What Are The Current And Forecasted Market Size Of The Global Acetone Market?
The acetone market has been growing steadily in recent years. It will grow from $5.32 billion in 2024 to $5.53 billion in 2025 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to the demand from the chemical manufacturing, solvent and paint industry, as well as plastics and resin production, pharmaceutical and cosmetic applications, and expanding chemical and petrochemical industries.
The acetone market is set to see steady growth in the next few years, reaching $6.48 billion in 2029 at a compound annual growth rate (CAGR) of 4.0%. This growth in the forecast period can be attributed to its expanding use in solvents and coatings, rising demand from the plastics and resins sector, pharmaceutical and cosmetic applications, expanding use in industrial cleaning products, and global economic expansion. Major emerging 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, and environmental regulations.
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What Are The Key Growth Drivers Of The Acetone Market?
The acetone market has been significantly driven by the increased demand for personal care products. Acetone, a key chemical compound used in personal care products, plays a crucial role in the beauty and grooming industry. For instance, as reported by Circana, Inc., a US-based media company, the sales of prestige beauty products in the US climbed to $14 billion in the first half of 2023, registering a 15% growth over the same period in 2022. The mass beauty segment on the other hand, delivered $28 billion, witnessing a 9% growth. Hence, the surge in demand for personal care products is a major catalyst propelling the growth of the acetone market.
What Are The Key Segments Of The Acetone Market?
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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Who Are The Major Players In The Acetone Market?
Key companies operating in the acetone market encompass 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, 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.
What Are The Emerging Trends In The Acetone Market?
In the realm of product innovation, a significant trend gaining traction in the acetone market is companies’ increased focus on research and development activities to sustain their market position. For instance, in June 2022, INEOS Phenol GmbH, a Germany-based phenol and acetone manufacturer, launched the innovative product line INVIRIDISTM, a bio-attributed, no-fossil-fuel feedstock phenol. INVIRIDISTM, which is made with bio-attributed cumene, enables the replacement of fossil fuel resources, thus contributing to a lower carbon footprint compared to conventionally produced phenol, acetone, and AMS. This innovation supports the 100% substitution of fossil feedstock in its production system.
What Is The Regional Market Analysis Of The Acetone Market?
In 2024, Asia-Pacific was the largest region in the acetone market and is estimated to be the fastest-growing region in the forecast period. The acetone market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Acetone Market Report 2025 Offer?
Acetone is a colorless liquid solvent known for its distinct odor and taste, capable of breaking down and dissolving compound materials. It is widely utilized as a solvent in the production of plastics and other industrial and cosmetic products. The Acetone Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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