The acetone global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Acetone Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The acetone market size has grown strongly in recent years. It will grow from $5.13 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to chemical manufacturing demand, solvent and paint industry, plastics and resin production, pharmaceutical and cosmetic applications, expanding chemical and petrochemical industries..
The acetone market size is expected to see strong growth in the next few years. It will grow to $7.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to expanding use in solvents and coatings, demand from plastics and resins sector, rise in pharmaceutical and cosmetic applications, expanding use in industrial cleaning products, global economic expansion.. Major trends in the forecast period include consumer preferences and industry adoption, market globalization and economic factors, rising demand for industrial cleaning products, shift towards green chemistry, environmental and regulatory pressures..
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Scope Of Acetone Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Acetone Market Overview
Market Drivers –
Increased demand for personal care products is driving the acetone market. Personal care products refer to a consumer goods used for hygienic practices, grooming, and beautification. Acetone is a key chemical compound used in personal care products, thus drives up acetone demand. For instance, in August 2023, according to Circana, Inc., a US-based media company, sales of prestige beauty products in the US reached $14 billion in the first half of 2023, a 15% rise over the same period in 2022. On the other hand, the mass beauty market generated $28 billion and saw 9% growth. Therefore, the increased demand for personal care products will propel the growth of the acetone market.
Market Trends –
Product innovation is a key trend gaining popularity in the acetone market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in June 2022, INEOS Phenol GmbH, a Germany-based phenol, and acetone manufacturer launched the INVIRIDISTM. INVIRIDISTM is a bio-attributed innovative product line for phenol, acetone alpha-methyl styrene (AMS), made without using fossil fuels as feedstock. INVIRIDISTM is made using bio-attributed cumene that enables the replacement of fossil fuel resources to offer a lower carbon footprint compared to conventionally produced phenol, acetone, and AMS to deliver a 100% substitution of fossil feedstock (mass balance approach) in its production system.
The acetone market covered in this report is segmented –
1) By Grade: Specialty Grade Acetone, Technical Grade Acetone
2) By Distribution Channel: Manufacturer to Distributor, Manufacturer to End-User
3) By Application: Bisphenol A, Methyl Methacrylate (MMA), Solvents, Methyl Isobutyl Ketone, Other Applications,
4) By End-User: Paints, Coatings, and Adhesives, Electronics, Cosmetics and Personal Care, Pharmaceutical, Other End-user
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Regional Insights –
Asia-Pacific was the largest region in the acetone market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the acetone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the acetone market report are INEOS Phenol GmbH, Royal Dutch Shell plc, Honeywell International Inc., Prasol Chemicals Limited, Mitsui Chemicals Inc., Kumho P&B Chemicals Inc., Saudi Basic Industries Corporation., LyondellBasell Industries Holdings B.V., ALTIVIA Chemicals LLC, Domo Chemicals GmbH, Formosa Chemicals & Fibre Corp, Borealis AG, Reliance Industries Limited, CEPSA Quimica S.A, Arkema S.A., Celanese Corporation, The Dow Chemical Company, LG Chem Ltd., Deepak Nitrite Limited, PTT Global Chemical Public Company Limited, China National Petroleum Corporation, Jubilant Life Sciences Ltd., Dairen Chemical Corporation, Chevron Phillips Chemical Company LLC, Versalis S.p.A., Daicel Corporation, JX Nippon Oil & Energy Corporation, PetroChina Company Limited, Lihuayi Group Co. Ltd., SunVic Chemical Holdings Limited, A.B. Enterprises, Wuhan Youji Industries Co. Ltd., Tangshan Lory Industry Co. Ltd., Aadi Industries Ltd., Qenos Pty Ltd., Rain Carbon Inc. .
Table of Contents
1. Executive Summary
2. Acetone Market Report Structure
3. Acetone Market Trends And Strategies
4. Acetone Market – Macro Economic Scenario
5. Acetone Market Size And Growth
…..
27. Acetone Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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