate (MMA) is the second-largest end use for acetone. Bisphenol A is the third-largest demand sector.
In the forcast period, the demand for acetone is market is higher in China, and followed by U.S., and Europe. Solvents are utilized in industrial & consumer goods such as cement, lacquers and finishes, cleaners, paint, coatings, films, and adhesives, pharmaceuticals, glass-reinforced plastics, rubber chemicals, and household, cosmetic, and personal care products.
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