As the demand is continuously rising for sustainable, environment friendly and non-toxic materials from consumers, there is expected to be a surge in the demand for Acetone due to its eco-friendly and less toxic properties. Being one of the major commodities used in organic chemicals, the supply of Acetone is limited, whereas the global market value of Acetone is always at peak due to the heavy demand for terminal disinfectants, cleaners for paints, adhesives, coatings, hygiene products and cosmetics.
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The demand for Acetone from various sectors including paint, coatings, pharmaceuticals, automotive, textiles and others is likely to propel the growth of the Acetone market worldwide. Global Acetone market has shown significant growth in the historic period and is projected to achieve a healthy CAGR of 5.65% during the forecast period. Acetone find its applications in pharmaceuticals, cosmetics, paints, adhesives and coatings. It is widely used as a solvent for the production of polycarbonate plastics and artificial fibres. The largest market share is held by the chain of solvents and due to its continuous growing expanse across the globe, it is likely to surge the Global Acetone market in the upcoming years. Acetone plays a huge part as a key feedstock chemical used in many industries, especially in construction. Due to low acute and chronic toxicity levels, Acetone has shown low potential for causing adverse health effects. According to the US Food and Drug Administration, Acetone is rated as GRAS (Generally Recognized as Safe) and is considered safe as an additive in food coatings and adhesives. The cosmetic and healthcare industry is expected to bolster the Acetone market worldwide. In pharmaceutical sector, which is the largest consumer of Acetone, uprise in the demand for drugs, medicines, sanitizers and other hygiene products will boost the production of Acetone globally. Many end use industries enunciated to expand the production of Acetone on a large scale as the supply of Acetone is scarce and the cost is usually high which will benefit the global Acetone market economically. APAC region occurs to be the biggest consumer of Acetone followed by Europe and North America. Paints, coatings and adhesives are largely manufactured in China. Due to increased construction and infrastructure activities in China, there is expected to be a rise in the demand for Acetone in the country followed by Thailand. Manufacturing units in India are likely to push the Acetone industry due to its numerous applications in the pharmaceutical sector. In the US, the demand for Acetone is driven by its increased usage in automotive and coatings sector.
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Some commercially oxidized intermediates of Acetone are:
Bisphenol A (BPA)
BPA is a colourless chemical compound that is extensively used in the production of polycarbonates, food containers, epoxy resins, sanitizing and other hygienic products. It is widely added in many commercial products and used in the hardening of plastic. BPA is usually synthesized by the condensation reaction between Phenol and Acetone. Epoxy resins that are produced by BPA are helpful in lining water pipes and food coatings. Whereas polycarbonates made from BPA find application in plastic industry. BPA demonstrates low toxicity levels, but it can cause damage in the growth and development of aquatic life. The US, Europe and North America have stopped the usage of BPA in food and beverage sector. Other substitutes of BPA are Bisphenol S (BPS) and Diphenyl Sulfone.
Methyl Methacrylate (MMA)
Methyl Methacrylate (CH₂=CCOOCH₃) is a colourless liquid which is exclusively known for its high strength, efficiency, durability, transparency and easy recyclability. The demand for MMA can be seen in numerous applications in various sectors including construction, automotive and electronic industries. It is widely used in the manufacturing of paints and coatings, adhesives, waterproof materials, electronic devices and others. The immense exposure to MMA can cause mucosal irritation and allergic reactions. The increased demand for MMA in the production of PMMA (Poly Methyl Methacrylate) is likely to drive the Methyl Methacrylate market worldwide in upcoming years. PMMA is more durable and can retain its properties even after getting exposed to strong UV rays and strong weather condition. It can be used as a substitute to glass in the automotive and construction sectors. Countries like China, India and the US are likely to expand their construction and infrastructure sector, which will propel the MMA market worldwide.
