The North America Acetone Market would witness market growth of 6.6% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 1,193.0 Kilo Tonnes, showcasing a growth of 4.5% (2019-2022).
In pharmaceutical manufacturing, acetone is employed for extracting and purifying certain drugs. It is also used in the production of medicines and as a component in various pharmaceutical formulations. Acetone is frequently used in nail polish removers because of its ability to dissolve nail polish. Additionally, it finds applications in personal care products, showcasing its versatility beyond industrial uses. Acetone's exceptional solvent properties make it suitable for dissolving various substances, including oils, resins, and polymers. This characteristic is fundamental to its applications in the chemical industry.
Acetone serves as a crucial intermediate chemical in the synthesis of many compounds. Its reactivity and ability to undergo various chemical reactions make it a valuable building block in producing diverse chemicals. The cosmetic industry extensively uses acetone in nail polish removers. Its effectiveness in removing nail polish quickly without damaging the nails has made it a staple in personal care products. Acetone finds use in the pharmaceutical industry for extracting and purifying certain drugs. Its role in drug manufacturing underscores its importance in the healthcare sector.
As per the International Trade Administration, the US automotive industry is one of the world's largest. In 2020, the United States sold 14.5 million light vehicles. The United States is the world's second-largest vehicle sales and production region. According to Autos Drive America, global automakers produced 5 million vehicles in the United States in 2020. As the US's automotive sector experiences growth and innovation, the demand for high-quality coatings may contribute to increased acetone usage. Due to these aspects, the market will expand across the North America region in upcoming years.
The US market dominated the North America Acetone Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,586.3 Million by 2030. The Canada market is exhibiting a CAGR of 7.2% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 7% 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 U.S., Mexico, Canada, and Rest of North America.
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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