Acetone Market

Acetone Market

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Riddhesh Dani

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The global acetone market size was valued at nearly USD 5.69 Billion in 2022 and is anticipated to reach USD 11 Billion by 2031, expanding at a CAGR of 7.6% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing demand for acetone-derived polycarbonate from the automobile industry.

Acetone is a colorless, odorless, and volatile liquid with a sweet smell. It occurs naturally in the environment. Acetone is also found in the body but in small quantities. The human body produces acetone when it burns fat for energy instead of glucose. Exposure to acetone leads to nose, skin, or eye irritation and swallowing can lead to severe poisoning.

Acetone Market Outlook

Acetone is part of the aliphatic ketones class. The development of acetone includes the reaction of benzene alkylate with propylene that produces cumene, which is then oxidized with the help of air to create acetone and phenol as a by-product. Generally, phenol plants are integrated with acetone. It is used as a solvent for oils, fats, waxes, rubber, resins, plastics, varnishes, lacquers, and rubber cement. Moreover, it is also used as an intermediate in the production of methyl methacrylate, bisphenol A, and methyl isobutyl ketone.

The market report finds that the COVID-19 pandemic fuels the acetone market, owing to the increasing demand for hand sanitizers, face shields, and protective barriers. Acetone is majorly used in hand sanitizer. These sanitizers are manufactured from isopropyl alcohol or ethyl alcohol as the active ingredient, however, acetone is also included in the mixture. 

In addition, the decline in sales of automotive, personal care, and paints & coatings industries negatively affected the market, due to the strict regulations imposed by the governments during the pandemic.

  • According to the Department of Food and Public Distribution (DFPD), till May 31, 2021, around 3.9 crores liters of hand sanitizer were produced in India. As per DFPD, the export of sanitizers has also been earning a tremendous amount of goodwill in India.

Acetone Market Dynamics

Acetone Market Dynamics

Major Drivers

Rising demand for methyl methacrylate (MMA) and bisphenol-A (BPA) is expected to drive acetone market growth. MMA is usually used in the construction industry, due to its wide usage in manufacturing facades and doors & windows. Acrylic glass fiber is used in the construction industry to protect the walls of concrete, wooden walls, and steel.

Increasing production of bisphenol-A (BPA), due to the high demand for polycarbonate plastics is another factor expected to boost the market. This polycarbonate plastic is used to make some types of compact disks, automobile parts, beverage containers, plastic dinnerware, toys, and impact-resistant safety equipment. High demand for bisphenol A in the packaging industry is expected to boost the market.

Increasing demand for acetone in personal care products is expected to boost the market. Acetone and alcohol combination is used to clean oily and greasy skin associated with acne or other skin conditions.

Acetone can be found in some cosmetic and personal care products such as skin cleansers and astringents, due to its ability to dissolve oils and remove dirt from the skin. Acetone is commonly found in nail polish remover and acetone is also found in bath products, fragrance products, cleansing products, hair care products, and skincare products. 

Existing Restraints

Inhalation and consumption of acetone can lead to skin irritation, which can inhibit market growth. Acetone can cause lung and throat irritation and tightening of the chest. Consumption and inhalation of acetone cause headaches, nausea, movement problems, vomiting, and tiredness. It may cause skin irritation, redness, inflamed, and dryness. Eye contact with acetone liquid can lead to eye damage and it causes permanent damage.  

Emerging Opportunities

Growing demand for acetone in the pharmaceutical industry can create lucrative opportunities for the market players. In the pharmaceutical industry, active ingredients and fillers use acetone as a solvent to deliver accurate dosages of medicine. Acetone is used in pills and liquid medicines to have a proper density. It is required for the usefulness of the medicine and is also used as an antiseptic.

Scope of Acetone Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Acetone Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Application (Bisphenol A, Methyl Methacrylate, Solvents, Methyl Isobutyl Ketone, and Others), Grade (Technical Grade, Reagent Grade, and U.S. Pharmacopeia Grade), and End-user (Electronics, Cosmetics, Automotive, Paints & coatings, Pharmaceutical, Adhesives, Textile Industry, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Borealis AG; Formosa Chemicals & Fibre Corporation; Mitsui Chemicals, Inc.; INEOS; Honeywell International Inc.; Cepsa; SABIC; Domo Chemicals; KUMHO P&B CHEMICALS., INC.; Kleanstrip.; and PTT Global Chemical Public Company Limited

Acetone Market Segment Insights

Application Segment Analysis

Based on application, the acetone market is divided into bisphenol A, methyl methacrylate, solvents, methyl isobutyl ketone, and other applications. The solvent segment is expected to grow at a rapid pace during the forecast period. Increasing demand for solvents from various industries such as pharmaceuticals, refining, petrochemicals, construction, glass, paints & coating, personal care, and cosmetics is anticipated to drive the market segment’s growth.

The bisphenol A (BPA) segment is anticipated to hold a key share of the market in the coming years. BPA is mostly consumed during the production of epoxy resins and polycarbonates which are used in the automotive and construction industry. Polycarbonate is used to make hard plastic items such as reusable water bottles, baby bottles, pitchers, containers, and other storage items.

The methyl methacrylate segment is projected to account for a major market share in the coming years, as it is used in the manufacture of resins and plastics. Increasing use of methyl methacrylate in the pharmaceutical and medical application areas such as dentistry and orthopedic surgery is expected to boost the segment in the market. Methyl methacrylate is also used in the automotive industry, as it is weather resistant and protects from scratches and also used in nail products, adhesives, and coatings.

Acetone Market Applications

Grade Segment Analysis

In terms of grade, the market is segmented into technical grade, reagent grade, and U.S. pharmacopeia grade. The technical grade segment is expected to register a robust growth rate during the forecast period, due to the increasing consumption of technical products in the manufacturing of methyl methacrylate and bisphenol A.

Rising demand for technical grade acetone in the construction sector, due to its usage in concrete admixtures and adhesive cement is expected to boost the segment in the market. 
The U.S. pharmacopeia grade segment is projected to hold a large market share in the coming years. U.S. pharmacopeia grade is the purest grade of acetone, a 99.5% pure formulation used to clean the outside of handpieces, plastic, and degreaser. USP grade is safe for medical and pharmaceutical use.

End-user Segment Analysis

On the basis of end-user, the market is segregated into electronics, cosmetics, automotive, paints & coatings, pharmaceutical, adhesives, textile industry, and others. The paints & coatings segment is projected to expand at a considerable CAGR during the forecast period. Acetone-based paints dry ten times faster than normal paints. Thus, growing awareness about its benefits is expected to foster the growth of the segment.

Moreover, the paints & coatings industry dropped by 6% in 2020, to approximately USD 145 billion during the pandemic. In 2021, the industry reached roughly USD 160 billion.
The pharmaceutical segment is anticipated to hold a key share of the market in the coming years, as it is used in liquid medicines and producing pills to have proper density.

In the medical field, acetone is used to sterilize and clean medical tools and equipment. Acetone is often used in the pharmaceutical industry as a solvent in active ingredients and fillers to deliver an accurate dosage of medicine.

Regional Analysis

In terms of region, the global acetone market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period. The growth of the market in the region is attributed to the easy availability of raw materials and cheap labor in countries such as India and China.

Increasing disposable income leads customers to spend more on cosmetic and skin care products, propelling the growth of the market in Asia Pacific. Increasing demand for the construction industry, due to the demand for methyl methacrylate is expected to boost the acetone market revenue in the region.
According to research, China’s construction is rising steadily to around 27.6 trillion yuan in 2021.

Benefiting from the rapid urbanization in the construction industry generated an output of exceeded around 31 trillion yuan in that year.
The market in North America is anticipated to expand at a rapid pace in the coming years, due to the increasing demand for the automotive industry.

Increasing demand for personal care, beauty products, and skin treatments is anticipated to fuel the market in the region. Companies such as Altivia and Dow Chemical company are likely to increase their penetration to manufacture acetone in the region. Increasing research & development in the electronic industry, due to the high demand for Bisphenol A, which is increasing the demand for acetone market revenue in the region.

Acetone Market Regions

Segments

The acetone market has been segmented on the basis of

Application

  • Bisphenol A
  • Methyl Methacrylate
  • Solvents
  • Methyl Isobutyl Ketone
  • Others

Grade

  • Technical Grade
  • Reagent Grade
  • U.S. Pharmacopeia Grade

End-user

  • Electronics
  • Cosmetics
  • Automotive
  • Paints & Coatings
  • Pharmaceutical
  • Adhesives
  • Textile Industry
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Borealis AG
  • Formosa Chemicals & Fibre Corporation
  • Mitsui Chemicals, Inc.
  • INEOS
  • Honeywell International Inc.
  • Cepsa
  • SABIC
  • Domo Chemicals
  • KUMHO P&B CHEMICALS., INC.
  • Kleanstrip.
  • PTT Global Chemical Public Company Limited

Competitive Landscape

Key players competing in the global acetone market are Borealis AG; Formosa Chemicals & Fibre Corporation; Mitsui Chemicals, Inc.; INEOS; Honeywell International Inc.; Cepsa; SABIC; Domo Chemicals; KUMHO P&B CHEMICALS., INC.; Kleanstrip.; and PTT Global Chemical Public Company Limited. 

These key players adopt various strategies including mergers, acquisitions, collaboration, partnerships, product launches, and production expansion to expand their consumer base globally.

  • On June 14, 2022, INEOS launched a new lower carbon bio product line called INVIRIDIS, for its phenol, alphamethylstyrene (AMS), and acetone. These products are made without using fossil fuels as feedstock. These products are sold under the INVIRIDIS brand.

