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Global Acetone Market Expected to Grow at a CAGR of 3.4% between 2022 and 2027.

According to a new report by EMR titled, ‘Global Acetone Market Report and Forecast 2022-2027’, the global acetone market reached a volume of almost 7 million metric tons in 2020. The market is further expected to grow at a CAGR of 3.4% in the forecast period of 2022-2027 to reach a volume of around 8.6 million metric tons by 2026.

The global acetone market is driven by the increasing growth of the construction and automobiles industry. The Asia Pacific is the leading market for acetone, holding almost 46% of the total global market share, and is followed by Europe and North America. In the Asia Pacific, China is a significant country as it is the centre of acetone production. The country is also a significant importer of acetone, importing mostly from countries such as Taiwan, Thailand, South Korea, etc. The most prominent regions for sourcing acetone are South Korea, Singapore, and South Africa.

In the Asia Pacific region, India is another major market for acetone. The government of India imposed anti-dumping duties (ADD) in the year 2016 for five years. This regulation was introduced for the protection of the domestic acetone industry so that it may thrive in the historical period. The domestic industry has undergone an adverse situation due to excess supply from foreign countries. The local industries requested this ban to guard their productions, including companies such as Hindustan Organic Chemicals Ltd. (HOC) and Schenectady Herdillia Ltd. (SI Group, Inc.).

Acetone is a simple organic compound that is used in the production of bulk agrochemicals, pharmaceuticals, dyestuffs, other explosives, and downstream chemicals. It has extensive applications in the manufacturing of rubber chemicals. It is produced by most leading chemical companies like INEOS Group Holdings S.A., Cepsa Química, S.A., and Honeywell International Inc. (NASDAQ: HON) , among others. INEOS and Sinopec had previously entered into an agreement to construct China’s largest acetone and phenol plant at the Nanjing Chemical Industry Park (NCIP) of China’s Jiangsu Province.

Market Analysis by Application and Region:

  • The acetone market, on the basis of application, is divided into solvents, methyl methacrylate (MMA), and BPA, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The global acetone market is driven by the inflating disposable income of the population.
  • The escalating end-use industries, including BPA and MMA, especially in emerging countries such as India and China, is enhancing the market growth.
  • The increase in the pharmaceuticals and construction industries is expected to propel the market growth for acetone.
  • The growth in the automobile industry is expected to enhance the market for acetone.
  • The growing cosmetic industry in the significant regions has provided further impetus to the market growth for acetone.
  • The expected increase in the extensive use of epoxy resins and polycarbonate will support the demand for acetone, further strengthening the market.
  • The growing market of household cleaning products due to increasing awareness about hygiene among the consumers, especially the younger generation, is also driving the demand for acetone.
  • The accelerated growth of the phenol market directly supports the acetone market, thus, aiding the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global acetone market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the applications and major regions of acetone. 
  • It gives an in-depth look at the regional price trends in the global acetone market for (2017-2021) and (2022-2027) periods.
  • It analyses the global trade data for the global acetone market, looking into the value and volume of the significant importing as well as exporting countries.

Shell Chemicals, INEOS Group Holdings S.A., Cepsa Química, S.A., LG Chem, Honeywell International Inc., Versalis S.p.A., Mitsui Chemicals Group, Formosa Chemicals and Fibre Corporation, Altivia, Hindustan Organic Chemicals Limited, and SI Group, Inc., among others, are the key players in the global acetone market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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