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Global Acetone Market Expected to Grow at a CAGR of 3.4% between 2021 and 2026.

According to a new report by EMR titled, ‘Global Acetone Market Report and Forecast 2021-2026’, 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 2021-2026 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 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.

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 (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) 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 (2016-2020) and (2021-2026) 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.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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