The Asia Pacific Acetone Market would witness market growth of 7.6% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 2,110.8 Kilo Tonnes, showcasing a growth of 5.2% (2019-2022).
One of the primary and longstanding applications of acetone is its use as a solvent. Its excellent solvency properties make it a preferred choice for dissolving and processing various substances in chemical manufacturing. Acetone's versatility in solvency extends to applications such as coatings, adhesives, and cleaning agents. Acetone is gaining prominence in 3D printing, particularly in post-processing techniques. It is used to smooth the surfaces of 3D-printed objects, enhancing their appearance and finish.
The ability of acetone to dissolve certain thermoplastics contributes to the post-printing finishing process. Also, acetones in dermatological and transdermal preparations are an emerging advantage. It is employed in the formulation of creams and gels for topical applications. The ability of acetone to dissolve and deliver active ingredients makes it valuable in enhancing drug absorption through the skin. Acetone is finding applications in the flavor and fragrance industry. Its use in the extraction and formulation processes produces specific flavors and fragrances. The efficient dissolving properties of acetone make it valuable in creating concentrated and pure aromatic compounds.
Acetone is employed for cleaning and sterilizing equipment in pharmaceutical manufacturing in China. As the pharmaceutical industry expands its production capacities and adheres to stringent quality standards, the demand for acetone in cleaning and sterilization processes increases in China. As per China.org, in 2021, the combined business revenue of China's pharmaceutical companies increased by 18.7 percent annually, the greatest growth rate in five years. All these factors will uplift the regional market’s expansion in coming years.
The China market dominated the Asia Pacific Acetone Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,288.1 Million by 2030. The India market is showcasing a CAGR of 7.9% during (2023 - 2030). Additionally, The Japan market would register a CAGR of 7.2% during (2023 - 2030).
Based on Application, the market is segmented into Solvents, Bisphenol A, Methyl Methacrylate, and Others. Based on Grade, the market is segmented into Technical Grade, and Specialty Grade. Based on countries, the market is segmented into China, India, Japan, South Korea, Indonesia, Australia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Acetone Market is Predict to reach USD 9.6 Billion by 2030, at a CAGR of 7.4%
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 Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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