Acetone Market: Overview
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.
Acetone Market: Competitive Landscape
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.
Acetone Market: Key Trends
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.
Acetone Market: Regional Assessment
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.
Exhaustive Research, Experienced Analysts, and Extensive Information on the acetone market just for you! Purchase this report now!
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.