Austin, Aug. 16, 2024 (GLOBE NEWSWIRE) — The Acetone Market Share was valued at USD 6.1 billion in 2023 and is expected to reach USD 11.9 billion by 2032 and grow at a CAGR of 7.7% over the forecast period 2024-2032. The Acetone market offers significant opportunities driven by its widespread use as a solvent in industries such as pharmaceuticals, cosmetics, and chemicals. Additionally, the growing demand for acetone in the production of bisphenol-A (BPA) for manufacturing polycarbonates and epoxy resins is further fueling market growth, especially in the construction and automotive sectors.
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Key Players
- INEOS Phenol GmbH
- SABIC
- The Dow Chemical Company
- Domo Chemicals GmbH
- Formosa Chemical and Fiber Corporation
- Kumho P&B Chemicals
- Royal Dutch Shell PLC
- Honeywell Research Chemicals
- Spectrum Chemical Mfg. Corp.
- Altivia Chemicals
The Acetone Market is experiencing a strong phase of growth on account of high demand emanating from end-use industries such as pharmaceuticals, cosmetics, and electronics. The leading companies in the Acetone market have made some prominent strategic moves, which is indicative of a competitive landscape that continues to change over time. In March 2024, LyondellBasell completed an increase in the production capacity of one of its North America-based acetone plants, focusing on continued strong demand from pharmaceutical customers. This underpinned the increase in the market post-February 2024 when INEOS announced it signed a long-term supply agreement with a major Asian-based electronics firm, thereby ensuring a constant stream of acetone into semiconductor production activities.
Investments in the acetone space are also growing with the implementation of green process production, which has gained market expansion applications. In April 2023, Solvay launched its bio-based acetone, further hammering out the position this chemical giant takes in this chemical market with respect to the green movement. That move was a wider policy by the company to cut carbon emissions by about 30% before the close of 2030. As the shift of consumer demand has steered towards bio-based products underpinned by a larger growth strategy, primarily in Europe, where regulatory frameworks favor chemicals that are environmentally friendly. The demand in the Acetone Market remains taut for the Asian and North American regions, particularly by the closing of 2024, owing to technological advancements and the ever-stringent environmental regulations. In general, the licensing opportunities in this segment are vast, but some of the threats include fluctuations in raw material prices and environmental issues arising from the manufacture of acetone.
Acetone Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 6.1 billion |
| Market Size by 2032 | USD 11.9 billion |
| CAGR | 7.7% |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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| Major Regions Covered |
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Segment Analysis
The Bisphenol A segment accounted for the largest acetone market share of about 55% in 2023. This is attributed to the fact that acetone serves as a critical raw material in the production of BPA, used in turn for the manufacture of polycarbonate plastics and epoxy resins. For instance, large chemical manufacturers like BASF and INEOS Phenol have heavily invested in increasing their BPA production capacity in response to the growing demand for high-performance plastics from the automotive and electrical industries. These end-use industries have been showing quite strong growth and clearly translating into significant demand for acetone, thereby very strongly backing the leadership position held by the BPA segment in the acetone market.
Trends Analysis: Acetone Market
Sustainability and new ways of production are some of the major trends in the acetone market these days. Corporations seem to be increasingly using environmentally friendly technologies that could lower their environmental footprint through renewable feedstock and energy efficiency techniques. That impetus comes from the increasing pressure of regulatory bodies and consumers’ demand for greener products. Besides, growing applications for acetone in emerging sectors such as pharmaceuticals and specialty chemicals also bolster the market growth. Developments such as the development of biobased acetone and innovative enhancements in recycling technologies raise the growth potential of the market, mirroring the increasing trend toward sustainability and efficiency in industry.
Regional Analysis
Asia Pacific dominated the acetone market and held a revenue share of approximately 50% in 2023. It is likely to witness high growth during the forecast period. The main factors driving the growth in the Asia Pacific region are the rapidly growing chemical industries. This area has a large number of established chemical manufacturers, which has helped in the mass production and supply of acetone. In addition, adequate availability of raw materials such as propylene has also been fueling acetone production in the region. Growth in the manufacturing sector in Asia Pacific has also driven demand for the chemical. Ranging from industries related to automotive and construction to the sectors of pharmaceuticals and cosmetics, acetone finds usage in very varied industries. As these industries in the region grow steadily, the demand for acetone-based products things like solvents, adhesives, and coating-associated materials will have to increase.
Recent Developments
January 2024: Kolkata-based Haldia Petrochemicals Ltd. opened India’s largest phenol plant; the output is targeted to be 185 KTPA of acetone and 300 kilotons of phenol by early 2026.
December 2023: PTT Global Chemical of Thailand increased its acetone and phenol production to 90% for attaining resourceful utilization and efficiency at an annual production capacity of 150 thousand tons of acetone and 250 thousand tons of phenol.
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Key Takeaways:
- The acetone market is growing fast on the back of demand from the pharmaceutical and chemical industries.
- The key drivers for market growth are sustainable ways of production and technological advancements.
- North America represents the largest share of the market, driven by major expansions and investments in production capacity.
- The key players are doing much of their shaking up in the competitive landscape through strategic partnerships and facility expansions.
Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Key Vendors and Feature Analysis, 2023
5.2 Performance Benchmarks, 2023
5.3 Integration Capabilities, by Software
5.4 Usage Statistics, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and supply chain strategies
6.4.3 Expansion plans and new product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Acetone Market Segmentation, By Grade
- Technical Grade
- Specialty Grade
8. Acetone Market Segmentation, By End-use
- Agricultural Chemicals
- Cosmetics & Personal Care
- Automotive
- Paints & Coatings
- Plastics
- Pharmaceuticals
- Rubber Processing
- Printing Ink
- Polymer & Resin Processing
- Adhesive
- Others
9. Acetone Market Segmentation, By Application
- Solvents
- Bisphenol A (BPA)
- Methyl Methacrylate (MMA)
- Others
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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