(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 17, 2021, 09:09 /Comserve / -- Acetone Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Global Acetone Market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
Acetone market is negatively impacted by COVID-19. The major end-user industries of acetone such as automotive, paints and coatings, cosmetics and personal care are hindered by the global pandemic situation. The COVID-19 affected the sales of paints and coatings as the construction activities were halted due to lockdown regulations. India's second-largest paint company, Berger Paints, reported approximately a 6.5 percent fall in its consolidated net profit to INR 1,032 million (USD 13.76 million) for the fourth quarter ended March 31. The automotive industry also faced a decline in production and sales due to the pandemic situation and thus affected the acetone market. According to OICA, the global production of vehicles in 2020 was around 77 million a significant decrease compared to the production in 2019 which was around 92 million, thus affecting the market demand for acetone.
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- In the medium term, the major factors driving the acetone market are growing usage in production of personal care and household products, growing electronics industry in Asia-Pacific, and increasing demand for polycarbonate products.
- On the flip side, increasing production of methyl methacrylate from non-acetone raw materials and increasing regulations by European commission on BPA are likely to hinder the market's growth.
- Asia-Pacific region has dominated the market and is expected to dominate during the forecast period, owing to increasing consumption from coutries such as China and India.
Key Market Trends
Methyl Methacrylate (MMA) Application to Witness Higher Potential Growth
- Methyl methacrylate (MMA) is a colorless liquid, soluble in most of the organic solvents except in water and is the second-largest market for acetone. MMA is widely used for various medical, dental, and joint replacement procedures and for other industrial applications.
- Moreover, MMA is majorly used to make polymethyl methacrylate (PMMA) resin, which is further used to produce PMMA plastics. PMMA plastic is considered an economical substitute for polycarbonate.
- MMA may also witness further usage in various other applications, in the form of beads or pellets. The polymer form of MMA can be molded into a wide range of end-use products, such as rear-lights, lenses for glasses, and instrument consoles for vehicles and appliances.
- In the automotive industry, MMA is used in auto-glazing and for exterior car coating, as it is weather resistant and protects from scratches. It is used in adhesives, coatings, and nail products.
- MMA also stands to be an important chemical to the production of paints, coatings, and adhesives. These find application in the production of some of the floor coatings, traffic markings, and pedestrian walking markings.
China to Dominate the Asia-Pacific Region
- In Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year. However, due to the onset of COVID-19 in 2020, the economic growth of China is estimated to contract to 1.90% and is expected to witness recovery at a rate of 8.20% in 2021.
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- Although China is the first country effected by the COVID-19 and its related lockdown, it is the first country that has come out of the lockdowns and is starting its long journey toward normalcy. However, as a major chunk of the Chinese economy is linked to foreign exports where demand is still low, it may negatively effect the Chinese industry in the near future.
- China stands to be the largest manufacturer as well as consumer of paints, coatings, and adhesives in the world. Therefore, the growing commercial construction activities and the increasing spending on infrastructure activities in the country are expected to increase the demand for MMA-based coatings in the country.
- The Chinese construction industry is still strong, but growth is slowing, as is economic growth. While growth may not be occurring as quickly as in previous years, the country is still very strong economically. The construction industry in China is expected to grow at more than 4% during the forecast period, thus driving the demand for paints and coatings and consequently boosting the acetone market.
The acetone market is expected to be fragmented, with the presence of both global and local players in the market. Key players in the acetone market include Formosa Chemicals and Fibre Corporation, Borealis AG, Royal Dutch Shell plc, INEOS, and Mitsui Chemicals Inc. among others.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Usage in Production of Personal Care and Household Products
4.1.2 Growing Electronics Industry in Asia-Pacific
4.1.3 Increasing Demand for Polycarbonate Products
4.2.1 Increasing Regulations by European Commission on BPA
4.2.2 Increasing Production of Methyl Methacrylate from Non-acetone Raw Materials
4.2.3 Negative Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Production Capacity Analysis
4.6 Trade Analysis
4.7 Price Trend Analysis
4.8 Regulatory Policies
5 MARKET SEGMENTATION
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