Acetone is a considerable solvent used in pharmaceutical and cosmetic industries due to its ability of getting dissolved in both polar and non-polar substances. It is usually in liquid form but can be transformed into gaseous or solid form. Acetone solvents exhibit miscible properties i.e., having the ability of mixing with water at different proportions. Acetone acts as a good solvent for the manufacturing of plastic and other synthetic fibres. It can be helpful in the thinning of resins and paint & coatings. Solvents are significantly used in the finishing of furniture and automobiles. Other products that contain Acetone solvents are cosmetics, nail polish removers, shoe polishes, dry cleaners, house sanitizing products and others. Increased use of organic solvents in various end use industries is steadily boosting the global market for solvents. Keeping the environmental impact in mind, companies are also focusing on the production of bio-based solvents. In Europe and North America, expanding economies and technologies are demanding high and better quality of solvents which is likely to boost the global solvent market.
What is the current potential of Global Acetone Market?
The Acetone market is highly fragmented with more than 25000 players operating globally in the market. The APAC market is approximated to grow at a considerable rate during the forecast period as the region has become a manufacturing hub of BPA, MMA, PMMA and solvents. Dominance of Asia-Pacific in global Acetone market can be attributed to the growing demand for Acetone in various sectors including pharmaceutical, automotive, cosmetics and others.
What is causing a major drive in the Global Acetone Market?
The global Acetone market is driven by increasing demand for Acetone in; drugs, medicines, sanitizers, paint, coatings and other hygiene products in pharmaceutical Industry; key feedstock chemical in construction Industry; food and beverage sector and others. Huge demand for Acetone worldwide in various industries is likely to propel the global Acetone market. Increasing number of construction and infrastructure projects across the globe and particularly in the US, China and Europe is boosting the demand for PMMA as it can be used for a wide range of applications such as an alternative to window glass, etc.
Which region holds the highest share in the Global Acetone Market?
Asia Pacific is the largest shareholder in global Acetone market followed by North America and Europe. This can be due to the fact, that China is the largest producer of paints, coatings and adhesives in the world. Also, due to the increased construction and infrastructure activities in China, the country is expected to witness a rise in the demand for Acetone followed by Thailand. India is likely to push the Acetone industry due to its numerous applications in the pharmaceutical sector.
What is the current competitive landscape for the global Acetone market?
The key players are considering the rise in demand for BPA, MMA, PMMA and other solvents by various industries to be the major driving factor for the market in the forecast period. The major companies are focusing on innovation and research & development (R&D) to create durable and better products and attain competitive edge over other big players.
What are the challenges faced by the global Acetone Market?
The onset of COVID-19 and the lockdowns imposed worldwide to prevent the spread of the pandemic led to the disruptions in business cycles, which impacted the demand across all core industries. This led to a sudden decrease in production and sales, which affected the Acetone market worldwide. The pandemic hampered the sales of paints, coatings and cosmetics. The severity of the pandemic was compounded by the fact that many industries were operating at reduced capacity, consequently lowering the number of employees as well. Fewer number of workers made it difficult for manufacturers of industrial Acetone and its byproducts to fulfill the demand from end user industries. However, due to the COVID-19, the demand of acetone in the manufacture of hand sanitizers in the healthcare department increased on a large scale.
Some of the major players operating in global Acetone market are Formosa Chemicals and Fibre Corporation, Royal Dutch Shell plc, Mitsui Chemicals, Inc., INEOS, Borealis AG, The Dow Chemical Company, Honeywell Chemicals, SABIC and others.
Global Acetone market has shown a considerable growth in previous years and is anticipated to achieve a CAGR of 5.65% during the forecast period. Acetone is widely used in pharmaceuticals, cosmetics, paints, disinfectants and adhesives. As the chain of different Acetone solvents as additives held the largest share of market and its continuous growing expanse across the globe is likely to bolster the growth of the global Acetone market in the upcoming years. The disruption in overall import and export of Acetone due to spread of COVID-19 across the countries is expected to decline in the sales and distribution whereas, its demand in the healthcare department in sanitizing products has increased. The major companies in the Global Acetone market are focusing on product innovation and research to gain a competitive edge over the other key players.
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