Acetone Market by Application (Solvents, Methyl Methacrylate, Bisphenol A, and Others), Grade (Technical Grade and Specialty Grade), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Acetone Overview

The acetone market is a dynamic and essential section of the chemical industry, playing an enormous role in various sectors such as pharmaceuticals, cosmetics, paints and coatings, plastics, and many others. Acetone, also recognized as propanone, is a colorless liquid with a sweet odor. It is primarily produced as a co-product in the manufacturing method of phenol, with cumene being the key raw material. Acetone finds large utility as a solvent due to its magnificent dissolving residuals for an extensive range of substances. PMMA is notably used in the manufacturing of various products, including car parts, electronics, signs and displays, and building materials. The developing demand for PMMA in these industries is positively influencing the acetone market.

Global Acetone Market Analysis

The global acetone market size was $5,775.35 million in 2022 and is predicted to grow at a CAGR of 7.7%, by generating a revenue of $11,923.65 million by 2032.

COVID-19 Impact on Global Acetone Market

The COVID-19 pandemic had a significant impact on the global acetone market. The stringent lockdown measures, travel restrictions, and disruptions in supply chains precipitated a full-size downturn in various industries, which include automotive, construction, and consumer goods. During the preliminary phases of the pandemic, countless manufacturing facilities and industries were quickly shut down, leading to a decline in manufacturing and decreased demand for acetone. The automobile industry, in particular, witnessed a sharp decline as the production and sales of motors were severely affected by means of monetary uncertainties and decreased spending. This impacted the demand for acetone, which is widely used in the production of development materials such as adhesives, sealants, and coatings.

 Growing Demand from End-Use Industries to Drive the Market Growth

The acetone market is anticipated to witness a giant increase due to the growing demand from a variety of end-use industries. Acetone finds massive use in sectors such as automotive, construction, pharmaceuticals, cosmetics, and electronics, amongst others. In the car industry, acetone is used in the production of automotive coatings, adhesives, and sealants. Due to the growing automotive industry driven by increasing car production and consumer demand, there is an anticipated rise in the need for acetone within the acetone market. Additionally, acetone-based solvents are used in the manufacturing of automotive parts, similarly contributing to the market growth. The construction industry is another key customer of acetone. Acetone-based adhesives and sealants are extensively used in development applications such as flooring, roofing, and insulation. As construction activities continue to surge globally, specifically in rising economies, the demand for acetone in the construction sector is predicted to witness full-size growth.

 Fluctuating Raw Material Prices to Restrain Market Growth

The unpredictability of raw material pricing has hampered the expansion of the acetone market. Acetone manufacture is inextricably linked to phenol production, where cumene from petroleum sources is a critical raw material. Cumene's availability is influenced by global oil prices, geopolitical conflicts, and supply-demand dynamics, resulting in a variable price. Such changes in raw material pricing have a direct impact on acetone production costs. The uncertainty surrounding raw cloth prices can also lead to instability in the supply chains. These irregular changes in raw material costs affect not only the profitability of acetone makers, but also the pricing of end products.

 Advancements in Technology to Drive Excellent Opportunities

The acetone market can capitalize on promising opportunities presented by technological advancements. Continuous research and development efforts are driving innovation in acetone production processes, leading to multiplied efficiency, cost-effectiveness, and environmental sustainability. One brilliant development is the advancement in bio-based acetone production. Researchers and industry players are exploring alternative strategies to produce acetone from renewable feedstocks such as biomass and waste materials. Bio-based acetone provides several advantages, along with decreased carbon footprint, decreased reliance on fossil fuels, and elevated sustainability credentials. The development of environmentally friendly and scalable bio-based acetone production technology opens up new avenues for market growth and meets the growing demand for eco-friendly solutions.

Global Acetone Market Share, by Application, 2022

The solvents sub-segment dominated the market in 2022. This is attributed to the rise in demand for acetone as a key ingredient in manufacturing hand sanitizer and as an excipient in drugs. Active filters use acetone as a solvent to supply the correct amount of medicine in every dose. Isopropyl alcohol (IPA) is utilized in the manufacturing of hand sanitizer. This is expected to boost demand for acetone as uncooked material in producing IPA.