Acetone Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Acetone Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Acetone Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Acetone Market - Supply Chain
  4.5. Global Acetone Market Forecast
     4.5.1. Acetone Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Acetone Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Acetone Market Absolute $ Opportunity
5. Global Acetone Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Acetone Market Size and Volume Forecast by Applications
     5.3.1. Bisphenol A
     5.3.2. Methyl Methacrylate
     5.3.3. Solvents
     5.3.4. Methyl Isobutyl Ketone
     5.3.5. Other Applications
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Acetone Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Acetone Market Size and Volume Forecast by End Users
     6.3.1. Electronics
     6.3.2. Cosmetics
     6.3.3. Automotive
     6.3.4. Paints & Coatings
     6.3.5. Pharmaceutical
     6.3.6. Adhesives
     6.3.7. Textile Industry
     6.3.8. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Acetone Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Acetone Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Acetone Demand Share Forecast, 2019-2026
8. North America Acetone Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Acetone Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Acetone Market Size and Volume Forecast by Applications
     8.4.1. Bisphenol A
     8.4.2. Methyl Methacrylate
     8.4.3. Solvents
     8.4.4. Methyl Isobutyl Ketone
     8.4.5. Other Applications
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. North America Acetone Market Size and Volume Forecast by End Users
     8.7.1. Electronics
     8.7.2. Cosmetics
     8.7.3. Automotive
     8.7.4. Paints & Coatings
     8.7.5. Pharmaceutical
     8.7.6. Adhesives
     8.7.7. Textile Industry
     8.7.8. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Acetone Demand Share Forecast, 2019-2026
9. Latin America Acetone Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Acetone Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Acetone Market Size and Volume Forecast by Applications
     9.4.1. Bisphenol A
     9.4.2. Methyl Methacrylate
     9.4.3. Solvents
     9.4.4. Methyl Isobutyl Ketone
     9.4.5. Other Applications
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Latin America Acetone Market Size and Volume Forecast by End Users
     9.7.1. Electronics
     9.7.2. Cosmetics
     9.7.3. Automotive
     9.7.4. Paints & Coatings
     9.7.5. Pharmaceutical
     9.7.6. Adhesives
     9.7.7. Textile Industry
     9.7.8. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Acetone Demand Share Forecast, 2019-2026
10. Europe Acetone Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Acetone Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Acetone Market Size and Volume Forecast by Applications
     10.4.1. Bisphenol A
     10.4.2. Methyl Methacrylate
     10.4.3. Solvents
     10.4.4. Methyl Isobutyl Ketone
     10.4.5. Other Applications
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Europe Acetone Market Size and Volume Forecast by End Users
     10.7.1. Electronics
     10.7.2. Cosmetics
     10.7.3. Automotive
     10.7.4. Paints & Coatings
     10.7.5. Pharmaceutical
     10.7.6. Adhesives
     10.7.7. Textile Industry
     10.7.8. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Acetone Demand Share Forecast, 2019-2026
11. Asia Pacific Acetone Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Acetone Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Acetone Market Size and Volume Forecast by Applications
     11.4.1. Bisphenol A
     11.4.2. Methyl Methacrylate
     11.4.3. Solvents
     11.4.4. Methyl Isobutyl Ketone
     11.4.5. Other Applications
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Asia Pacific Acetone Market Size and Volume Forecast by End Users
     11.7.1. Electronics
     11.7.2. Cosmetics
     11.7.3. Automotive
     11.7.4. Paints & Coatings
     11.7.5. Pharmaceutical
     11.7.6. Adhesives
     11.7.7. Textile Industry
     11.7.8. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Acetone Demand Share Forecast, 2019-2026
12. Middle East & Africa Acetone Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Acetone Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Acetone Market Size and Volume Forecast by Applications
     12.4.1. Bisphenol A
     12.4.2. Methyl Methacrylate
     12.4.3. Solvents
     12.4.4. Methyl Isobutyl Ketone
     12.4.5. Other Applications
  12.5. Basis Point Share (BPS) Analysis by Applications
  12.6. Y-o-Y Growth Projections by Applications
  12.7. Middle East & Africa Acetone Market Size and Volume Forecast by End Users
     12.7.1. Electronics
     12.7.2. Cosmetics
     12.7.3. Automotive
     12.7.4. Paints & Coatings
     12.7.5. Pharmaceutical
     12.7.6. Adhesives
     12.7.7. Textile Industry
     12.7.8. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Acetone Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Acetone Market: Market Share Analysis
  13.2. Acetone Distributors and Customers
  13.3. Acetone Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Borealis AG
     13.4.2. Formosa Chemicals & Fibre Corporation
     13.4.3. Mitsui Chemicals, Inc.
     13.4.4. INEOS
     13.4.5. Honeywell International Inc.
     13.4.6. Cepsa
     13.4.7. SABIC
     13.4.8. Domo Chemicals
     13.4.9. KUMHO P&B CHEMICALS., INC.
     13.4.10. Kleanstrip.
     13.4.11. PTT Global Chemical Public Company Limite

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FAQ Section

Some frequently asked questions about this report!

The global acetone market size was around USD 5.69 Bn in 2022 and is anticipated to reach USD 11 Bn by 2031.

Increasing demand for acetone in personal care products is the key trend in the acetone market.

The acetone key market players are Borealis AG; Formosa Chemicals & Fibre Corporation; Mitsui Chemicals, Inc.; INEOS; Honeywell International Inc.; Cepsa; SABIC; Domo Chemicals; KUMHO P&B CHEMICALS., INC.; Kleanstrip.; and PTT Global Chemical Public Company Limited.

Rising demand for methyl methacrylate (MMA) and bisphenol-A (BPA).

The acetone market is growing at a CAGR of 7.6% with the increasing demand for acetone in the automobile industry.