Rising demand from methyl methacrylate as well as construction activities will boost the growth of the global market

Pune, India, February 28, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Acetone Market.Market Overview:

Acetone Market Size was valued at USD 6.02 Billion in 2022. The Acetone industry is projected to grow from USD 6.35 Billion in 2023 to USD 10.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.68% during the forecast period (2023 - 2030).

Acetone is a clear, colorless, and volatile fluid with a sweet aroma. The major route for production acetone is by cumene peroxidation where phenol is obtained as a secondary product. The major application of acetone is in the production of acetone cyanohydrin for methyl methacrylate (MMA), bisphenol A (BPA). The other applications include heavy metal degreaser, cleaning tools and chemical peeling in pharmaceuticals, personal care, paints & coatings, plastics and construction end use industries. Acetone has characteristics such as high solvency and a high rate of evaporation which enable them to find their application in many everyday products including paints, cleaning fluids, nail polish remover, and adhesives

In the present scenario, direct solvent applications have a higher share in the global acetone market. MMA is having the second highest global market share followed by bisphenol A. The largest end use for MMA is PMMA (polymethyl methacrylate). PMMA resins are used to produce acrylic sheet and acrylic molding and extrusion compounds. These resins have major applications in the construction, automotive, and computer segments are now seen as key growth markets by polycarbonate manufacturers. The important positive impacting factors for acetone market growth are surge in global industrialization, increasing demand for personal care products, and increasing government investments in construction projects. Moreover, demand for acetone is anticipated to observe significant growth over the review period owing to increasing demand in plastics industry. Furthermore, rapid urbanization coupled with increasing disposable income in emerging economies is predicted to propel the growth of the market during the assessment period, 2023 - 2030

Segmentation

The global acetone market is categorized on the basis of application, end use industry, and region. On the basis of application, the acetone market is categorized into methyl methacrylate, bisphenol A, and solvent. On the basis of end use industry, the market is segmented into pharmaceuticals, personal care, paints & coatings, plastics, construction and electrical & electronics. On the basis of region, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Regional Analysis

The worldwide acetone market comprises of five areas: Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Among these, Asia Pacific is anticipated to develop with the most astounding CAGR amid the survey time frame, 2023 - 2030 by virtue of extending paints and coatings and construction industries. Rising white collar class populace and their increasing expenditure on enhancing the living standards for everyday comforts is required to increment more in the time frame, 2023 - 2030. The acetone market is anticipated to increment in various nations of the Asia Pacific, for example, China, India, Japan and Indonesia because of expanding urbanization and populace is expected to drive the market in the estimate time frame.

North American acetone market is anticipated to witness a huge development by virtue of high acetone consumption potential, expanding production capacities, and rising monetary development rate. Expanding interest for electrical and electronic appliances and pharmaceuticals are the elements driving the market. In Europe, the interest for acetone is anticipated to develop in different nations, such as, Italy, Germany, Spain, U.K, France, and Russia by virtue of expanding use in advancement in health care and cosmetic products and increasing purchasing power of consumers. In the Middle East, interest for construction and paints & coatings industries are boosting the acetone market in the review period. As acetone solvent is broadly utilized as an integral part in paints and coatings, it is foreseen to be the real driver in the assessment period. Latin American nations, such as, Argentina, Colombia, and Brazil are having political emergency in the rising economies of this area. Money related obligation in these nations has crossed their income which is the real restriction for the acetone market to develop in the forecast period.

Key Players

Some of the prominent players operating in the global acetone market are INEOS (Switzerland), The Royal Dutch Shell plc (the Netherlands), The Dow Chemical Company (U.S.), Cepsa (Spain), Mitsui Chemicals, Inc. (China), Altivia (U.S.), LCY GROUP (Taiwan) Formosa Chemicals & Fiber Corporation (China), Prasol Chemicals Pvt. Ltd. (India) and EMCO Limited (India) among others

Read more Related Article - Acetone Market Size