Acetone Market Share 2021 Executive Summary, Segmentation Forecast to 2030
Market Drivers and Restraints:
The widespread application of acetone in various industries which include paints and coatings, pharmaceuticals, personal care, plastics and construction among others is acting as one of the major drivers for the expansion of the global acetone market.
Acetone, being miscible with water, is used as a solvent for cleaning purposes in laboratories. The disinfecting property of acetone makes it an important sterilization solution for disinfecting the surgical tools and other instruments in hospitals and clinics. Acetone is also utilized as an excipient in some pharmaceutical drugs and vital solution for chemical peeling. These applications of acetone in the pharmaceutical industry are significantly fueling the growth of the global acetone market.
The increasing use of acetone as an active ingredient in nail polish remover and thinning agent in paints is generating high demand for acetone in the global market. The rapid infrastructural development is inducing demand for paints and coatings in the global market, which in turn is impacting positively on the expansion of the Acetone Market. However, the high level of safety precautions for the production of acetone due to its inflammable nature increases the overall production cost of acetone, which is acting as a restraint on the expansion of the global acetone market.
Market Segmentation:
The global acetone market has been segmented on the basis of application and end-use industry. Based on application, the acetone market is segmented into methyl methacrylate, bisphenol A, solvent, and others. Among these segments, bisphenol A accounts for the largest market share in the global acetone market due to its high utilization as a raw material for the production of epoxy and polycarbonate resins. The extensive use of polycarbonate in the automobile industry is anticipated to further the expansion of bisphenol A segment in the global acetone market during the forecast period.
Based on end-use industry, the acetone market is segmented into pharmaceuticals, personal care, paints & coatings, plastics, construction, electrical & electronics, and others.
Regional Analysis:
Geographically, the global acetone market has been segmented into five major regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these, The Asia Pacific region is anticipated to dominate the global acetone market during the forecast period due to the rapid infrastructural development, significant expansion of construction and paint & coatings industries.
The North America region is projecting noteworthy growth in the global acetone market owing to the increasing production capacities of the acetone manufacturers and high consumption potential of acetone in the pharmaceutical industry of this region.
The acetone market in the Europe region is anticipated to expand during the forecast period as the investments for research and development is increasing in the healthcare and cosmetics industries in this region. The increasing construction activities in the Middle East region are positively impacting the expansion of the acetone market in this region. The increasing demand for acetone due to its wide application range is driving the acetone market in the rest of the world.
Competitive Analysis:
Some of the key players in the global acetone market are INEOS (Switzerland), The Royal Dutch Shell plc (the Netherlands), The Dow Chemical Company (the U.S.), Cepsa (Spain), Mitsui Chemicals, Inc. (China), Altivia (the U.S.), LCY GROUP (Taiwan) Formosa Chemicals & Fiber Corporation (China), Prasol Chemicals Pvt. Ltd. (India) and EMCO Limited (India) among others.
Increasing research and development expenditure by the players in the global acetone market is reinforcing the competition in the global market. The players are planning on strategic mergers and acquisition for business expansion to sustain the highly competitive environment of the global acetone market.
Industry Updates:
In June 2018, China’s domestic acetone prices have fallen at a two-year low as the supply has outstripped the demand for acetone in the market. According to the ICIS data, the prices are down by 12 % from the end of May 2018.
On 25th June 2018, Green Biologics, Inc. (U.S.) has announced the launch of world’s first bio-based acetone nail polish remover which is branded under Sally Beauty’s “Beauty Secrets” line, a collaboration of Green Biologics and Mariana Industries, a leading manufacturer and developer of beauty products in the U.S.
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