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Global Acetone Industry Report: by Application; Country Overview; Recent Events; Value Chain Analysis; Production Process; Trade Analysis; Cost Structure; Price Analysis; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Market Analysis; Industry Best Practices; Key Supplier Analysis, 2022-2027

Acetone Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices

The global acetone market reached a value of about 7.24 million ton in 2021. The industry is projected to grow at a CAGR of around 3.4% in the forecast period of 2022-2027 to reach a value of about 8.6 MMT by 2027.

The global acetone industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The expanding use of acetone in the rising use of the product as a solvent in numerous sectors like personal care, home goods, and the electronics sector. The critical demand indicator is the highest category spender in the industry report by region—APAC (44%).

Industry Definition and Segmentation

Acetone, also known as propanone or dimethyl ketone, is an odourless and colourless solvent used to produce plastics and other industrial goods. It's a highly volatile, combustible liquid with a distinctive pungent odour. It can be found in various home products, including cosmetics and personal care items, to a limited extent. The acetone industry report comprises segments by application (Solvents, MMA, BPA) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

North America, Europe, Asia Pacific, Middle East & Africa, and South America Regions are Driving the Growth of the Industry

Acetone is primarily produced in China, the United States, Taiwan, South Korea, and the Western European region. Due to rapidly increasing pharmaceutical and electronics sectors, the Asia Pacific region saw a massive increase in Acetone consumption. China is the largest consumer of acetone in Asia Pacific, with increased demand from numerous end-users such as construction, personal care, and solvents. The product's solvent properties are primarily driving the acetone market. Methyl methacrylate is leading the industry's demand as it is a white liquid soluble in most organic solvents except water. It finds extensive application in medical, dental, and joint replacement treatments and numerous industrial uses. Furthermore, MMA is primarily employed in producing polymethyl methacrylate (PMMA) resin, which is then used to generate PMMA plastics. PMMA plastic is a cost-effective alternative to polycarbonate. Also, acetone has excellent solvent properties and can readily be mixed with water for printing inks, paints, adhesives, coatings, and other applications, all of which contribute to the market's expansion.

However, health concerns about acetone, such as liver damage, vomiting, and blindness from exposure, as well as acetone's flammability, are hindering the market's growth.

Best Procurement Practices

The global acetone industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global acetone regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Propylene can be used to make acetone either directly or indirectly. Cumene is responsible for over 90% of acetone synthesis. The cumene process produces around 83 percent of acetone; as a result, acetone manufacturing is linked to phenol synthesis. Acetone and phenol are created in tandem in this procedure. The primary manufacturing method is the reaction of propylene and benzene in the presence of phosphoric acid-based or zeolite catalysts. Cumene is oxidised to cumene hydroperoxide in the liquid phase. It is then divided into phenol and acetone in the presence of sulfuric acid. Each tonne of phenol produces approximately 0.62 tonnes of acetone.

Other methods include directly oxidising propylene (Wacker-Hoechst process) or hydrating propylene to produce 2-propanol, which is then oxidised (dehydrogenated) to acetone.

Extensive Application of Acetone in a Wide Range of Industries, Further Driving the Procurement of Acetone

Acetone is employed in the textile sector for degreasing wool and degumming silk and the creation of lacquers, which is boosting the market growth. The expanding use of acetone in the manufacturing of personal care and home goods, the developing electronics sector and rising demand for polycarbonate products are furthering the market's expansion. Due to its properties, like being weather-resistant and scratch-resistant, MMA is used in auto-glazing and exterior automobile coating in the automotive sector. The generated demand for MMA is predicted to rise as infrastructure building spending rises, particularly on development and restoration projects connected to roads. With the growing demand for the derivative Isopropyl Alcohol, used to make sanitisers and disinfectants, the industry is set to witness further growth. Acetone is a common feedstock chemical used to make bisphenol A (BPA), methyl methacrylate (MMA), and other chemicals. In terms of end-user use, the cosmetics and personal care industries might account for a significant amount of acetone usage in the future. It's one of the essential elements in nail polish removers. Because of rising consumer income levels, demand for luxury cosmetics and personal care products is expanding worldwide, benefiting the acetone industry shortly.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Acetone Industry Report

  • Ineos Phenol GmbH & Co KG
  • Formosa Chemicals and Fiber Corp. (FCFC)
  • Shell Chemical
  • LG Chem Ltd.
  • Cepsa Quimica S.A.

Market Landscape

With both global and local competitors, the acetone market is projected to remain fragmented. In anticipation of rising market demand, several leading businesses aim to build new production facilities or expand existing production capacity. To increase their position in the global market, these firms are pursuing a variety of alternative development and expansion initiatives. Partnerships, mergers, and acquisitions are only a few examples.

Key Initiatives by Companies

  • In November 2019, ALTIVIA Ketones & Additives, LLC, a subsidiary of ALTIVIA Petrochemicals, bought Dow's Acetone Derivatives Business in Institute, West Virginia, and related chemical manufacturing facilities and the Institute Industrial Park.
  • Honeywell announced in March 2021 that Lotte GS Chemical Corp. would deploy Honeywell UOP Q-Max, Phenol 3G, and Evonik MSHP technologies at its petrochemical’s facility in Yeosu, South Korea to manufacture more than 565,000 metric tonnes of phenol and acetone per year.

1.    Executive Summary
2.    Global Acetone Market Snapshot

    2.1.    Acetone Market Outlook
    2.2.    Acetone Industry Analysis by Application
        2.2.1.    Solvents
        2.2.2.    MMA
        2.2.3.    BPA
    2.3.    Regional Overview
        2.3.1.    North America
        2.3.2.    Europe
        2.3.3.    Asia Pacific 
        2.3.4.    Latin America
        2.3.5.    MEA
3.    Impact of Recent Events 
4.    Acetone Value Chain Analysis 
5.    Acetone Production Process
6.    Trade Analysis 
7.    Major Risk Factors in Sourcing
8.    Acetone Cost Structure
9.    Acetone Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Acetone Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    SWOT Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Feedstock Market Analysis 
    13.1.    Market Overview
    13.2.    Price Analysis 
14.    Industry Best Practices
    14.1.    Sourcing Strategy
    14.2.    Procurement Model
    14.3.    Contract Structure
    14.4.    Negotiation Levers
    14.5.    Pricing Model
    14.6.    Key Factors Influencing the Quotation 
15.    Key Supplier Analysis
    15.1.    Ineos Phenol GmbH & Co KG
    15.2.    Formosa Chemicals and Fiber Corp. (FCFC)
    15.3.    Shell Chemical
    15.4.    LG Chem Ltd.
    15.5.    Cepsa Quimica S.A.

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Key Questions Answered in the Report

The global acetone market size was valued at 7.24 million ton in 2021.

As per the applications provided, the solvent segment is anticipated to lead the market between the period 2022 – 2027.

The significant demand for solvents in a wide range of industries is one of the essential drivers of the acetone market growth.

Ineos, Shell, Formosa Chemicals and Fiber Corp. (FCFC), Cepsa Quimica, and LG Chem Ltd are some of the leading companies in the market.

The Asia Pacific region of the acetone industry holds a significant share in the market.

Analyst Review

The global acetone market attained a value of 7.24 million ton in 2021, driven by the solvent qualities of the substance. It's used in a variety of medical, dental, and joint replacement therapies and a variety of industrial applications leading the market growth. Owing to its properties, it finds application in a wide range of industries like textile, manufacturing of personal care and home goods, automotive sector, sanitisers, and disinfectants industry. The market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 3.4%. The market is projected to reach 8.6 MMT by 2027.

Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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