Acetone Market Size were valued at USD 4,681.7 Million in 2020 and is expected to grow at a CAGR of 4.8% during the forecast period of 2020 - 2025.
The demand for acetone is largely driven by the growth of end-use industries, such as personal care, textiles, electronics, cleaning, pharmaceuticals, and petroleum. In cosmetics, it is one of the most widely used solvents in nail polish removers and cleaners. Favorable physical properties, such as low boiling point and miscibility in water, boost the consumption of the product, which in turn is expected to boost the world market for years to come. The strong demand for acetone has forced manufacturers to operate production plants at higher rates. This additional production per year led to an increase in prices in 2019 and this trend is expected to continue throughout the forecast period. Another reason for rising operating costs is the stagnant profit margin. The high cost is also explained by a combination of factors, such as the rise in the price of propylene coupled with regulations on domestic supply, particularly in the Asian countries of China and India.
In July 2019, Deepak Nitrite reached 80% plant capacity utilization of phenol and acetone. BSE-listed Deepak Nitrite, which has been commissioned and has been operating since the fourth quarter of 2019, through its wholly-owned subsidiary Deepak Phenolics (DPL), has achieved an average capacity utilization of 80% and a peak of 100% in your new phenol and acetone factory.
In June 2019, India's largest acetone plant is expected to save $ 400 million in foreign exchange annually on the import front. India's largest phenol and acetone production plant of Deepak Phenolics Ltd, located in Gujarat, which began operations almost five months ago, is reportedly slashing import figures for these chemicals by around 60 % and in the long run that would probably save about $ 400 million. value of foreign currency each year.
In June 2018, Green Biologics launched the world's first organic acetone-based nail polish remover. Sally Beauty Supply LLC is the first retailer to market a sustainably produced nail polish remover and markets it to more than 3,000 stores across the country. The product, which is branded as Sally Beauty's "Beauty Secrets" line, is a collaboration of Green Biologics and Marianna Industries, a leading developer and manufacturer of beauty products.
In August 2019, Altivia Ketones & Additives, a subsidiary of Altivia Petrochemicals, has agreed to acquire the acetone derivatives business from Dow. This includes the manufacturing site in Institute, West Virginia (pictured), as well as related infrastructure, grounds and utilities. Dow remains a tenant on the site. Terms were not disclosed and the transaction is expected to close by the end of 2019, subject to customary closing conditions.
Bisphenol A is one of the end-uses of acetone that is used as a raw material for the production of various resins such as epoxy and polycarbonates. The escalating utilization of polycarbonate products in multiple applications, such as optical media for CDs and DVDs, and in the electrical and electronic sector for insulators, connectors and housings, and in the automotive sectors, is driving the demand for bisphenol A, which in turn drives the growth of Acetone market. However, with the development of new technologies, the demand for optical media has grown, due to the increasing use of the Internet for streaming movies and music. This growth also contributes to the growth of the market. In addition, the construction, automotive and IT segments are known as key growth markets. Therefore, the demand for polycarbonate is expected to increase, which will continue to drive the growth of bisphenol A (BPA) during the foreseen period. Moreover, the increasing use of epoxy resins derived from bisphenol-A (BPA) in the manufacture of water pipes, cans and thermal paper is also contributing to the growth of the BPA market which in turn is driving the growth of global Acetone Market through the outlook period.
However, acetone related health issues such as liver damage, vomiting and blindness caused by exposure, and the flammability of acetone are key factors hampering the growth of the global Acetone market.
Increasing population, rising disposable income and growing demand from personal care and cosmetics industry are driving the expansion in the market. The use of acetone in a wide range of industries, such as construction and petroleum, further drives the growth of the market. The pharmaceutical industry uses acetone as a solvent to deliver the right amount of medicine. It is used for dissolving chemical agents in drugs and regulating the effective density and viscosity of the solution. Growing demand from emerging economies, application in new applications and technological advancements are factors that are foreseen to provide plenty of growth opportunities for the global acetone industry in the coming years.
The global acetone market has seen an increase in production capacity, while the demand for acetone has slowed globally over the past decade. The main derivatives of the acetone market are epoxy resins, bisphenol-A (BPA), polycarbonate, methyl methacrylate (MMA) and phenolic resins, all of which have seen increased investment in new capacity in the world over the past decade. This trend of increasing capacity, which at times appeared to be less than global market demand for acetone, has now increased the pressure on competitive prices and changing trade flows. Upward price movements have been significantly affected by overcapacity trends, with acetone and phenol being closely related.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 – 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 - 2025 |
|
CAGR |
4.8% |
|
Segments Covered |
By Product, Type, Consumption, Distribution Channel and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Honeywell International Inc. (US), Dow (US), Ineos (UK), Formosa Chemicals & Fibre Corp (Taiwan),BASF SE (Germany),Mitsui Chemicals Inc (Japan),Shell Chemical Co (US),LG Chem Ltd (South Korea),Reliance Chemicals Pvt Ltd (India), Kumho P&B Chemicals (Korea). |
Acetone Market - By Application
Solvent manufacturing consumed 32.9% of the total worldwide demand for acetone in 2020. Acetone products are used to clean chemical stains and there is a growing preference for manufacturing different solvents industrial. The chemical, being miscible with water and other organic compounds, is expected to experience increased demand in the production of solvents.Personal care industry is estimated to dominate the solvent demand during the forecast period as it helps maintain product consistency in nail polish remover. It is also used in perfume formulations, hair care products, and cleansers. The increasing use of acetone in skin care products for oily skin is expected to further drive demand.
