Acetone Market Significant Growth Factors During the Forecast Period | Buyer Analysis, Competitive Outlook, Future Scenario by 2023

Acetone
Acetone can also be used as a direct solvent in several applications including printing inks, nail polish removers, adhesives, paints and coatings, and other skin care products owing to its high evaporation and high solvency rate.

Market Synopsis:

An organic compound, Acetone (CH3)2CO, is a volatile, colorless, flammable liquid and is the smallest and simplest form of ketone with a sweet smell. Miscible in water, Acetone serves as a solvent and is used for cleaning purposes in laboratories. Acetone is prepared using cumene peroxidation, as a coproduct with phenol. It is used for producing methyl methacrylate which is an intermediate in the Poly Vinyl Chloride (PVC) production which is used to manufacture plastic. According to a new report by Market Research Future (MRFR), the global market for acetone is predicted to witness significant growth during the forecasted period 2017-2023. Acetone is used in producing polycarbonate which is a raw material used for manufacturing of insulation for electrical applications.

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Global Top 10 Key Players Strategy:

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 (the U.S.), Cepsa (Spain), Mitsui Chemicals, Inc. (China), Altivia (the U.S.), LCY GROUP (Taiwan) Formosa Chemicals & Fiber Corporation (China), Prasol Chemicals Pvt. Ltd. (India) and EMCO Limited (India) among others.

As per our analysis, direct solvent applications account for a large portion of world demand. MMA is having the second highest global market share and 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. Commercial, residential, and nonresidential construction, and remodeling are the largest markets for acrylic sheet. The construction, automotive, and computer segments are now seen as key growth markets by polycarbonate manufacturers. Some of the prominent market factors and trends identified in the global acetone market include rapid industrialization, rising demand for personal care products, and increasing expenditure on construction activities. Moreover, demand for acetone is predicted to witness significant growth over the assessment period due to surging in plastics industry. Acetone is a derivative of petroleum production and rising crude oil usage across the globe is anticipated to be an important driver for acetone market during the review period. Increasing pharmaceutical production and sales along with rising consumption of medicines is estimated to fuel the growth of the market. Furthermore, rapid urbanization coupled with increasing disposable income in emerging economies is predicted to propel the growth of the market during the assessment period, 2017 to 2023.

Drivers and Restraints

There has been a rise for methyl methacrylate in LCDs which is estimated to be a major driver for this market. The largest end use is polymethyl methacrylate (PMM) resins which are used to produce acrylic molding, acrylic sheet, and extrusion compounds. Residential, non-residential, remodeling and commercial holds the largest market share for acrylic sheets. The computer, automotive and construction segments are some of the major growth markets by polycarbonate manufacturers. Besides, increasing expenses on construction activities, demand for personal care products, and rapid industrialization are some of the major factors driving the market. Also, demand for acetone is witnessing significant growth due to a gush in the plastic industry.

Acetone is a derivative of rising crude oil usage and petroleum production which is estimated to be an important driver during the forecasted period. However, with the rising consumption of medicines, pharmaceutical production and sales is expected to drive the market growth. The rise in disposable income along with rapid urbanization in emerging economies is expected to boost the growth of the market.

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Meanwhile, acetone with water might react explosively and burst into flames with air, making it an extremely hazardous chemical. This is anticipated to be a restraining factor to the growth of the market. On the other hand, development in bio-based and green solvents and environmental policies might act a restriction over the forecasted period. Moreover, political crisis and financial debt of certain regions are expected to be major restraints for the market growth over the forecast period.

Global Acetone Market Segmentation

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

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