Global Acetone Market Share, by Grade, 2022

The technical grade sub-segment dominated the market in 2022. The rising use of technical-grade products in the production of MMA and BPA is driving the market's upward trend. The cheaper cost of these products has contributed to their dominant market share. These technical-grade materials are widely used in applications such as lacquers, adhesives, flooring polishing, and others. Demand for these items, such as adhesive cement and concrete admixtures, is likely to rise as building activities continue to increase. The global rebound of construction projects following the post-lockdown period is expected to increase demand for technical-grade acetone in the construction sector for the foreseeable future.

Global Acetone Market Share, by Region, 2022

The Asia-Pacific region dominated the market in 2022. Growing demand for acetone across different end-user industries such as pharmaceuticals, personal care, cosmetics, and automotive from countries such as China, India, and Japan is driving the considerable market share expansion. China, as a key consumer of acetone, is expected to play a significant role in driving higher product consumption, owing to the country's growth in the pharmaceutical and electronics sectors.

Competitive Scenario in the Global Acetone Market

The global acetone market reveals a dynamic scenario with the presence of countless key players. The market is characterized by high competition, product innovation, and strategic initiatives to capture a large market share. Leading chemical corporations such as INEOS, Mitsui Chemicals, Shell Chemicals, Dow Chemical Company, and Celanese Corporation are amongst the important players in the acetone market. For instance, in May 2021, Brenntag had purchased Matrix Chemical, LLC's operating assets and company. The company was a solvent distributor and the largest acetone distributor in North America. With the acquisition of Matrix, the firm developed a highly dependable and competitive logistics network for acetone and solvents throughout North America, allowing it to capitalize on market opportunities and supply a variety of key products to its clients more effectively.

Some of the top market players are INEOS, Shell Plc, Honeywell International Inc, Mitsui Chemicals, Inc., CEPSA Quimica, S.A., SABIC, Arkema, Solvay, DOMO Chemicals, and Kumho P&B Chemical.

