Acetone Market by Application (Methyl Methacrylate, Bisphenol A, Solvents, Methyl Isobutyl Ketone, and Others), End Use (Cosmetics and Personal Care, Chemical, Plastic, Pharmaceutical, Paints and Coatings, Other): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026708 | Pages: 100 | Industry: Chemicals and Materials | Date: Oct 2022 | Type: Global

The market crossed US$ 5.5 billion mark in 2022 and is expected to hit US$ 8 billion by 2030, recording a CAGR of 5.0% during the forecast period.

Increasing demand from the paints and coatings industry. 

Paints and coatings are used widely to impart aesthetic feasibility to substrates. In addition, they also affect their functionality in terms of wettability, corrosion resistance and adhesion. Paints & coatings market is increasingly witnessing innovations for achieving eco-friendly and durable solution with the introduction of nanotechnology and water-borne systems. Acetone is a volatile, colorless, flammable, and organic solvent utilized as basic raw material in the chemical industry that can be used in paint thinner. This product is soluble in water and is usually used as a laboratory solvent. The growing demand of paints and coatings industry due to increasing construction activities across the globe is driving the acetone market.

Within the report, the market is segmented into application, end use, and geography. By application, the market is further segmented into methyl methacrylate, bisphenol a, solvents, methyl isobutyl ketone, and others. Based on end use, the market is further segmented into cosmetics and personal care, chemical, plastic, pharmaceutical, paints and coatings, and other. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Expansion of end-use industries.

The global market for acetone is undergoing strong growth due to the rising demand from pharmaceutical, textiles, electronics, automotive, etc. The expansion of these industries due to rising population and urbanization is expected to drive the market over the next few years. The acetone market has witnessed significant growth owing to factors such as growing usage of acetone in the production of personal care & household products coupled with increasing usage by dermatologists. Moreover, a wide range of usage in many end-user applications along with the emerging demand from developed and developing countries such as the United States, India, China, Japan, Germany, and Singapore provides a huge market opportunity for the key players operating in the acetone market. This, in turn, is driving the market.

APAC is the largest acetone market in the forecast period.

The acetone market in APAC is segmented into China, India, Japan, South Korea, and the Rest of APAC. The region is dominating as well as the fastest growing in the acetone market, driven by high economic growth and huge investments in the paints and coatings, pharmaceutical, automotive, electronics, chemical, etc. The growth of the region is propelled by the increasing use of acetone in the cosmetics and personal care, electronics, automotive, pharmaceutical, paints, coatings and adhesives, textile, and others. The demand for high-quality products, rising population, and the growing end-use industries have led to innovation and development in the market. The continuous growth in the manufacturing sector drives the demand for acetone in the region.

Recent strategic developments in acetone market

The acetone market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2021, Honeywell announced that Lotte GS Chemical Corp. would use Honeywell UOP Q-Max, Phenol 3G, and Evonik MSHP technologies to produce more than 565,000 metric tons per annum of phenol and acetone at its petrochemical facility in Yeosu, South Korea.  

The acetone market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Formosa Chemicals and Fibre Corporation, Mitsui Chemicals Inc., INEOS, Borealis AG, and Shell PLC. are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Acetone related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industry of acetone industry
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Application:
    • Methyl Methacrylate
    • Bisphenol A
    • Solvents
    • Methyl Isobutyl Ketone
    • Others
  • End Use:
    • Cosmetics and Personal Care
    • Chemical
    • Plastic
    • Pharmaceutical
    • Paints and Coatings
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Formosa Chemicals and Fibre Corporation
    • Mitsui Chemicals Inc.
    • INEOS
    • Borealis AG
    • Shell PLC.

The List of Companies
- Formosa Chemicals and Fibre Corporation
- Mitsui Chemicals Inc.
- INEOS
- Borealis AG
- Shell PLC.

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