(MENAFN- GlobeNewsWire - Nasdaq) The acetone market is poised for significant expansion from 2024 to 2033. While exact figures are proprietary, industry experts project a compound annual growth rate (CAGR) in the double digits.Newark, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Global acetone market is projected to reach USD 9.67 billion by 2033, at a CAGR of 6.80% from 2024 to 2033. Acetone is primarily used in solvents, bisphenol A (BPA), and methyl methacrylate (MMA), with applications in industries such as pharmaceuticals, cosmetics, and electronics. Key emerging countries such as China and India, have the highest demand for acetone for the various industry verticals. Furthermore, growing production and consumption of acetone in the region, propelling the growth of the market.
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The grade type segment is divided into specialty grade and technical grade. The technical grade segment accounted for the major market share of 86.23% in 2023, due to increasing preference for technical grade acetone in the construction industry, owing to its high usage in concrete admixtures, adhesive cement, lacquers, and floor polishes. The application segment includes methyl methacrylate (MMA), bisphenol A (BPA), solvents, and others. The solvent segment held the major market share of 35.67% in 2023. Acetone based products are used in the various clinical stains. In addition to this, acetone is widely being used in industrial solvents. The acetone is highly miscible with water and other organic compounds, and due to this, it is gaining wide adoption in the production of solvents. The end-user segment includes cosmetics and personal care, electronics, construction, automotive, pharmaceutical, agricultural chemicals, paints, coatings, and adhesives, and others. Automotive industry is anticipated to grow at the highest CAGR of 8.55% over the forecast period. An increasing use of polycarbonate, which is derived from bisphenol A (BPA), in the automotive industry is one of the prime factors for the growth of the acetone market.
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Report Metrics Details
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 6.80% |
| 2023 Value Projection | USD 5.01 billion |
| Market Size in 2033 | USD 9.67 billion |
| Historical Data | 2020-2022 |
| No. of Pages | 231 |
| Segments Covered | by Grade Type, Application, End-User |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East Africa. Furthermore, the regions are further analyzed at the country level. |
Market Dynamics
Drivers:
The primary drivers for market growth include rising demand for acetone in the production of BPA and MMA, driven by industries like automotive, electronics, and pharmaceuticals. The increased use of acetone in sanitizers and cleaning agents due to its solvent properties also contributes to market demand.
Restraints:
Major market restraints include environmental concerns due to the flammability of acetone and its potential groundwater contamination. Additionally, stricter regulations on BPA in regions like Europe could limit acetone market growth.
Opportunities:
Opportunities arise from the increased demand for acetone in the production of solvent-based paints, coatings, and disinfectants. Growth in the cosmetics and personal care sectors, particularly in Asia-Pacific, presents further growth.
Leading players in the global acetone market are INEOS, Royal Dutch Shell plc, Cepsa, Mitsui Chemicals, Inc., Altivia, LCY GROUP, Formosa Chemicals & Fiber Corporation, Prasol Chemicals Pvt. Ltd., EMCO Limited, BASF SE, Reliance Industries Limited, and KUMHO P&B CHEMICALS, INC. among others.
Market Advancements:
Technological advancements focus on improving the sustainability of acetone production, in line with environmental regulations like the EU's Renewable Energy Directive.
Regional Segmentation Analysis:
. Asia-Pacific dominates the market with around 41.8% share due to its booming industrial sector, particularly in China and India. This region is expected to continue leading due to increased industrialization and demand from end-use industries.
. North America ranks second, driven by demand from the solvents and electronics sectors.
. Europe is also a significant market, especially in the plastics and automotive sectors, but growth is slower due to strict BPA regulations
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Global acetone market is expected to witness rapid growth over the forecast period, owing to increasing demand from various end-use industries. Excess use of acetone could lead to the negative health impact is anticipated to hinder the market growth over the forecast period. However, growing demand for acetone from the Asia Pacific and Latin America is expected to offer lucrative growth opportunities in the upcoming years.
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