Acetone Market: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the Acetone Market
The global acetone Market produced a volume of about 7.24 MMT in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 3.4 percent, manufacturing a volume of around 8.6 MMT by 2027.
The Acetone Market broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. Acetone is being used as a solvent in a growing number of industries, including personal care, home goods, and electronics. The Asia Pacific is the biggest category spender by region which is impelling the demand for the Acetone industry.
Acetone: Market Definition and Segmentation
Scope
Acetone, also known as propanone or dimethyl ketone, is a colourless and odourless solvent used to make plastics and other industrial products. It is a highly flammable, exceedingly volatile liquid with a foul odour. It can be found in a range of home products, including cosmetics and personal care items, to a limited extent.
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The acetone Market comprises segments:
- By application – Solvents, MMA, and BPA
- By region – North America, Europe, Asia Pacific, the Middle East and Africa, and South America
Snapshot of the Report
The regional markets for the industry can be divided into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
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Category Drivers
Acetone is used in the textile industry to degrease wool and degum silk, as well as to make lacquers, which is fueling market expansion. The growing usage of acetone in the manufacturing of personal care and household goods, as well as the growing electronics industry and rising demand for polycarbonate products, are all contributing to the market’s growth. MMA is utilised in auto-glazing and exterior vehicle coating in the automotive industry because of its qualities such as weather resistance and scratch resistance. As infrastructure spending rises, particularly on development and repair projects associated with highways, the need for MMA is expected to rise.
The business is expected to expand further as demand for the isopropyl alcohol derivative, which is used to create sanitizers and disinfectants, grows. Bisphenol A (BPA), methyl methacrylate (MMA), and other compounds are made from acetone as a feedstock. In terms of end-user use, the cosmetics and personal care industries may account for a large portion of acetone consumption in the future. It’s an important component of nail polish removers. Demand for luxury cosmetics and personal care products is growing globally as consumer income levels rise, which will boost the acetone sector soon.
Category Insight by Region
Acetone is mostly manufactured in China, the United States, Taiwan, South Korea, and Western Europe. The Asia Pacific area saw tremendous growth in Acetone usage due to the fast-growing pharmaceutical and electronics sectors. In the Asia Pacific, China is the major consumer of acetone, with rising demand from a variety of end-users including construction, personal care, and solvents. The acetone market is primarily driven by the product’s solvent characteristics.
Methyl methacrylate, a white liquid soluble in most organic solvents except water, is leading the industry’s demand. It has a wide range of applications in medical, dental, and joint replacement therapies, as well as a variety of industrial applications.
In addition, MMA is generally used to make polymethyl methacrylate (PMMA) resin, which is subsequently utilised to make PMMA plastics. PMMA is a more affordable alternative to polycarbonate. Acetone also has good solvent qualities and can be mixed easily with water for printing inks, paints, adhesives, coatings, and other applications, all of which contribute to the market’s growth.
Best Procurement Practices
The global Acetone Market by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of acetone products across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
Propylene can be used directly or indirectly to produce acetone. Cumene is responsible for more than 90% of acetone production. Acetone production is linked to phenol synthesis since the cumene process produces roughly 83 percent of it. In this method, acetone and phenol are produced simultaneously.
The reaction of propylene and benzene in the presence of phosphoric acid-based or zeolite catalysts is the principal manufacturing process. In the liquid phase, cumene is oxidised to cumene hydroperoxide. In the presence of sulfuric acid, it is then split into phenol and acetone. Approximately 0.62 tonnes of acetone are produced for every tonne of phenol.
Direct oxidation of propylene (Wacker-Hoechst process) or hydrating propylene to yield 2-propanol, which is then oxidised (dehydrogenated) to acetone are two further processes.
Key Supplier Profiles included in the Acetone Market
The key market players are Royal Dutch Shell Co, The Dow Chemical Company, INEOS Phenol GmbH, Mitsui Chemicals Inc., LyondellBasell Industries, SABIC, and Honeywell Chemicals.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliernutms.
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