Global Acetone Market Report and Forecast 2023-2028

Global Acetone Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global acetone market reached a volume of nearly USD 5.69 billion in 2022. Aided by the rising demand in various end-user industries and the growing importance of acetone as a critical solvent, the market is projected to further grow at a CAGR of 7.8% between 2023 and 2028 to reach a value of USD 8 billion by 2028.

Acetone, also known as propanone, is a simple ketone with the formula (CH3)2CO. It is a colourless, volatile, and flammable liquid that is widely used as a solvent. Apart from its significant role in cleaning and degreasing applications, acetone serves as an essential intermediate in the production of various chemicals, including bisphenol A (BPA), methyl methacrylate (MMA), and other derivative products.

The burgeoning demand for lightweight and efficient materials in the automotive and construction industries is increasing the global acetone market share. With the increasing emphasis on energy efficiency and fuel economy, there has been a substantial shift towards the use of polycarbonate and epoxy resins—both of which rely on acetone as a key raw material. This has significantly contributed to the surging demand for acetone globally.

Furthermore, the extensive use of acetone in the pharmaceutical sector plays a vital role in bolstering the acetone market demand. Acetone is used as a solvent in the production of various drugs and is employed in different processes such as crystallisation. Its role in the synthesis of active pharmaceutical ingredients (APIs) further underscores its importance in healthcare applications.

The industrial applications of acetone are diverse and continue to expand, aligning with trends in various sectors. In the cosmetics sector, for instance, acetone is a primary component in nail polish removers due to its effectiveness in dissolving substances and its rapid evaporation rate. It is also used in the formulation of various skincare products, owing to its role as a denaturant and solvent for many oils, gums, and resins.

In the electronics sector, the need for high-purity solvents in manufacturing processes makes acetone a key player. It is used extensively in cleaning and preparing components, often acting as the solvent of choice due to its low cost and high evaporation rate. With the relentless advancement of technology and increasing production of electronic devices, the demand for acetone in this sector is set to remain robust. Over the forecast period, the anticipated increase in demand for consumer electronics is likely to advance the acetone market growth.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• Solvents
• Methyl Methacrylate (MMA)
• BPA
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global acetone market. Some of the major players explored in the report by Expert Market Research are as follows:

• Shell Chemicals
• INEOS Group Holdings S.A.
• Cepsa Química, S.A.
• LG Chem
• Honeywell International Inc.
• Versalis S.p.A.
• Mitsui Chemicals Group
• Formosa Chemicals and Fibre Corporation
• Altivia
• Hindustan Organic Chemicals Limited
• SI Group, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.