Acetone Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Acetone Market Analysis
The acetone market is projected to register a CAGR greater than 3% during the forecast period.
The acetone market is negatively impacted by the COVID-19 pandemic. The global pandemic hindered the major end-user industries of acetone, such as automotive, paints and coatings, cosmetics, and personal care. However, the demand is expected to increase during the forecast period.
- In the medium term, the major factors driving the acetone market are growing usage in the production of personal care and household products, the growing electronics industry in Asia-Pacific, and increasing demand for polycarbonate products.
- On the flip side, increasing production of methyl methacrylate from non-acetone raw materials and increasing regulations by the European Commission on BPA is expected to hinder the market's growth.
- The rising adoption of acetone by dermatologists will offer new growth opportunities to the overall industry growth in the coming years.
- The Asia-Pacific region has dominated the market and is expected to dominate during the forecast period due to the increasing consumption from countries such as China and India.
Acetone Market Trends
This section covers the major market trends shaping the Acetone Market according to our research experts:
Methyl Methacrylate (MMA) Applications to Witness Higher Potential Growth
- Methyl methacrylate (MMA) is a colorless liquid, soluble in most organic solvents except in water, and it is the second-largest market for acetone. MMA is widely used for various medical, dental, and joint replacement procedures and other industrial applications.
- Moreover, MMA is majorly used to make polymethyl methacrylate (PMMA) resin, which is further used to produce PMMA plastics. PMMA plastic is considered an economical substitute for polycarbonate.
- MMA is used in auto-glazing and exterior car coating in the automotive industry, as it is weather-resistant and protects from scratches. It is also used in adhesives, coatings, and nail products.
- With increasing expenditure in the infrastructure construction sector, especially on development and renovation projects related to highways, the demand derived for MMA is expected to increase.
- As per the White House Briefing, in the United States, 1 in 5 miles of highways and major roads, and 45,000 bridges, are in poor condition. United states congress has passed legislation to reauthorize surface transportation programs for five years and invest USD 110 billion in additional funding to repair roads and bridges and support major, transformational projects.
- In the Union budget 2022-23, the Indian government has also allocated INR 1.34 lakh crore for the National Highway Authority of India (NHAI), registering an increase of 133% compared to the previous year, thus augmenting the market studied.
- In 2021, the number of road bridges in China amounted to 961 thousand, an increase of 48,300 over the previous year. The growing road infrastructure in China will increase the consumption of MMA, thereby propelling the overall industry growth.
- Hence, the rising demand from various industries in different countries is expected to increase the demand for acetone for MMA applications.
China to Dominate the Asia-Pacific Region
- In the Asia-Pacific region, China is the largest consumer of acetone, with rising demand from various end users, such as construction, personal care, and solvents.
- According to ITC Trademap, in 2020, China's acetone imports fell by 9.2% Y-o-Y, whereas exports were only more than 200 tons. China is still a net importer of acetone, with a total imported value of 707.17 thousand tons.
- However, various investments have been made to reduce the dependency on imports. For reference, four new acetone installations are expected to be set up in China, and thus the new production capacity will reach 744,000 tons/year from 2021 to 2022.
- The rising demand for acetone for MMA is expected to boost with the rising construction industry in the country. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion.
- Moreover, China has the world's largest electronics production base. According to ZVEI Dia Elektroindustrie, the Chinese electronics industry was valued at about USD 2,430 million in 2020. It is forecast to grow at 11% and 8% Y-o-Y in 2021 and 2022, respectively, thus providing a huge market for autonomy.
- Various expansions in the paints and coatings industry are expected to augment the acetone markets in the coming years. For reference, in May 2021, PPG Industries Inc. invested USD 13 million in the expansion of the paints and coatings unit in China, which includes eight new powder coating production lines and an expanded powder coatings technology center. This expansion will increase the capacity by more than 8,000 metric tons per year.
- Owing to all the aforementioned factors, China is expected to dominate the market during the forecast period.
Acetone Industry Overview
The acetone market is expected to be fragmented, with the presence of both global and local players in the market. Key players in the acetone market (in no particular order) include Formosa Chemicals and Fibre Corporation, Mitsui Chemicals Inc., INEOS, Borealis AG, and Shell PLC.
Acetone Market Leaders
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Formosa Chemicals and Fibre Corporation
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Mitsui Chemicals, Inc.
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INEOS
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Borealis AG
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Shell Plc
*Disclaimer: Major Players sorted in no particular order
Acetone Market News
- In July 2022: LG Chem announced that it would export 1,200 tons of acetone and 4,000 tons of phenol. According to the company, this is South Korea's largest shipment of products with the ISCC PLUS certification.
- In March 2021: Honeywell announced that Lotte GS Chemical Corp. would use Honeywell UOP Q-Max, Phenol 3G, and Evonik MSHP technologies to produce more than 565,000 metric tons per annum of phenol and acetone at its petrochemical facility in Yeosu, South Korea.
