Growing demand for acetone solvents is one of the significant factors influencing market growth.
New York, NY -- (SBWIRE) -- 05/05/2021 -- The global Acetone Market is expected to reach USD 6.64 Billion by 2027, according to a new report by Reports and Data. Acetone is a commonly used solvent primarily used in industrial and laboratory settings, as well as is considered safe enough for household applications. Currently, acetone is produced from petrochemicals as a co-product of phenol.
The rapid growth of the cosmetics industry is estimated to drive the market demand for acetone in the forecast period. The developing nations in the Asia Pacific and Latin America regions are likely to offer substantial growth opportunities for the cosmetics industry. Acetone is popular as the primary ingredient in nail polish remover. Moreover, cosmetic products, including makeup and skin creams, comprise acetone as a solvent provider to different chemicals. It is also a chief constituent in chemical skin peels to treat acne.
Increasing demand for polycarbonates is likely to boost the market demand in the upcoming years. Polycarbonates, derived from Bisphenol-A, find increasing implementation in the automotive industry, which is one of the key drivers for the growth of the market. Polycarbonate is increasingly deployed as an alternative for manufacturing a wide variety of materials and are most beneficial when transparency and impact resistance are a product requirement (for example, in bullet-proof glasses). Polycarbonate is usually used for plastic lenses in eyewear, protective gear, in medical devices, digital Disks (CDs, DVDs, and Blu-ray discs), greenhouses, and exterior lighting fixtures.
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By grade, the technical grade contributed to a larger market share of around 85.0% in 2018 and is estimated to grow at a rate of 4.5% in the forecast period.
By application, the solvents dominated the market in 2018 and is expected to witness a growth rate of 5.1% in the forecast period. Solvents find application in products including nail polish removers, lacquers & finishes, cement, cleaners, films, paint, coatings, and adhesives.
By industry vertical, the electronics industry held a considerable market share in 2018 and is projected to have a CAGR of 5.4% in the period 2019-2027. Electronics devices require exceptionally clean components for maximum performance and acetone suits well in meeting those requirements. Also, acetone is used in the manufacturing of polycarbonates used in several electronics applications.
The Asia Pacific region led by China contributed to the largest market share in 2018 and is forecasted to experience the fastest growth rate of 6.2% in the forecast period. The high market demand is due to the increasing demand for solvents, MMA, and bisphenol-A from several end-user industries, including electronics, construction, and automotive.
Key participants include Honeywell Research Chemicals, Royal Dutch Shell PLC, INEOS Phenol GmbH, Mitsui Chemicals Inc., CEPSA Quimica, Inc., Prasol Chemicals Pvt. Ltd. LyondellBasell Industries Inc., ALTIVIA Ketones & Additives, LLC, SABIC, and Kumho P&B Chemicals, among others.
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Grade Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Methyl Methacrylate (MMA)
Methyl Isobutyl Ketone
Industry Vertical Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Paints & Coatings
Regional Outlook (Revenue in USD Billion; 2017–2027)
Middle East & Africa
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2027
Chapter 3. Indicative Metrics
Chapter 4. Acetone Segmentation & Impact Analysis
4.1. Acetone Material Segmentation Analysis
4.2. Industrial Outlook
Chapter 9. Competitive Landscape
9.1. Market Revenue Share by Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape
Chapter 10. Company Profiles
10.1. Honeywell Research Chemicals
10.1.1. Company Overview
10.1.2. Financial Performance
10.1.3. Technology Insights
10.1.4. Strategic Initiatives
10.2. Royal Dutch Shell PLC
10.2.1. Company Overview
10.2.2. Financial Performance
10.2.3. Technology Insights
10.2.4. Strategic Initiatives
10.3. INEOS Phenol GmbH
10.3.1. Company Overview
10.3.2. Financial Performance
10.3.3. Technology Insights
10.3.4. Strategic Initiatives
10.4. Mitsui Chemicals Inc.
10.4.1. Company Overview
10.4.2. Financial Performance
10.4.3. Technology Insights
10.4.4. Strategic Initiatives
10.5. CEPSA Quimica, Inc.
10.5.1. Company Overview
10.5.2. Financial Performance
10.5.3. Technology Insights
10.5.4. Strategic Initiatives
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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Acetone market and its competitive landscape.
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