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A recent SNS Insider report reveals that the acetone market , valued at USD 6.1 billion in 2023, is expected to reach an impressive USD 11.01 billion by 2031. This translates to a robust compound annual growth rate (CAGR) of 7.7% during the forecast period of 2024-2031.
Growing Demand Across Industries
Acetone, a versatile chemical compound, finds applications in a wide range of industries. In the automotive sector, it is crucial to produce bisphenol A (BPA), a key component of polycarbonate used in manufacturing various car parts.
The industrial sector relies heavily on acetone for paints & coatings, adhesives, disinfectants, and thinners. In the pharmaceutical industry, acetone serves as a solvent in hand sanitizers and an excipient in drugs. It also plays a vital role in the production of polymethyl methacrylate (PMMA), a versatile plastic used in various applications. The cosmetics industry is another significant consumer of acetone, where it is the primary ingredient in nail polish remover and a solvent in skin creams. The rising demand for these products is expected to contribute to market growth in the coming years.
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Some of the Key Players Included are:
INEOS Phenol GmbH SABIC The Dow Chemical Company Domo Chemicals GmbH Formosa Chemical and Fiber Corporation Kumho P&B Chemicals Royal Dutch Shell PLC Honeywell Research Chemicals Spectrum Chemical Mfg. Corp. Altivia Chemicals and other
Market Analysis
The increasing demand for chemicals and petrochemicals across various industries is a major driver of the acetone market. Additionally, the shift towards eco-friendly products in the cosmetics and personal care sector is creating opportunities for renewable dimethyl ketone, a sustainable and natural alternative to traditional acetone. The high demand for green solvents in the industrial sector presents a lucrative opportunity for market growth.
Recent Developments
In April 2021, Borealis AG acquired NOVA Chemicals' 50% stake in Novealis Holdings LLC, expanding its footprint in North America and Europe. In December 2020, Trinseo, a global materials company, announced a deal to acquire Arkema's polymethyl methacrylates (PMMA) and activated methyl methacrylates (MMA) businesses.
Segment Analysis
By Grade, the technical grade segment dominated the market with a revenue share of about 96.4% in 2023 due to its extensive use in various industries and lower cost. The rising construction activities are expected to fuel the demand for technical-grade acetone further.
By Application, the solvents application segment led the market with a revenue share of about 36.7% in 2023, driven by the demand for hand sanitizers and pharmaceuticals.
By Grade
Technical Grade Specialty Grade
By Application
Solvents Bisphenol A (BPA) Methyl Methacrylate (MMA) Others
By End-use
Agricultural Chemicals Cosmetics & Personal Care Automotive Paints & Coatings Plastics Pharmaceuticals Rubber Processing Printing Ink Polymer & Resin Processing Adhesive Others
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Impact of the Global Disruption
The Russia-Ukraine war has caused disruptions in the global supply chain, leading to increased raw material and energy prices. This has affected the production cost of acetone, potentially impacting market growth. However, the conflict has also led to increased demand for acetone in the pharmaceutical industry due to the need for hand sanitizers and disinfectants.
The global economic slowdown has impacted various industries, including construction and automotive, which are significant consumers of acetone. The reduced demand from these sectors may hinder market growth. However, the demand for acetone in the pharmaceutical industry remains relatively stable, providing some resilience to the market. For example, a leading chemical manufacturer reported a decline in acetone sales to the automotive sector due to reduced car production during the economic slowdown. However, the company experienced increased sales to pharmaceutical companies for the production of hand sanitizers.
Asia Pacific dominated the acetone market with a revenue share of about 47.8% in 2023
This is due to the high demand from various industries in countries like China, India, and Japan. China, the major consumer of acetone, is expected to drive product consumption due to the growth of the pharmaceutical and electronics sectors.
Europe is projected to witness the highest CAGR of about 8.3% during the forecast period. Increased consumer spending on cosmetics and personal care products, coupled with growing awareness about skin and beauty care, is driving the demand for acetone in the region.
Acetone Market Key Takeaways
The acetone market is experiencing robust growth due to rising demand in emerging economies and various end-user industries. The versatility of acetone in applications ranging from industrial solvents to pharmaceutical excipients contributes to its market expansion. The increasing adoption of eco-friendly alternatives like renewable dimethyl ketone is creating new opportunities in the market. The Asia Pacific region dominates the market, driven by the growing demand from China, India, and Japan. The Russia-Ukraine war and the global economic slowdown have disrupted supply chains and reduced demand, impacting market dynamics. Europe is expected to witness the highest growth rate, fueled by increasing consumer spending on personal care and cosmetics products.
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