Acetone Market to Reach USD 4,995.3 Million by 2027; Rising Demand for Green Solvents from Industrial Sector to Propel Growth

The global acetone market size is projected to reach USD 4,995.3 million by 2027. The high demand for green solvents from the industrial sector because of their numerous beneficial properties would affect growth positively. Fortune Business Insights™ published this information in its latest report, titled, “Acetone Market Size, Share & COVID-19 Impact Analysis, By Application (Solvent, Bisphenol A (BPA), Methyl Methacrylate (MMA), and Others), By End-use (Paints & Coatings, Plastic, Automotive, Adhesives, Pharmaceuticals, Cosmetics, Electrical & Electronics, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 3,962.0 million in 2019. It is set to exhibit a CAGR of 3.7% during the forecast period between 2020 to 2027.

Arkema Plans to Increase Prices of its Oxygenated Solvents Product Range

In July 2020, Arkema, a specialty chemicals and advanced materials company based in France is announced to surge the prices of its oxygenated solvents product range amid the COVID-19 pandemic. The pandemic has drastically declined the demand for phenol. It has further reduced the availability of acetone, thereby increasing production and logistics costs, as well as the worldwide price. The products will now cost EUR120 per ton. The company’s oxygenated solvents are extensively used in synthesis and formulations in a wide range of applications, such as agrochemicals, fragrances, mining, personal care, pharmaceutical, and coatings.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/acetone-market-104446

Increasing Demand for Eco-friendly Products to Drive Growth

Two of the most significant derivatives of dimethyl ketone are Bisphenol A and Methyl Methacrylate (MMA). These are mainly used in the industrial sector globally. MMA is highly demanded by acrylic plastics manufacturers, while Bisphenol A is currently experiencing more popularity in the manufacturing of canned food containers and food-grade bottles. Besides, consumers nowadays are inclining rapidly towards eco-friendly products. Owing to the natural properties of renewable dimethyl ketone, its demand will increase. These factors are expected to boost the acetone market growth in the coming years. However, the COVID-19 pandemic may obstruct growth stoked by disruptions in supply chains.

Implementation of Novel Technologies — Major Strategy of Key Players

The market contains several major manufacturers that are mainly focusing on processing bio-based acetone by implementing unique technologies. Feedstock supply, manufacturing technology, and prices are the major factors influencing the competitiveness among companies. Some of the others are concentrating on increasing the prices of their product ranges to cater to the rising demand amid the COVID-19 pandemic.

Fortune Business Insights™ lists out the names of all the acetone manufacturers present in the global market. They are as follows:

• LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)


• INEOS (London, UK)


• Altivia (Texas, U.S)


• Royal Dutch Shell Co. (The Hague, Netherlands)


• Honeywell International Inc (North Carolina, U.S)


• Mitsui & Co., Ltd. (Tokyo, Japan)


• SABIC (Riyadh, Saudi Arabia)


• KUMHO P&B CHEMICALS., INC. (Seoul, Korea)


• Cepsa (Madrid, Spain)


• Formosa Chemicals & Fibre Corp. (Changhua, Taiwan)


• Borealis AG (Vienna, Austria)


• PTT Phenol Company Limited. (Bangkok, Thailand)


• Prasol Chemicals Pvt. Ltd. (Navi Mumbai, India)


• Chang Chun Group (Taipei, Taiwan)


• Other Players

A Significant Industry Development-

• April 2019: Formosa Chemicals and Fibre Corp., a manufacturer and seller of chemical products headquartered in Taiwan, delayed to restart its phenol/acetone plant at Mailiao. The plant can otherwise produce approximately 250,000 mt/year of acetone and 400,000 mt/year of phenol. It was previously shut for 40 days for scheduled maintenance.

Further Report Findings-

• In 2019, the plastics segment held 33.3% in terms of the acetone market share. But, the pharmaceutical segment earned a share of 11.4% in the U.S. However, paints & coatings segment held the maximum share in 2019 fueled by the rising constructional activities across the globe.


• Asia Pacific generated USD 1,739.2 million in 2019 in terms of revenue backed by the surging consumption and production of acetone in chemical, pharmaceutical, cosmetics, and personal care sectors in the region.


• The increasing number of fossil fuel reserves and the presence of numerous petrochemicals manufacturing companies will aid growth in the Middle East and Africa.

The global market can be segmented in the following way: