Market Analysis:
The Global Acetone Market is predicted to touch USD 10.57 million tons at a 5.2% CAGR between 2017-2023, reveals the latest Market Research Future (MRFR) report. Acetone or propanone is an organic compound that is colorless and has flammable and volatile properties. It is found naturally in forest fires, trees, plants, and as a breakdown of animal fat metabolism. This is the smallest and simplest ketone body that is produced during ketoacidosis. It is widely used as a solvent to manufacture personal care products, electronics, cosmetics, household products, plastics, and other products.
Various factors are propelling the Acetone Market Growth. These factors, as per the new Market Research Future (MRFR) report, include expanding personal care industry, growing use in household products, rising electronics industry, and increasing use in the textile industry for degumming silk and degreasing wool as well as the formation of lacquers. Additional factors pushing market growth include growing end use applications in skincare and hair care products, fragrance products, cleansing products, and nail polish removers, growing industrialization, increasing investments made by the government in construction projects, increasing disposable income, rapid urbanization, and growing demand in the plastics industry. Besides, Acetone contains good solvent property; thus, it can be mixed easily with water for being used in paints, adhesive coatings, and printing inks, which is also adding to the growth of the market.
On the flip side, high cost of Acetone, inflammability, increasing regulations laid down on BPA by the European Commission, and health issues resulting from high exposure such as respiratory distress, seizures, unconsciousness, blindness, vomiting, and liver damage are factors that may restrict the acetone market growth over the forecast period.
Key Players:
Prominent Players Profiled in the Acetone Market report include EMCO Limited (India), Prasol Chemicals Pvt. Ltd. (India), Formosa Chemicals & Fiber Corporation (China), LCY GROUP (Taiwan), Altivia (US), Mitsui Chemicals, Inc. (China), Cepsa (Spain), The Dow Chemical Company (US), The Royal Dutch Shell plc (the Netherlands), and INEOS (Switzerland). Key players have incorporated different strategies to create a niche in the market, such as partnerships, mergers and acquisitions, product launches, and more.
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Industry News:
Saudi Basic Industries have unveiled the industry’s first-ever polycarbonate resin that is based on certified renewable feedstock. This new material is made with renewable content in the Acetone, phenol, and cumene raw materials that are required to make PC.
Market Segmentation:
The MRFR Report provides an all-inclusive Segmental Analysis of the Acetone Market based on End Use Industry and Application.
Based on the Application, the acetone market is segmented into solvent, bisphenol A, and methyl methacrylate.
Based on End Use Industry, the acetone market is segmented into electrical and electronics, construction, plastics, paints and coatings, personal care, and pharmaceuticals.
Regional Analysis:
By Region, the Acetone Market Report covers the latest trends and growth opportunities across North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa. Of these, the APAC region will command the largest share in the market over the forecast period. Factors pushing growth in the region include extending construction and paints & coatings industries, improved living standards, and increasing disposable income. Indonesia, Japan, India, and China are the key contributors in this region chiefly due to the region’s expanding populace and urbanization.
The Acetone Market in North America is predicted to have a healthy growth over the forecast period. Factors pushing growth in the region include high Acetone consumption, increasing monetary development rate, expanding production capacities, and growing interest for pharmaceuticals and electrical & electronic appliances.
The Acetone Market in Europe is predicted to have a notable growth over the forecast period. Factors pushing growth in the region include increasing use of acetone in cosmetic products and healthcare, coupled with consumers increasing purchasing power. Russia, France, the UK, Spain, Germany, and Italy are the key contributors in this region.
The Acetone Market in Latin America is predicted to have a steady growth over the forecast period.
The Acetone Market in the MEA is predicted to have significant growth in the market over the forecast period. This is chiefly on account of the growing paints & coatings and construction industries.
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