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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 Ltd.).
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 Phenol, Sinopec Corporation (NYSE: SNP), and Dow Chemical Company, 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.
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INEOS Phenol, Sinopec Corporation, Cepsa, Mitsui Chemicals Group, LG Chem, Ltd., Formosa Chemicals & Fibre Corp, Shell Chemical, Honeywell International Inc., Versalis S.p.A., and Dow Chemical Company, 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.
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