1.    Research Methodology
1.1.    Desk Research
1.2.    Real time insights and validation
1.3.    Forecast model
1.4.    Assumptions and forecast parameters
1.5.    Market size estimation
1.5.1.    Top-down approach
1.5.2.    Bottom-up approach
2.    Report Scope
2.1.    Market definition
2.2.    Key objectives of the study
2.3.    Report overview
2.4.    Market segmentation
2.5.    Overview of the impact of COVID-19 on global acetone market
3.    Executive Summary
4.    Market Overview
4.1.    Introduction
4.2.    Growth impact forces
4.2.1.    Drivers
4.2.2.    Restraints
4.2.3.    Opportunities
4.3.    Market value chain analysis
4.3.1.    List of raw material suppliers
4.3.2.    List of manufacturers 
4.3.3.    List of distributors
4.4.    Innovation & sustainability matrices
4.4.1.    Technology matrix
4.4.2.    Regulatory matrix
4.5.    Porter’s five forces analysis
4.5.1.    Bargaining power of suppliers
4.5.2.    Bargaining power of consumers
4.5.3.    Threat of substitutes
4.5.4.    Threat of new entrants
4.5.5.    Competitive Rivalry Intensity
4.6.    PESTLE analysis
4.6.1.    Political
4.6.2.    Economical
4.6.3.    Social
4.6.4.    Technological
4.6.5.    Environmental
4.7.    Impact of COVID-19 on acetone market
4.7.1.    Pre-covid market scenario
4.7.2.    Post-covid market scenario
5.    Acetone Market Analysis, by Application
5.1.    Overview
5.2.    Methyl Methacrylate (MMA)
5.2.1.    Definition, key trends, growth factors, and opportunities
5.2.2.    Market size analysis, by region, 2022-2032
5.2.3.    Market share analysis, by country, 2022-2032
5.3.    Bisphenol A (BPA)
5.3.1.    Definition, key trends, growth factors, and opportunities
5.3.2.    Market size analysis, by region, 2022-2032
5.3.3.    Market share analysis, by country, 2022-2032
5.4.    Solvents
5.4.1.    Definition, key trends, growth factors, and opportunities
5.4.2.    Market size analysis, by region, 2022-2032
5.4.3.    Market share analysis, by country, 2022-2032
5.5.    Research Dive Exclusive Insights
5.5.1.    Market attractiveness
5.5.2.    Competition heatmap
6.    Acetone Market Analysis, by End Use
6.1.    Overview
6.2.    Cosmetics and Personal Care
6.2.1.    Definition, key trends, growth factors, and opportunities
6.2.2.    Market size analysis, by region, 2022-2032
6.2.3.    Market share analysis, by country, 2022-2032
6.3.    Electronics
6.3.1.    Definition, key trends, growth factors, and opportunities
6.3.2.    Market size analysis, by region, 2022-2032
6.3.3.    Market share analysis, by country, 2022-2032
6.4.    Construction
6.4.1.    Definition, key trends, growth factors, and opportunities
6.4.2.    Market size analysis, by region, 2022-2032
6.4.3.    Market share analysis, by country, 2022-2032
6.5.    Automotive
6.5.1.    Definition, key trends, growth factors, and opportunities
6.5.2.    Market size analysis, by region, 2022-2032
6.5.3.    Market share analysis, by country, 2022-2032
6.6.    Pharmaceutical
6.6.1.    Definition, key trends, growth factors, and opportunities
6.6.2.    Market size analysis, by region, 2022-2032
6.6.3.    Market share analysis, by country, 2022-2032
6.7.    Agricultural Chemicals
6.7.1.    Definition, key trends, growth factors, and opportunities
6.7.2.    Market size analysis, by region, 2022-2032
6.7.3.    Market share analysis, by country, 2022-2032
6.8.    Paints & Coatings
6.8.1.    Definition, key trends, growth factors, and opportunities
6.8.2.    Market size analysis, by region, 2022-2032
6.8.3.    Market share analysis, by country, 2022-2032
6.9.    Adhesives
6.9.1.    Definition, key trends, growth factors, and opportunities
6.9.2.    Market size analysis, by region, 2022-2032
6.9.3.    Market share analysis, by country, 2022-2032
6.10.    Others
6.10.1.    Definition, key trends, growth factors, and opportunities
6.10.2.    Market size analysis, by region, 2022-2032
6.10.3.    Market share analysis, by country, 2022-2032
6.11.    Research Dive Exclusive Insights
6.11.1.    Market attractiveness
6.11.2.    Competition heatmap
7.    Acetone Market, by Region
7.1.    North America
7.1.1.    U.S.
7.1.1.1.    Market size analysis, by Application, 2022-2032
7.1.1.2.    Market size analysis, by End Use, 2022-2032
7.1.2.    Canada
7.1.2.1.    Market size analysis, by Application, 2022-2032
7.1.2.2.    Market size analysis, by End Use, 2022-2032
7.1.3.    Mexico
7.1.3.1.    Market size analysis, by Application, 2022-2032
7.1.3.2.    Market size analysis, by End Use, 2022-2032
7.1.4.    Research Dive Exclusive Insights
7.1.4.1.    Market attractiveness
7.1.4.2.    Competition heatmap
7.2.    Europe
7.2.1.    Germany 
7.2.1.1.    Market size analysis, by Application, 2022-2032
