Acetone Market Size, Share & Trends Analysis Report By Application (Solvents, Bisphenol A, Methyl Methacrylate), By Grade (Technical, Specialty, Specialty Grade), By Region, And Segment Forecasts, 2023 - 2030

Acetone Market Size, Share & Trends Analysis Report By Application (Solvents, Bisphenol A, Methyl Methacrylate), By Grade (Technical, Specialty, Specialty Grade), By Region, And Segment Forecasts, 2023 - 2030

Acetone Market Growth & Trends

The global acetone market size is expected to reach USD 10.23 billion by 2030, expanding at a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly driven by the rising consumption of the product as a cleaning agent and as a solvent in the production of plastics, textiles, cosmetics, and other personal care products.

Acetone, which also goes by the names dimethyl ketone and propanone, is a highly flammable, colorless liquid with the chemical formula (CH3)2CO. It is the smallest and most basic ketone and is frequently used in homes, businesses, and laboratories for cleaning. It is frequently used as a byproduct for the production of phenol. The Wacker process, dry distillation, and the cumene process are a few popular production processes.

Acetone, for active components, is an excellent solvent and serves as a carrier agent in fungicides and insecticides, used in agriculture. Additionally, it is used in personal care products owing to the rising awareness regarding self-care and grooming across the globe. In addition, the product as a cleaning agent or solvent is used to dissolve two-part epoxies, super glue, and polyester resin before they are set in the manufacturing process. It also aids in gel coat and polyester resin cleaning. Casting resin can also be effectively removed from the skin with acetone.

China, the U.S., South Korea, and the western European region are the main manufacturing hubs for the product. Due to the rapidly growing pharmaceutical and electronics industries, the Asia Pacific region exhibits an enormous growth in demand for the product. It is further predicted to contribute to the largest consumption share during the forecast period. In addition, India is anticipated to increase local production during the upcoming years due to the anti-dumping charges it has placed on imports of acetone from South Korea, Saudi Arabia, and China.

Acetone Market Report Highlights

• Solvents application is expected to witness the highest CAGR of 8.0% till 2030 owing to the increasing utilization of acetone as a solvent in pharmaceutical, paints & coatings, and cosmetics industries
• The specialty grade segment witnessed the fastest growth rate of 8.7% in 2022, owing to its properties such as low water and benzene content. In addition, specialty-grade acetone products are extensively used in the production of Over-The-Counter (OTC) medicines
• Asia Pacific market witnessed the fastest growth rate of 8.2% during the forecast period. This high rate is attributed to the rise in demand for the product from various end-user industries such as pharmaceutical, automotive, and cosmetic manufacturing
• Major market players have an extensive presence throughout the value chain. Some major companies engaged in product manufacturing include INEOS; Shell Plc; Honeywell International, Inc.; SABIC; and others. These companies have been the industry leaders due to the constant product innovation, backed by the rapid adoption of the latest technological interface

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