Bio-Acetone Market Size (2024 - 2029)

The bio-acetone market is projected to experience significant growth over the forecast period, driven by the increasing demand for bio-based products across various industries. Despite the initial negative impact of the COVID-19 pandemic, the market has rebounded, reaching pre-pandemic levels. The expansion of production technologies for bio-based products is anticipated to offer further opportunities, although the presence of alternative products may pose challenges to market growth.

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Market Size of Bio-Acetone Industry

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Bio-Acetone Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 74.80 Million
Market Size (2029) USD 182.28 Million
CAGR (2024 - 2029) 19.00 %
Fastest Growing Market Europe
Largest Market Europe

Major Players

Bio-Acetone Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Bio-Acetone Market Analysis

The Bio-Acetone Market size is estimated at USD 74.80 million in 2024, and is expected to reach USD 182.28 million by 2029, growing at a CAGR of greater than 19% during the forecast period (2024-2029).

The COVID-19 pandemic negatively impacted demand in the market due to lockdowns and restrictions imposed by various countries. However, the market recovered in 2021 and returned to pre-pandemic levels in 2022 and 2023 with the rise in applications in various industries.

Over the short term, the demand for bio-acetones is propelled by the demand for bio-based products from various industries, such as paints and coatings.

Conversely, the availability of various alternatives is expected to hinder the market's growth in the future.

The increasing technology for producing bio-based products is expected to create opportunities for the bio-acetone market during the forecast period.

Bio-Acetone Industry Segmentation

Bio-acetone is an alternative to petroleum-based acetone and is produced from various economically friendly raw materials such as corn. It is used as a solvent and thinner in various industries, including paints and coatings.

The Bio-Acetone Market is segmented by material type, application, and country. By type, it is segmented by purity, i.e. <99% and >99%. By application, the market is segmented by plastics, rubber, paints, coatings, and other applications (nail polish remover, cleaning agent, chemicals intermediaries, and others), and by geography, the market is segmented by Asia-Pacific, North America, Europe, South America, and the Middle East and Africa. The report offers market size forecasts for the bio-acetone market in 27 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Type
Purity <99%
Purity >99%
Application
Plastics
Rubber
Painting
Other Applications (Nail Polish Remover, Cleaning Agent, Chemicals Intermediaries, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Turkey
Russia
NORDIC Countries
Rest of Europe
South America
Brazil
Argentina
Colombia
Rest of South America
Middle East and Africa
Saudi Arabia
Nigeria
Qatar
Egypt
United Arab Emirates
South Africa
Rest of Middle East and Africa
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Bio-Acetone Market Size Summary

The bio-acetone market is poised for significant growth, driven by the increasing demand for bio-based products across various industries such as paints, coatings, and automotive. Bio-acetone, a renewable alternative to traditional acetone, offers similar chemical properties and advantages like being non-carcinogenic and biodegradable. Its application in low volatile organic compound (VOC) products is gaining traction due to stringent VOC regulations, particularly in Europe. The automotive sector's shift towards bio-based coatings, spurred by rising electric vehicle production and regulatory compliance, further bolsters the market's expansion. Despite the challenges posed by alternative products, advancements in bio-based technology present promising opportunities for market growth during the forecast period.

The market landscape is characterized by a consolidated group of major players, including LG Chem, Mitsui Chemicals, INEOS, Bio Brands LLC, and Eastman Chemical Company, who are actively pursuing certifications like the International Sustainability & Carbon Certification PLUS to enhance their product offerings. The European Union's VOC Solvents Emission Directive is a significant regulatory driver, mandating the use of low-VOC solvents in industries such as paints and coatings, thereby increasing the demand for bio-acetone. Additionally, the cosmetics industry in Europe, with its substantial market size, is expected to contribute to the rising demand for bio-acetone, particularly as a safer alternative in products like nail polish removers. These factors collectively indicate a robust growth trajectory for the bio-acetone market in the coming years.

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Bio-Acetone Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand for Bio Based Raw Materials in Various Industrial Applications

      2. 1.1.2 Increase in VOC Regulations

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Availability of Alternatives

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size In Value)

    1. 2.1 Type

      1. 2.1.1 Purity <99%

      2. 2.1.2 Purity >99%

    2. 2.2 Application

      1. 2.2.1 Plastics

      2. 2.2.2 Rubber

      3. 2.2.3 Painting

      4. 2.2.4 Other Applications (Nail Polish Remover, Cleaning Agent, Chemicals Intermediaries, etc.)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Malaysia

        6. 2.3.1.6 Thailand

        7. 2.3.1.7 Indonesia

        8. 2.3.1.8 Vietnam

        9. 2.3.1.9 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Italy

        5. 2.3.3.5 Spain

        6. 2.3.3.6 Turkey

        7. 2.3.3.7 Russia

        8. 2.3.3.8 NORDIC Countries

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Colombia

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 Nigeria

        3. 2.3.5.3 Qatar

        4. 2.3.5.4 Egypt

        5. 2.3.5.5 United Arab Emirates

        6. 2.3.5.6 South Africa

        7. 2.3.5.7 Rest of Middle East and Africa

Bio-Acetone Market Size FAQs

The Bio-Acetone Market size is expected to reach USD 74.80 million in 2024 and grow at a CAGR of greater than 19% to reach USD 182.28 million by 2029.

In 2024, the Bio-Acetone Market size is expected to reach USD 74.80 million.

Bio-Acetone Market Report Snapshots

Bio-Acetone Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029)