The global ''acetone market size''is expected to gain momentum from the high demand for petrochemicals andchemicals from several end-use industries. This information is given by Fortune Business Insights™ ina new study, titled, “Acetone Market Size, Share &COVID-19 Impact Analysis, By Application (Solvent, Bisphenol A (BPA), MethylMethacrylate (MMA), and Others), By End-use (Paints & Coatings, Plastic,Automotive, Adhesives, Pharmaceuticals, Cosmetics, Electrical &Electronics, and Others), and Regional Forecast, 2020-2027.” The study furthermentions that the acetone market size was USD 3,962.0 million in 2019 and isprojected to reach USD4,995.3 million by 2027, exhibiting a CAGR of 3.7% duringthe forecast period.
COVID-19 Pandemic to Affect Growth Backed by Ongoing Crude OilPrice War
The COVID-19 pandemic has negatively affected the global chemicalindustry. It has disrupted supply chains and created uncertainty in the demandworldwide. Also, restrictions from governments on manufacturing activities mayhinder growth. The ongoing crude oil price war is also set to hamper growth.
List of the Leading Companies Profiled in the Global Acetone Market are:
- LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)
- INEOS (London, UK)
- Altivia (Texas, U.S)
- Royal Dutch Shell Co. (The Hague, Netherlands)
- Honeywell International Inc (North Carolina, U.S)
- Mitsui & Co., Ltd. (Tokyo, Japan)
- SABIC (Riyadh, Saudi Arabia)
- KUMHO P&B CHEMICALS., INC. (Seoul, Korea)
- Cepsa (Madrid, Spain)
- Formosa Chemicals & Fibre Corp. (Changhua, Taiwan)
- Borealis AG (Vienna, Austria)
- PTT Phenol Company Limited. (Bangkok, Thailand)
- Prasol Chemicals Pvt. Ltd. (Navi Mumbai, India)
- Chang Chun Group (Taipei, Taiwan)
- Other Players
How Did We Create This Report?
We employ iterative and comprehensive research techniques focusingon minimizing deviance. We use a combination of top-down and bottom-upapproaches for estimating and segmenting quantitative aspects of the parent’smarket. At the same time, data triangulation is used to look at the market fromthree perspectives. Simulation models were used to gather data about marketforecasts and estimates.
Drivers & Restraints
Increasing Manufacturing of Sanitizers and Disinfectants to DriveGrowth
The increasing production of disinfectants and sanitizersworldwide is set to surge the demand for dimethyl ketone as isopropanol isderived from it. Besides, the high popularity of cosmetics and personal careproducts would aid the acetone market growth throughout the forthcoming years.However, acetone possesses higher initiation energy points and can’tauto-ignite. This may hamper its demand.
Paints & Coatings Segment to Grow Steadily Fueled by HigherUsage of Solvents
Based on end-use, the plastic segment earned 33.3% in terms of theglobal acetone market share in 2019. The paints & coatings segmentgenerated the largest share in 2019 because of the rising usage of solvents inthis sector as it can dissolve non-polar and polar substances.
Easy Availability of Raw Materials to Favor Growth in Asia Pacific
In 2019, Asia Pacific held USD 1,739.2 million in terms ofrevenue. This growth is attributable to the lower labor cost and easyavailability of raw materials in emerging countries, such as India and China.Dimethyl ketone is extensively used in numerous manufacturing processes as anindustrial solvent in the region.
North America, on the other hand, is anticipated to growconsiderably backed by the increasing research and development activities inthe electronics sector. It would further surge the demand for Bisphenol-A. Thepresence of large chemical industries in the U.K., Italy, and Germany wouldpropel growth in Europe.
Key Players Focus on Signing New Agreements to Enhance TheirPortfolios
The market for acetone contains many manufacturers that are mainlyfocusing on expanding their production capacities by adopting state-of-the-arttechnologies from other organizations. Some of the others are aiming to signnew agreements to acquire businesses of prominent firms.
Browse Detailed Summary of Research Report with TOC:
Below are the two latest industry developments:
- February 2020: PKN ORLEN is planning to adopt the Phenol 3G and UOP Q-Max™ technologies to manufacture 200,000 metric tons of phenol per year. It will be done in its facility situated in Poland. UOP is likely to offer a license for the technologies, along with adsorbents, catalysts, key equipment, and basic engineering design services.
- August 2019: Dow signed an agreement with ALTIVIA Ketones & Additives, LLC to sell off its Acetone Derivatives business. The company will now be able to align more with ALTIVIA’s portfolio and will aim to gain higher returns.
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