The Global Acetone Market size was valued approximately 7.24 MMT in the base year of 2021. In 2027, the global Acetone market share is likely to attain a value of around 8.6 MMT. The progress of the market throughout the projected years between 2022-2027 will be increasing at a CAGR of 3%.
The product finds employment in various applications, including cleaning equipment, solvent production, construction, etc., leading to the market's expansion.
Acetone can be used to make metals and plastics to clean ink, paint, grease, etc. It can also find application in products like personal care and cosmetics, positively impacting the acetone market growth.
The most prominent region significantly contributing to the market’s development is Asia Pacific.
August 8, 2022- A varied collection of polymer modifiers was launched by Ineos Styrolution. They provide various properties like stiffness to better durability in heat, enhanced colour retention, resistance to UV, etc.
August 8, 2022- Simon Roddy, the head of Shell UK, stated that the UK North Sea oil and gas sector requires additional funds for recent developments as local fossil fuel resources will be needed by Britain.
August 4, 2022- A newly launched sustainable product range including recycled and renewable raw material, NextLab linear alkylbenzene (LAB), was supplied by Cepsa Química to Unilever. This is a new achievement for circular chemistry as the (LAB) constitutes green carbon obtained from biomass in place of the fossil fuels used for cleaning and laundry products.
July 27, 2022- On Wednesday, LG Chem Ltd stated that to supply the U.S. automobile maker with essential parts for electric vehicle (EV) battery cells, they have come to a long-lasting supply agreement with General Motors Co.
July 21, 2022- 1,200t of acetone and 4,000t of phenol will be exported to the Thai and Chinese factories by LG Chem. The supply will be shipped from its Daesan plant to produce polycarbonate. The supply was sent to the German producer, who remains undisclosed by LG Chem. Shipping details also remain unknown.
Acetone is available naturally, or it can be industrially produced. It is a colourless liquid with a distinct smell and taste. It is highly flammable and vaporises quickly, and is employed in making drugs, plastic, and other chemicals.
As per the acetone market research the industry is divided by region, application and key players. Regionally, the industry is studied across Africa, Latin America, Europe, North America, Asia Pacific, and the Middle East. On the basis of application, the market can be categorised into MMA, Solvents, and BPA.
The acetone market key players functioning in the market are Shell Chemical, Cepsa Quimica S.A., Formosa Chemicals and Fiber Corp. (FCFC), Ineos Phenol GmbH & Co KG, and LG Chem Ltd.
Acetone prices have fluctuated in the Chinese market since Q2 of 2022. The initial acetone market price drop resulted from frail market sentiments that led to inventories' stockpiling. During the timeframe of May and June, the market gained momentum. The relaxation of lockdown restrictions and resuming of market activities have led to the market's growth.
China is a major market for acetone and also supplies to India thus resulting in the market expansion. The commodity is extensively employed in sectors such as construction, solvents among others which is propelling the acetone market demand forward.
Propylene is employed for the production of 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 simultaneously 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.
Acetone is a crucial raw material used for the chemical intermediate and industrial solvent. It is employed for producing varnishes, paints etc., which is leading the acetone market development. It is also added to pesticides and pharmaceuticals, which is creating further demand. It can also be utilised in making compounds like ketone, acetic acid, mesityl oxide, and some explosives by working as a chemical intermediate.
Acetone market trends show that despite, the extensive application of the product and its uses in various industries it is a highly flammable and toxic component. In case of physical exposure with the chemical it can cause severe reactions. Thus, the hazardous nature of the chemical is likely to hamper the acetone market opportunity.
The regional markets for the acetone industry can be divided into Africa, Latin America, Europe, North America, Asia Pacific, and the Middle East.
1. Executive Summary
2. Global Acetone Market Snapshot
2.1. Acetone Market Outlook
2.2. Acetone Industry Analysis by Application
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
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.
According to the acetone market report the industry is expanding at a rapid CAGR of 3%.
7.24 MMT was the total calculated value for the market.
The Asia Pacific region (44%) holds the most significant share in the industry.
The market is likely to attain a total value of 8.85 MMT by the year 2027.
MMA (27%), Solvents (32%), BPA(25%), and Others(16%) are the major applications of the product.
Shell, Cepsa Quimica, Ineos, Formosa Chemicals and Fiber Corp. (FCFC), and LG Chem Ltd are the most significant players in the market.
The growing applications of the commodity in various end-user industries including solvents, paints, cleaner, personal care among others are leading the acetone market growth.
The Global Acetone Market attained a value of 7.24 MMT 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.
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