The demand for bisphenol A is supposed to increase rapidly during the forecast period, due to its use in the production of polycarbonate. Polycarbonates are increasingly in demand in different end-use industries, such as electronics, automotive and construction.
Acetone Market - By End-use
The pharmaceutical and healthcare industries use BPA-based polycarbonate in a wide range of medical equipment due to the characteristics offered such as durability, heat resistance, biocompatibility, high strength and clarity.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Asia-Pacific retained the top market share of 41.8% in terms of sales in 2020. International manufacturers have relocated their manufacturing units to the region, due to infrastructure and labor costs affordable artwork. Emerging economies, along with increasing industrialization and increasing purchasing power, are likely to continue to contribute to the demand for chemicals from regional end-use industries.
North America is the second largest regional segment, primarily due to its application in the manufacture of solvents. Canada is the fastest growing domestic market with increasing demand for solvents. On the other hand, the growth in consumer spending on technology in the United States has led to increased demand for consumer electronics, boosting the demand for bisphenol A.
Canada is predicted to have lucrative business opportunities during the projection period as several international pharmaceutical and cosmetic manufacturers have moved their manufacturing plants to the country. In addition, Canada offers a raw material price advantage over other locations in North America. This trend is expected to direct the attention of US manufacturers to Canada or offshore locations, and as a result, the country's industrialization will flourish.
The spread of coronavirus has disrupted global supply chains and has also reduced labor availability, affecting manufacturing plants around the world. Ultimately, this will have a direct impact on the demand for acetone. The pandemic is affecting the operations of various industries including agriculture, chemicals, personal care, automotive, aerospace and others. Thus, the impact of COVID-19 will be felt throughout the year and will also affect the growth of this market.
The key players operating in the global acetone market are
1) Honeywell International Inc. (US),
2) Dow (US), Ineos (UK),
3) Formosa Chemicals & Fibre Corp (Taiwan),
4) BASF SE (Germany),
5) Mitsui Chemicals Inc (Japan),
6) Shell Chemical Co (US),
7) LG Chem Ltd (South Korea),
8) Reliance Chemicals Pvt Ltd (India),
9) Kumho P&B Chemicals (Korea).
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Application
5.1.1 Introduction
5.1.2 Methyl Methacrylate
5.1.3 Bisphenol-A
5.1.4 Solvents
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2 End-User Industry
5.2.1 Introduction
5.2.2 Cosmetics and Personal Care
5.2.3 Electronics
5.2.4 Construction
5.2.5 Automotive
5.2.6 Pharmaceutical
5.2.7 Agricultural Chemicals
5.2.8 Paints
5.2.9 Coatings & Adhesives
5.2.10 Y-o-Y Growth Analysis, By Type
5.2.11 Market Attractiveness Analysis, By Type
5.2.12 Market Share Analysis, By Type
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Application
6.1.3.3 By End-User Industry
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Application
6.1.4.3 By End-User Industry
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Application
6.1.5.3 By End-Use Industry
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Borealis AG
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 CEPSA Quimica SA
8.3 DowDuPont
8.4 Honeywell International
8.5 Mitsui Chemicals Inc.
8.6 Domo Chemicals
8.7 INEOS Phenol
8.8 Hindustan Organic Chemicals Limited
8.9 Formosa Chemicals
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
The segment-level analysis in terms of By Application, and End user Industry along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Acetone Market By Region, From 2020-2025 ( USD Billion )
Global Acetone Market By Application, From 2020-2025 ( USD Billion )
Global Methyl Methacrylate Market By Region, From 2020-2025 ( USD Billion )
Global Bisphenol-A Market By Region, From 2020-2025 ( USD Billion )
Global Solvents Market By Region, From 2020-2025 ( USD Billion )
Global Other Market By Region, From 2020-2025 ( USD Billion )
Global Acetone Market By End-User Industry, From 2020-2025 ( USD Billion )
Global Cosmetics & Personal Care Market By Region, From 2020-2025 ( USD Billion )
Global Electronics Market By Region, From 2020-2025 ( USD Billion )
Global Construction Market By Region, From 2020-2025 ( USD Billion )
Global Automotive Market By Region, From 2020-2025 ( USD Billion )
Global Pharmaceuticals Market By Region, From 2020-2025 ( USD Billion )
Global Agriculture Chemicals Market By Region, From 2020-2025 ( USD Billion )
Global Paints Market By Region, From 2020-2025 ( USD Billion )
Global Coatings & Adhesives Market By Region, From 2020-2025 ( USD Billion )
Global Other Market By Region, From 2020-2025 ( USD Billion )