7.2.1.2.    Market size analysis, by End Use, 2022-2032
7.2.2.    UK
7.2.2.1.    Market size analysis, by Application, 2022-2032
7.2.2.2.    Market size analysis, by End Use, 2022-2032
7.2.3.    France
7.2.3.1.    Market size analysis, by Application, 2022-2032
7.2.3.2.    Market size analysis, by End Use, 2022-2032
7.2.4.    Spain
7.2.4.1.    Market size analysis, by Application, 2022-2032
7.2.4.2.    Market size analysis, by End Use, 2022-2032
7.2.5.    Italy
7.2.5.1.    Market size analysis, by Application, 2022-2032
7.2.5.2.    Market size analysis, by End Use, 2022-2032
7.2.6.    Rest of Europe
7.2.6.1.    Market size analysis, by Application, 2022-2032
7.2.6.2.    Market size analysis, by End Use, 2022-2032
7.2.7.    Research Dive Exclusive Insights
7.2.7.1.    Market attractiveness
7.2.7.2.    Competition heatmap
7.3.    Asia-Pacific
7.3.1.    China
7.3.1.1.    Market size analysis, by Application, 2022-2032
7.3.1.2.    Market size analysis, by End Use, 2022-2032
7.3.2.    Japan 
7.3.2.1.    Market size analysis, by Application, 2022-2032
7.3.2.2.    Market size analysis, by End Use, 2022-2032
7.3.3.    India
7.3.3.1.    Market size analysis, by Application, 2022-2032
7.3.3.2.    Market size analysis, by End Use, 2022-2032
7.3.4.    Australia
7.3.4.1.    Market size analysis, by Application, 2022-2032
7.3.4.2.    Market size analysis, by End Use, 2022-2032
7.3.5.    Indonesia
7.3.5.1.    Market size analysis, by Application, 2022-2032
7.3.5.2.    Market size analysis, by End Use, 2022-2032
7.3.6.    Rest of Asia-Pacific
7.3.6.1.    Market size analysis, by Application, 2022-2032
7.3.6.2.    Market size analysis, by End Use, 2022-2032
7.3.7.    Research Dive Exclusive Insights
7.3.7.1.    Market attractiveness
7.3.7.2.    Competition heatmap
7.4.    LAMEA
7.4.1.    Brazil
7.4.1.1.    Market size analysis, by Application, 2022-2032
7.4.1.2.    Market size analysis, by End Use, 2022-2032
7.4.2.    UAE
7.4.2.1.    Market size analysis, by Application, 2022-2032
7.4.2.2.    Market size analysis, by End Use, 2022-2032
7.4.3.    South Africa
7.4.3.1.    Market size analysis, by Application, 2022-2032
7.4.3.2.    Market size analysis, by End Use, 2022-2032
7.4.4.    Argentina
7.4.4.1.    Market size analysis, by Application, 2022-2032
7.4.4.2.    Market size analysis, by End Use, 2022-2032
7.4.5.    Rest of LAMEA
7.4.5.1.    Market size analysis, by Application, 2022-2032
7.4.5.2.    Market size analysis, by End Use, 2022-2032
7.4.6.    Research Dive Exclusive Insights
7.4.6.1.    Market attractiveness
7.4.6.2.    Competition heatmap
8.    Competitive Landscape
8.1.    Top winning strategies, 2022
8.1.1.    By strategy
8.1.2.    By year
8.2.    Strategic overview
8.3.    Market share analysis, 2022
9.    Company Profiles
9.1.    INEOS
9.1.1.    Overview
9.1.2.    Business segments
9.1.3.    Product portfolio
9.1.4.    Financial performance
9.1.5.    Recent developments
9.1.6.    SWOT analysis
9.2.    Royal Dutch Shell plc
9.2.1.    Overview
9.2.2.    Business segments
9.2.3.    Product portfolio
9.2.4.    Financial performance
9.2.5.    Recent developments
9.2.6.    SWOT analysis
9.3.    Dow Chemical Company
9.3.1.    Overview
9.3.2.    Business segments
9.3.3.    Product portfolio
9.3.4.    Financial performance
9.3.5.    Recent developments
9.3.6.    SWOT analysis
9.4.    Cepsa
9.4.1.    Overview
9.4.2.    Business segments
9.4.3.    Product portfolio
9.4.4.    Financial performance
9.4.5.    Recent developments
9.4.6.    SWOT analysis
9.5.    Mitsui Chemicals, Inc
9.5.1.    Overview
9.5.2.    Business segments
9.5.3.    Product portfolio
9.5.4.    Financial performance
9.5.5.    Recent developments
9.5.6.    SWOT analysis
9.6.    Altivia, LCY GROUP
9.6.1.    Overview
9.6.2.    Business segments
9.6.3.    Product portfolio
9.6.4.    Financial performance
9.6.5.    Recent developments
9.6.6.    SWOT analysis
9.7.    Formosa Chemicals & Fiber Corporation
9.7.1.    Overview
9.7.2.    Business segments
9.7.3.    Product portfolio
9.7.4.    Financial performance
9.7.5.    Recent developments
9.7.6.    SWOT analysis
9.8.    Prasol Chemicals Pvt. Ltd
9.8.1.    Overview
9.8.2.    Business segments
9.8.3.    Product portfolio
9.8.4.    Financial performance
9.8.5.    Recent developments
9.8.6.    SWOT analysis
9.9.    EMCO Limited.
9.9.1.    Overview
9.9.2.    Business segments
9.9.3.    Product portfolio
9.9.4.    Financial performance
9.9.5.    Recent developments
9.9.6.    SWOT analysis
9.10.    Company 10.
9.10.1.    Overview
9.10.2.    Business segments
9.10.3.    Product portfolio
9.10.4.    Financial performance
9.10.5.    Recent developments
9.10.6.    SWOT analysis

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