The industry expects the size of the acetone market to reach US$ 6611.3 million by 2023 and US$ 15,674 million by 2033, and grow at a CAGR of 9%. With personal care products becoming increasingly popular, acetone sales are on the rise.
The solvent acetone is invisible and colorless. Small amounts of acetone are used in some labs and companies in order to make products that dissolve or degrade other materials using small amounts of acetone. Increasing demand for nail paints and creative nail art skills has increased demand for acetone.
Acetone is widely used to clean damaged paint. In addition to being able to combine well with mineral oil, acetone is one of the most effective solvents for removing paint. In addition to being miscible with a wide range of compounds, including water, acetone is also a very effective solvent for a wide array of uses.
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Due to its chemical miscibility, strength, and organic makeup, acetone poses relatively low risks. Chemicals such as acetone are used in a wide variety of everyday products. Acetone plays an important role in the chemical industry. In addition to removing coffee stains and permanent marker stains, acetone can also be used to remove virtually anything else that cannot be removed with water.
Due to its superior ability to remove tough stains from a wide variety of surfaces, acetone can be used to remove tough stains from a wide variety of surfaces. Despite its effectiveness at cleaning, acetone is frequently used in laboratories to clean beakers and glass containers to remove oil and other residue. As well as sterilizing razors and surgical blades, it's used to sterilize a lot of stuff. The cleanup of paint stains on glass windows can be accomplished with acetone after a home renovation.
Key Takeaways
● Acetone with low purity grade is projected to hold 95% of the market throughout the forecast period.
● Brazil's increasing construction activity will increase the demand for acetone.
● Increasing paint and coating production in the United States will boost acetone demand.
● Increasing electronic production base in China has fueled market growth, and it is expected to grow at a CAGR of 3%.
● As automobile industries grow, the market for acetone is expected to expand.
“The growth of the automotive industry and the demand for technological advances are expected to spur demand for acetone. Growing demand for paint and coatings is expected to drive growth in the coming years,” says an FMI analyst.
Competitive Landscape
Acetone players around the world are facing stiff competition. A cost-effective and broader product line will enable them to maintain their leading position in the highly competitive market.
The key industry players are Ineas Phenol, Altivia Chemicals, Royal Dutch Shell PLC, Sasol Ltd, The Dow Chemical Company, Domo Chemicals GmbH, Formosa Chemical and Fiber Corporation, Gepsa Quimica, SABIC, Honeywell Research Chemicals, Spectrum Chemical Mfg.Corp.
Market Developments Include:
● In April 2023, INEOS purchased the phenol manufacturing facilities of Mitsui Chemicals in Singapore for 330 million dollars. There is a cumene plant on Singapore's Jurong Island that produces 410,000 t/y, a phenol plant that produces 310,000 t/y, an acetone plant that produces 185,000 t/y, an alpha-methylstyrene plant that produces 20,000 t/y, and a bisphenol A plant that produces 150,000 t/y. Ineos Phenol, a global company with manufacturing facilities in Belgium, Germany, and the US, says the purchase will give it a foothold in Asia. There are currently 120 people working for the company, which has been merged with Ineos Phenol.
● In May 2023, Transport Sylvain Lasalle Inc. was acquired by Joliette, Quebec-based Trimac Transportation. A bulk pressure transportation service is offered by Transport Sylvain Lasalle in eastern Canada. A branch of the company is also located in Joliette. The company provides propane, butane, and other gas to distribution sites and end users. An announcement by the company stated that the acquisition closed on May 17. There was no information provided about the transaction. Twenty-eight tractors and thirty trailers have been brought to Trimac Transportation by Transport Sylvain Lasalle.
Key Segments in Acetone Market
By Grade:
≥ 99.5%
< 99.5%
By Application:
Solvent
MMA
BPA
MIBK
Others
By End Use:
Agricultural Chemicals
Paints & Coatings
Rubber Processing
Polymer & Resin Processing
Adhesive
Printing Ink
Pharmaceuticals
Cosmetics & Personal Care
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa