The Latin America, Middle East and Africa Acetone Market would witness market growth of 10.5% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 601.9 Kilo Tonnes, showcasing a growth of 9.7% (2023-2030).
Acetone, alternatively referred to as propanone, is a colorless liquid organic compound. Bisphenol-A (BPA), aldol compound, and methyl methacrylate (MMA) are chemical intermediates synthesizing acetone. Acetone is used in the chemical industry to reduce the stickiness of silk, remove grease from wool, and provide protective coatings for cars and furniture. It is widely employed in industrial processes due to its rapid evaporation into the air and ability to readily combine with water.
Acetone is a vital solvent in producing various chemicals, resins, and pharmaceuticals. Its ability to dissolve many substances makes it indispensable in chemical processes. The paints and coatings industry extensively utilizes acetone as a solvent for formulations. Its fast evaporation rate and effectiveness in dissolving various resins contribute to its widespread use in this sector. Acetone is a key component in the production of polycarbonates and other plastics. Its role in synthesizing polymer materials is crucial, contributing to their lightweight and durable characteristics.
Acetone's cleaning properties make it valuable for cleaning automotive parts and components in Saudi Arabia. The growth of the automotive industry in Saudi Arabia may lead to an increased demand for acetone in processes related to parts cleaning. According to the International Trade Administration, in 2020, Saudi Arabia accounted for nearly 52% of all vehicles sold in the Gulf Cooperation Council (GCC) and 35% in the MENA region. In Saudi Arabia, 556,000 vehicles were sold in 2019 and 436,000 in 2020. Sales are anticipated to reach 543,000 units by 2025, with only 32,000 units being electric vehicles. The factors mentioned above will drive the regional market growth.
The Brazil market dominated the LAMEA Acetone Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $241.9 Million by 2030. The Argentina market is experiencing a witness a CAGR of 9.8% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 11.3% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Acetone Market is Projected 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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