Acetone Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Usage in the Production of Personal Care and Household Products
- 4.1.2 Growing Electronics Industry in Asia-Pacific
- 4.1.3 Increasing Demand for Polycarbonate Products
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4.2 Restraints
- 4.2.1 Increasing Regulations by the European Commission on BPA
- 4.2.2 Increasing Production of Methyl Methacrylate from Non-acetone Raw Materials
- 4.3 Industry Value Chain Analysis
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4.4 Porter Five Forces
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Production Capacity Analysis
- 4.6 Trade Analysis
- 4.7 Regulatory Policies
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Application
- 5.1.1 Methyl Methacrylate (MMA)
- 5.1.2 Bisphenol A (BPA)
- 5.1.3 Solvents
- 5.1.4 Methyl Isobutyl Ketone
- 5.1.5 Other Applications (Chemical Intermediates)
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5.2 End-user Industry
- 5.2.1 Cosmetics and Personal Care
- 5.2.2 Electronics
- 5.2.3 Automotive
- 5.2.4 Pharmaceutical
- 5.2.5 Paints, Coatings, and Adhesives
- 5.2.6 Textile Industry
- 5.2.7 Other End-user Industries (Plastics)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Altivia
- 6.4.2 BASF SE
- 6.4.3 Borealis AG
- 6.4.4 Cepsa
- 6.4.5 Formosa Chemicals and Fibre Corporation
- 6.4.6 Honeywell International Inc.
- 6.4.7 INEOS
- 6.4.8 Kumho P&B Chemicals Inc.
- 6.4.9 LCY GROUP
- 6.4.10 Mitsui Chemicals Inc.
- 6.4.11 Prasol Chemicals Pvt. Ltd
- 6.4.12 PTT Phenol Company Limited
- 6.4.13 Reliance Industries Limited
- 6.4.14 Shell PLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Usage by Dermatologists
Acetone Industry Segmentation
Acetone, also known as dimethyl ketone or propanone, is a highly volatile, colorless, and flammable liquid with the chemical formula (CH3)2CO. It is the smallest and simplest ketone that is regularly used for cleaning in households, commercial operations, and laboratories. The market is segmented into application, end-user industry, and geography. By application, the market is segmented into methyl methacrylate, bisphenol A, solvents, methyl isobutyl ketone, and other applications. By end-user industry, the market is segmented into cosmetics and personal care, electronics, automotive, pharmaceutical, paints, coatings and adhesives, textile industry, and other end-user industries. The report also covers the market size and forecasts for the acetone market in 15 countries across major regions. The market sizing and forecasts for each segment have been done based on volume (kilo tons).
| Application | Methyl Methacrylate (MMA) | |
| Bisphenol A (BPA) | ||
| Solvents | ||
| Methyl Isobutyl Ketone | ||
| Other Applications (Chemical Intermediates) | ||
| End-user Industry | Cosmetics and Personal Care | |
| Electronics | ||
| Automotive | ||
| Pharmaceutical | ||
| Paints, Coatings, and Adhesives | ||
| Textile Industry | ||
| Other End-user Industries (Plastics) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Acetone Market Research FAQs
What is the current Acetone Market size?
The Acetone Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Acetone Market?
Formosa Chemicals and Fibre Corporation, Mitsui Chemicals, Inc., INEOS, Borealis AG and Shell Plc are the major companies operating in the Acetone Market.
Which is the fastest growing region in Acetone Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Acetone Market?
In 2024, the Asia Pacific accounts for the largest market share in Acetone Market.
What years does this Acetone Market cover?
The report covers the Acetone Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Acetone Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the factors driving the Acetone Market?
The factors driving the Acetone Market are a) Rising utilization of acetone in the production of personal care products b) Growing end-use industries including paints & coatings and pharmaceutical industries c) Increasing Demand for Polycarbonate Products
Acetone Industry Report
The global acetone market is witnessing significant growth, propelled by increasing demand in sectors such as pharmaceuticals, cosmetics, automotive, and electronics, especially in the Asia-Pacific region. Acetone, a clear, volatile, colorless liquid with a sweet odor, is extensively used as a solvent and in producing key chemicals like Methyl Methacrylate (MMA) and Bisphenol-A (BPA). The market's growth is boosted by the rising demand for solvents in personal care products and the expansion of end-use industries in emerging economies. The shift towards bio-based and green solvents, due to their environmental benefits, is opening new opportunities in the acetone market. However, its high flammability and low acute toxicity pose challenges. Despite this, the market is on an upward trend, with Asia-Pacific leading due to the availability of raw materials and lower labor costs in countries like China and India. For detailed acetone market insights, including share, size, revenue growth rate, and a forecast outlook, Mordor Intelligence™ Industry Reports offer a comprehensive analysis and a free report PDF download.
