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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.
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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:
A Significant Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Million) and Volume (Kilo Tons)
Application; End-use; and Geography