Factors such as expanding applications of acetone as a solvent and wide use in pharmaceuticals, cosmetics, and paints and adhesives industries is predicted to account for swelling growth in the acetone market over the 2020 – 2030 forecast period. The demand for acetone is largely dependent on the growth of end-use industries such as textiles, personal care, electronic, pharmaceutical, cleansing, and petroleum.
Chemically, acetone is a colorless, flammable, and volatile liquid commonly used as an industrial solvent. Acetone is mostly produced as a byproduct during phenol manufacturing. Besides this, cumene process, dry distillation, and Wacker process are some other methods for the manufacture of acetone.
The report delves into each and every key aspect for an exhaustive analysis of the acetone market for the 2020 – 2030 forecast period. This includes demand dynamics, growth trends, and regional outlook of the acetone market for the aforementioned forecast period. Insights into competition and vendor landscape of the acetone market is another highlight of this report. This includes a detailed overview of growth strategies of prominent players and revenue share projections of key players in the acetone market over the 2020 – 2030 forecast period.
The acetone market renders a moderately consolidated vendor landscape with a few large players that hold considerable share in the market. R&D for the development of bio-based substitutes is the key focus of key players in the acetone market. Business partnerships and strategic alliances are some inorganic growth strategies of savvy players in the acetone market.
Some prominent players in the acetone market are INEOS Phenol GmbH, The Dow Chemical Company, Prasol Chemicals Pvt. Ltd., CEPSA Quimica S.A., Kumho P & B Chemicals, Thermo Fisher Scientific Inc., Solvay, Royal Dutch Shell plc, Honeywell Research Chemicals, Mitsui Chemicals Inc., Lyondell Basell Industries Inc., SABIC, Arkema, and DOMO Chemicals.
Exponential growth of the paints and coatings, construction, and automotive industries due to economic growth and rising disposable income in several parts of the world is indirectly benefitting the acetone market.
Further, immense growth potential of the cosmetics and pharmaceutical industries due to rising demand from various demographics is another key factor indirectly influencing the growth of acetone market. In cosmetics, acetone is one of the most common solvents used in nail polish removers and cleansers.
On the downside, high cost of production of acetone due to stagnancy in profit margin is hampering the growth of acetone market. Meanwhile, high demand for acetone has compelled manufacturers to run production plants at higher rates. While, higher production cost led to rise in price of acetone, the profit margins for manufacturers did not increase in the proportion. This is slowing the growth of acetone market.
Environmental implications of acetone, as it is a hazardous chemical is compelling end-use industries to look for bio-based substitutes. Acetone is known to affect the quality of ground water and impact human health, thereby necessitating bio-based substitutes that do not interfere with the environment. This hampers the growth of acetone market.
Geographically, the acetone market is divided into the key regions of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a key region in the acetone market. The monumental growth of the paints and coating, cosmetics, and pharmaceutical industries in the region is indirectly benefitting the acetone industry. Emergence of China and India as manufacturing hubs of chemicals due to low cost of production is resulting in swelling growth of the acetone market in the region.
North America and Europe are relatively established regions in the acetone market.
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