Acetone Market Size, Share, Industry & Growth | Report 2031
Acetone Market Size, Share, Industry & Growth | Report 2031
Segments - Acetone Market by Application (Bisphenol A, Methyl Methacrylate, Solvents, Methyl Isobutyl Ketone, and Others), Grade (Technical Grade, Reagent Grade, and U.S. Pharmacopeia Grade), End-user (Electronics, Cosmetics, Automotive, Paints & coatings, Pharmaceutical, Adhesives, Textile Industry, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :MC-2226
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Report Description
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 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
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.
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Attributes |
Details |
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Report Title |
Acetone Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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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) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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.
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.
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.
Frequently Asked Questions
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.
Table Of Content
1. Executive Summary2. 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
Methodology
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