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Global Acetone Market to Grow at a CAGR of 5.65% by 2030 | ChemAnalyst

According to ChemAnalyst report, “Global Acetone Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global Acetone market has shown tremendous growth in the past five years and is anticipated to achieve a CAGR of 5.65% during the forecast period. Increasing demand of biodegradable, environmentally friendly and non-toxic materials from consumers is anticipated to increase the demand of acetone due to its eco-friendly and less toxic properties. Being one of the major commodities of organic chemicals, the supply of acetone is limited whereas, the market value of acetone is always high due to the high demand of terminal disinfectants, cleaner for paints, adhesives, coatings and other cosmetic uses.

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Acetone (CH3)2CO is an organic compound which is colourless and volatile in nature. The most commonly used industrial method for the manufacturing of Acetone is cumene process. In this process, either solid phosphoric acid or anhydrous aluminium chloride is used as a catalyst to produce acetone from benzene and propylene. Acetone can be further oxidized to yield commercially important intermediates such as Bisphenol A (BPA): It is widely utilized in the production of polycarbonates, food containers and other hygienic products; Methyl Methacrylate (MMA): It has numerous commercial and Industrial applications including acrylic paints, adhesives, coatings, lenses, rear lights and medical procedures; Solvents: Acetone is a considerable solvent used in pharmaceutical and cosmetic industries.

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Acetone has a wide range of applications such as pharmaceuticals, cosmetics, paints, adhesives, and coatings. It is exclusively used as a solvent for the manufacturing of polycarbonate plastics and artificial fibres. The chain of solvents holds the largest market share and continuous growing expanse of solvents across the globe is likely to propel the growth of the global acetone market during the forecast period. The rise in the demand from major end user i.e., automotive sector is projected to drive the global acetone market in the upcoming years. Other major end user industries include cosmetics and healthcare, electronics, paints, adhesives, and others. As the supply of acetone is scarce, the cost is acetone is usually high which will benefit the global acetone market economically.

Global economic slowdown due to COVID 19 impacted the manufacturing industries during the first half of 2020. Industries were lacking the feedstock due to supply chain disruption and global plant outages initially in 2020. This caused the sudden decline in production and sales, which affected the acetone market worldwide. The COVID-19 hampered the sales of paints, coatings and cosmetics as the sectors were shut due to the lockdown.

Region wise, Asia Pacific has emerged to be the largest consumer of Acetone followed by North America and Europe. China has the largest production of paints, coatings, and adhesives in the world. Due to increased construction and infrastructure activities in China, it is expected to witness a boost in the demand of acetone in the country followed by Thailand. Manufacturing units in India is likely to propel the Acetone industry due to increased demand of acetone in the pharmaceutical sector.

According to ChemAnalyst report, Global Acetone Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in global Acetone market are Formosa Chemicals and Fibre Corporation, Royal Dutch Shell plc, Mitsui Chemicals, Inc., INEOS, Borealis AG.

 “Being linked to the downstream application such as pharmaceutical and cosmetic etc, the global Acetone Industry has shown a robust growth alongside growing population and changing consumer preference. It is forecasted that India is going to become the world’s fifth largest consumer market by 2025. In addition, growing per capita income globally poised a stronger outlook to the country’s acetone demand. The nationwide lockdown affected the supply chain logistics and caused immediate shortage of raw materials hence increased the prices of Acetone. Meanwhile, China serves as the key growth region as well with sufficiently installed capacities. With new competitors emerging across the Asian acetone market, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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