This Acetone Market report includes different market forecast related to market size, production, revenue, consumption, CAGR, gross margin, price and other key factors. This Acetone Market research report is prepared with use of industry best primary and secondary research methodologies and tools. The growing demand for the market in well-established and developing regions, the increasing penetration of the end user industries and the latest technological developments are all together driving growth of the market.
The Acetone Market report presents the growing demand for the market in well-established and developing regions, the increasing penetration of the end user industries and the latest technological developments are all together driving the growth of the market. This Acetone Market report validates the assessment and volume of the market. Moreover, the Acetone Market report does the feasibility study, inspects the data sources, barriers and valuable conclusions. This Acetone Market report unveils the different methodologies used to gather the information, approaches used in the research findings, Appendix, conclusion, sales channels and various data sources.
Data Bridge Market Research analyzes that the global acetone market which was USD 6.81 billion in 2022, is expected to reach USD 10.35 billion by 2030, growing at a CAGR of 5.5% during the forecast period of 2023 to 2030.
Overview of Acetone Market:
Acetone is a volatile, flammable, and colorless liquid commonly used as an industrial solvent. Acetone is an organic compound that is mainly produced through the cumene hydroperoxide process as a by-product of phenol on reaction with benzene and propylene. Acetone is majorly used as an essential feedstock for methyl methacrylate, Bisphenol A (BPA) and solvents manufacturing. Acetone is majorly used in industries including pharmaceutical, agriculture chemicals and paints, coatings, cosmetics & personal care, electronics, construction, automotive and adhesives which should accelerate industry growth.
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Dynamics Scope, Drivers and Growth Drivers of Acetone Market:
The acetone market is segmented on the basis of application, distribution channel, grade outlook and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Rising application of acetone in different industries
Acetone is primarily produced as a byproduct of the phenol production process. Increased demand for phenol, which is used in the production of plastics, resins, and adhesives, can drive the acetone market. Acetone is a versatile solvent used in various applications, including paints, coatings, adhesives, and nail polish removers. Growth in these industries can boost acetone demand. Moreover, Acetone is used in the pharmaceutical and personal care industries for various applications. The growth of these sectors can drive demand for acetone.
Growing demand for acetone in renewable and sustainable applications
Acetone can be produced from renewable sources such as biomass, and there is growing interest in more sustainable and environmentally friendly production methods. In addition, changing consumer preferences, such as a shift towards more environmentally friendly products or increased demand for personal care items, can impact the demand for acetone-based products.
Increasing spending on research and development
Ongoing research and development efforts can lead to the discovery of new applications for acetone or more efficient production methods, potentially driving market growth. Furthermore, the overall economic health of regions or countries can have a significant impact on the demand for acetone. Economic growth typically leads to increased industrial and consumer activity, which can drive demand for acetone-based products.
Regional Analysis/Insights of Acetone Market:
Asia-Pacific is expected to dominate the acetone market due to affordable infrastructure and labour costs and rising industrialization. Emergence of advanced technology in industries is also a reason for the growth of market in this region.
North America is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 due to increase in establishment of petrochemical industries in this region and usage of acetone in chemical and plastic industries.
The major companies which are dealing in the Acetone Market:
Cepsa (Spain)
KUMHO P&B CHEMICALS, INC. (South Korea)
SABIC (Saudi Arabia)
LyondellBasell Industries Holdings B.V. (Netherlands)
INEOS (U.K.)
Dow (U.S.)
Shell International B.V. (Netherlands)
Honeywell International Inc. (U.S.)
Mitsui Chemicals Inc. (Japan)
EMCO Chemical Distributors, Inc. (U.S.)
Prasol Chemicals Pvt. Ltd. (India)
Formosa Chemicals & Fiber Corp. (Taiwan)
Altivia (U.S.)
Borealis AG (Austria)
Hindustan Organic Chemicals Limited (India)
Domo Chemicals (Belgium)
U.S. Chemical & Plastics (U.S.)
Sunmarks, LLC. (U.S.)
The Plaza Group (U.S.)
Versalis S.p.A. (Italy)
Key Market Perspectives:
Thorough examination of prevailing market tendencies
Updates on the latest product advancements and innovations
Acetone Market's Compound Annual Growth Rate (CAGR) for both historic and forecasted years
Strategies and activities of prominent players and brands in the field
Insights into the industry landscape for emerging participants
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Segmentation of Acetone Market:
Application (Methyl Methacrylate (MMA), Bisphenol A (BPA), Solvents), Distribution Channel (Manufacturer to Distributor, Manufacturer to End-User), Grade Outlook (Specialty Grade, Technical Grade), End Use (Cosmeticsand Personal Care, Electronics, Construction, Automotive, Pharmaceutical, Agricultural Chemicals, Paints & Coatings, Adhesives)
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