The Global Acetone Market size is expected to reach $9.6 billion by 2030, rising at a market growth of 7.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 5,442.1 Kilo Tonnes experiencing a growth of 5.1% (2019-2022).
As a versatile solvent, acetone is extensively used in chemical processes for dissolving and processing various substances. Its role as a solvent is crucial in the formulation of coatings, adhesives, and specialty chemicals, supporting the growth of the chemical industry. Therefore, Solvents segment generated $1,855.7 million revenue in the market in 2022. Acetone is a key component in producing polymers, including polycarbonates and acrylics. The expanding demand for polymers in sectors such as packaging, construction, and automotive directly contributes to the growth of the chemical and petrochemical industry and, subsequently, the market. Some of the factors impacting the market are growing pharmaceutical and healthcare applications, emerging bio-based acetone production and volatility in raw material prices.
The production of medical devices often involves the use of acetone in cleaning, sterilization, and the manufacturing of specific components. Acetone's properties make it suitable for ensuring the quality and safety of medical devices. Acetone is used to formulate topical and transdermal preparations, such as creams and gels. Its ability to dissolve and deliver active ingredients makes it valuable in dermatological and transdermal drug delivery applications. Acetone's role in various processes aligns with the requirements of emerging healthcare technologies. Additionally, Bio-based acetone production can be integrated into biorefinery processes, where various bio-based products are derived from biomass feedstocks. This integrated approach enhances the overall efficiency and sustainability of the production process. There is a growing demand in the market for green and sustainable chemicals. Bio-based acetone addresses this demand by offering a renewable and eco-friendly alternative to conventional acetone, attracting environmentally conscious consumers and industries. Therefore, growing pharmaceutical and healthcare applications have been a pivotal factor in driving the growth of the market and as a result of the emerging bio-based acetone production, the market is anticipated to increase significantly.
However, Acetone is traditionally produced as a byproduct of phenol production, and the phenol industry influences its pricing. Fluctuations in raw material prices, such as benzene and propylene, can impact the overall cost of acetone production. This volatility poses challenges for manufacturers in managing production costs and pricing strategies. Sharp and unpredictable increases in raw material prices can pressure the profit margins of acetone manufacturers. Manufacturers may have difficulty maintaining competitive pricing if the cost of making acetone rises significantly due to increasing raw material prices. Volatility in raw material prices is a significant challenge that hampers the growth of the market.
Based on grade, the market is classified into technical grade and specialty grade. In 2022, the technical grade segment witnessed the largest revenue share in the market. Technical-grade acetone is a versatile and efficient industrial solvent in manufacturing processes across different industries. Its ability to dissolve many substances makes it indispensable in producing chemicals, plastics, pharmaceuticals, and other technical applications. Technical-grade acetone finds applications in the automotive and electronics industries. Technical-grade acetone is a key component in the production of polymers and plastics. Its role in dissolving and processing polymer materials, such as polycarbonates, contributes to manufacturing lightweight and durable products. The demand for polymers and plastics uplifts the technical-grade segment
By application, the market is categorized into solvents, methyl methacrylate, bisphenol A, and others. The methyl methacrylate segment covered a considerable revenue share in the market in 2022. Methyl methacrylate (MMA) synthesis often involves solvents, and acetone is a common solvent. The growth in demand for MMA can lead to an increased demand for acetone as a solvent in MMA production, positively influencing the market segment. Polymers derived from MMA find applications in medical devices, including dentures, orthopedic implants, and prosthetics. As advancements in medical technology drive the demand for these applications, the segment can experience a corresponding uplift due to its role in synthesizing MMA and related materials.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 5.5 Billion |
| Market size forecast in 2030 | USD 9.6 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.4% from 2023 to 2030 |
| Number of Pages | 261 |
| Number of Table | 510 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter's 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Grade, Application, Region |
| Country scope |
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| Companies Included | INEOS Group Holdings S.A., Shell plc, Honeywell International, Inc., Mitsui Chemicals, Inc., SABIC (Saudi Arabian Oil Company), Arkema S.A., Solvay SA, Domo Chemicals GmbH, Cepsa Química, S.A. (CEPSA) and Kumho P&B Chemicals., Inc (Kumho Petrochemical Group) |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. The construction and infrastructure development in countries like China, India, and Southeast Asia involve using coatings, adhesives, and construction materials where acetone is a key ingredient. Expanding construction activities in the Asia-Pacific region is a factor in the rising demand for acetone. The Asia Pacific automotive industry is growing quickly, fueling the demand for lightweight coatings and materials. Asia Pacific is a major hub for producing consumer goods, such as household goods, cosmetics, and personal care products.
Free Valuable Insights: The Global Acetone Market size to reach USD 9.6 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include INEOS Group Holdings S.A., Shell plc, Honeywell International, Inc., Mitsui Chemicals, Inc., SABIC (Saudi Arabian Oil Company), Arkema S.A., Solvay SA, Domo Chemicals GmbH, Cepsa Química, S.A. (CEPSA) and Kumho P&B Chemicals., Inc (Kumho Petrochemical Group).
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Grade (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $9.6 billion by 2030.
Growing pharmaceutical and healthcare applications are driving the Market in coming years, however, Volatility in raw material prices restraints the growth of the Market.
INEOS Group Holdings S.A., Shell plc, Honeywell International, Inc., Mitsui Chemicals, Inc., SABIC (Saudi Arabian Oil Company), Arkema S.A., Solvay SA, Domo Chemicals GmbH, Cepsa Química, S.A. (CEPSA) and Kumho P&B Chemicals., Inc (Kumho Petrochemical Group).
In the year 2022, the market attained a volume of 5,442.1 Kilo Tonnes experiencing a growth of 5.1% (2019-2022).
The Solvents segment is generating the highest revenue in the Market by Application in 2022; thereby, achieving a market value of $3.1 Billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.4 Billion by 2030.
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