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The market is projected to witness a growth over the forecast period. There has been a significant growth in the demand for acetone from pharmaceutical, automotive, and construction sectors over the years. Growing awareness regarding personal care, increasing demand for solvents, application in varied industries, and rising disposable income are some factors boosting the market growth.
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Acetone MarketSet to Exceed $6.19 Billion By 2026 | CAGR 4.6% “Acetone Market Share, Size, Trends, Industry Analysis Report, By Grade (Specialty Grade Acetone, Technical Grade Acetone); By End-User (Construction, Automotive, Cosmetics and Personal Use, Paints and Coatings, Pharmaceutical, Agriculture, Others); By Application (Bisphenol A, Methyl Methacrylate (MMA), Solvents, Methyl Isobutyl Ketone, Others); By Regions - Segment Forecast, 2020 - 2026”
Acetone Market Estimate & Forecast to 2026 The global Acetone market size is expected to reach USD 6.19 billion by 2026 according to a new study by Polaris Market Research. The market is projected to witness a growth over the forecast period. There has been a significant growth in the demand for acetone from pharmaceutical, automotive, and construction sectors over the years. Growing awareness regarding personal care, increasing demand for solvents, application in varied industries, and rising disposable income are some factors boosting the market growth. It is also used as an organic and non-toxic alternative for containing oil spills by dissolving sludge and eliminating it from the surface of water or marine plants. With increasing investments in the global Acetone industry, companies, manufacturers, private organizations are collaborating to expand and cater to wider applications. In August 2019, ALTIVIA Petrochemicals completed the acquisition of Dow’s Acetone Derivatives Business and associated chemical manufacturing assets in United States. The acquisition is expected to assist ALTIVIA in increased production of Ketones and Carbinols, and strengthen its position in the coatings, adhesive and pharmaceutical industries. The addition would expand its acetone production and increase its geographic penetration.
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Acetone Market Estimate & Forecast to 2026 Asia Pacific emerged as the largest market in 2019 and is expected to maintain its dominance over the forecast period. Population growth, rising disposable incomes, and growing demand for personal care products drives the growth in the region. Rising industrialization, growth in the automotive sector, and strengthening pharmaceutical industry also supports market growth in this region. Increasing applications in agriculture, construction, and automotive further increases the demand of acetone in Asia-Pacific. Global players are expanding their presence and setting manufacturing units in this region owing to availability of infrastructure and labor. The industry is characterized by established companies and large giants. Owing to technological advancements, and larger applications companies collaborating in order to retain the customers and gain market share. Broadening of product portfolio is another trend that is visible in the industry. Some of the major market participants include Hindustan Organic Chemicals Limited, Royal Dutch Shell PLC, Formosa Chemicals and Fiber Corporation, INEOS Phenol, Honeywell International Inc., BASF SE, Green Biologics Limited, Prasol Chemicals Pvt. Ltd., Borealis AG, Altivia, Reliance Industries Limited, Mitsui Chemicals Inc, LyondellBasell Industries Inc., and DOMO Chemicals GmbH. Browse Complete Report
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