Acetone, also known as dimethyl ketone, is a colourless, clear, and a volatile liquid mainly used as a chemical intermediate in the manufacture of bisphenol-A (BPA), methyl methacrylate (MMA), and aldol chemicals. It is also used as a direct solvent in various applications including coatings and paints, printing inks, adhesives, nail polish removers, and other skin care products. Acetone is a by-product of phenol and is produced via cumene peroxidation process, which involves the reaction of propylene and benzene.
The global acetone market consumption was estimated to be approximately 6.1 million tons in 2015 and is projected to register a CAGR of 5.0%, reaching a market value of US$ 7.3 Bn by the end of the forecast period (2016-2026). APEJ acetone market is expected to dominate global acetone market in terms of volume in 2017, and the trend is projected to grow throughout the forecast period.
Rising Demand for Methyl Methacrylate (MMA) to be a Major Growth Driver for the Global Acetone Market
Rising demand of MMA to produce polymethyl methacrylate (PMMA) resins, used in the electronics and automotive industry is a major driving factor for the growth of the global acetone market. Polycarbonate plastic and epoxy resins, derived from bisphenol-A (BPA), which are used to manufacture food cans, water bottles, and other consumer goods are expected to surge the acetone market over the forecast period. By the end of the year 2016, 23.5% revenue share of the global acetone market is expected to come from the BPA segment, and the acetone market segment is anticipated to register a value CAGR of 4.8% over the forecast period. However, the development of green solvents and bio-based solvents are emerging as a substantial replacement for acetone, and the rising usage of water-based solvents in coatings and paints may hamper revenue growth of global acetone market.
Acetone Consumption in APEJ Set to Register the Fastest CAGR of 5.9% During 2016-2026
The APEJ acetone market accounted for 39.8% share of the global acetone market consumption in 2015 and is projected to increase at the fastest CAGR of 5.9% over the forecast period. The acetone market in North America and Western Europe is expected to be relatively mature as compared to that of the APEJ market over the forecast period. Acetone market in the MEA region is expected to be driven by the construction industry.
Solvents Application Segment Estimated to Register a CAGR of 5.3% over the Forecast Period
Acetone is one of the most common industrial solvents used in various end-use industries including chemical, pharmaceutical, cosmetic, etc. It is a fast evaporating solvent used in coatings and paints, adhesive manufacturing, and formulation of printing ink to dissolve the binder. The solvents acetone market segment in the acetone market is estimated to register a CAGR of 5.3% over the forecast period, creating a total incremental opportunity of US$ 1,169.3 Mn between 2016 and 2026.
Chemical and Allied Products End-use Industry Segment Likely to Dominate the Global Acetone Market
The chemical and allied products acetone market segment is projected to register a growth rate of 5.1% in terms of value over the forecast period in the acetone market. The segment is also expected to hold disproportionately large shares in the global acetone market throughout the forecast period, accounting for 80.4% of the total incremental opportunity created between 2016 and 2026.
Download Competitive [email protected] https://www.futuremarketinsights.com/askus/rep-gb-276
Leading Market Players Dominating the Global Acetone Market
This report offers an all-inclusive assessment of the global acetone market. In this report, the reader will come across information pertaining to leading market players along with their financials, market shares, and key developments. The information will allow stakeholders to slate important growth strategies with a view of staying ahead of the curve and overcoming difficulties arising in the acetone market. Companies profiled in the acetone market report include Domo Chemicals, Hindustan Organic Chemicals Limited, INEOS Phenol, CEPSA Quimica, Royal Dutch Shell plc, Mitsui Chemicals, Inc., Formosa Chemicals, Sasol, Fiber Corporation, Honeywell International, Inc., and The Dow Chemical Company. Key players are strategically increasing their capacities worldwide through plant expansion and new acetone plant installation mainly in the Asia Pacific, to address the growing regional acetone market.