Acetone Market
Acetone Market Forecasts to 2030 - Global Analysis By Type (Conventional Petrochemical-Based Acetone, Bio-Based Acetone and Other Types), Production Process, Application, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $6.84 BN |
|
Projected Year Value (2030) |
US $11.85 BN |
|
CAGR (2024 - 2030) |
9.9% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Acetone Market is accounted for $6.84 billion in 2024 and is expected to reach $11.85 billion by 2030 growing at a CAGR of 9.9% during the forecast period. Acetone is a colourless, volatile, flammable liquid with a strong odour, commonly used as a solvent. Its chemical formula is C3H6O, and it is the simplest ketone. It is also a key ingredient in nail polish remover. Acetone naturally occurs in the human body as a byproduct of metabolism. Acetone is widely utilized for cleaning, thinning paints, and dissolving other substances.
According to ITC Trademap, in 2020, China's imports acetone by 9.2% Y-o-Y, whereas exports were more than 200 tons. China is a net importer of acetone, with a total imported value of 707.17 thousand tons.
Market Dynamics:
Driver:
Rising popularity of manicure and pedicure service
Acetone is a key ingredient in nail polish removers, which are widely used in these beauty treatments. As the demand for nail care and salon services grows globally, particularly among consumers seeking personal grooming and beauty treatments, acetone consumption increases. The trend towards frequent manicures and pedicures, including at-home nail care, also propels the need for acetone products, thus driving the market for acetone in the personal care and cosmetic industry.
Restraint:
Stringent environmental laws and regulations
Acetone is classified as a VOC, and its production and usage are subject to strict guidelines to minimize air pollution and safeguard human health. These regulations can result in increased costs for manufacturers, who may need to invest in advanced technologies to control emissions and comply with standards. Additionally, tighter restrictions can limit acetone production, slowing market growth and leading to potential supply shortages.
Opportunity:
Expanding pharmaceutical sector
Acetone serves as a solvent in pharmaceutical production, ensuring the effective manufacturing of various drugs and vaccines. Moreover, acetone is vital for cleaning equipment and sterilizing tools in pharmaceutical facilities. The rise in healthcare demand, along with a focus on new drug development and production, propels acetone consumption in this sector, creating a growing opportunity for manufacturers to cater to the increasing demand for high-quality, bio-based acetone.
Threat:
Volatility of raw material prices
The volatility of raw material prices in acetone are primarily driven by fluctuations in propylene supply and crude oil prices. When raw material prices rise, production costs increase, affecting acetone's affordability and competitiveness in the market. This unpredictability makes it challenging for manufacturers to maintain stable pricing strategies, leading to supply chain disruptions and reduced profit margins. Consequently, impeding the overall development of the acetone industry.
Covid-19 Impact:
The covid-19 pandemic significantly impacted the acetone market, with disruptions in supply chains, production halts, and reduced industrial activity. Lockdowns and economic slowdowns led to a decline in demand from sectors like automotive, textiles, and construction. However, the pharmaceutical and healthcare industries saw increased demand for acetone in disinfectants and medical applications. Despite recovery efforts, the market faced challenges from raw material shortages and labour disruptions, leading to price volatility and fluctuations in acetone supply and demand.
The cumene process segment is expected to be the largest during the forecast period
The cumene process segment is expected to account for the largest market share during the forecast period. The Cumene process is a key method for producing acetone, involving the alkylation of benzene with propylene to form cumene (isopropylbenzene). This process is highly efficient and widely used in industry, as it not only produces acetone but also phenol, a valuable byproduct. The Cumene process plays a significant role in large-scale acetone production globally.
The chemical industry segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the chemical industry segment is predicted to witness the highest growth rate. Acetone is a key solvent in the chemical industry, widely used for cleaning, degreasing, and as a carrier in various chemical processes. It serves as a solvent for paints, coatings, adhesives, and plastics due to its ability to dissolve a range of substances. Additionally, it is used in pharmaceutical manufacturing and laboratory applications for its effectiveness in purification and extraction processes.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market share, driven by robust industrial growth in countries like China, India, Japan, and South Korea. The demand for acetone is fuelled by the increasing use in end-user industries such as automotive, pharmaceuticals, cosmetics, and paints and coatings. The region’s growing manufacturing base, especially in chemicals and plastics, boosts the need for acetone as a solvent and raw material. Additionally, the rise in consumer goods production and a booming healthcare sector further contribute to market expansion.
Region with highest CAGR:
Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, fuelled by strong demand from including automotive, pharmaceuticals, cosmetics, and paints industries. The U.S. and Canada are significant consumers of acetone, with the chemical being essential in the production of solvents, adhesives, and cleaning agents. The region’s well-established manufacturing infrastructure, coupled with increasing industrial activities, supports acetone demand. Furthermore, the pharmaceutical sector’s growth and the rising use of acetone in personal care products continue to drive market expansion in North America.
Key players in the market
Some of the key players in Acetone market include Shell plc, Honeywell International Inc., Mitsui Chemicals, Inc., SABIC, Arkema, Solvay, BASF SE, The Dow Chemical Company, LyondellBasell Industries, LG Chem, Reliance Industries Limited, Celanese Corporation, Perstorp Group, Radici Group, DOMO Chemicals, Kumho P&B Chemicals, Formosa Chemicals and Fibre Corporation and Borealis AG.
Key Developments:
In January 2025, Mitsui Chemicals commenced the sale of biomass-based acetone following the acquisition of ISCC PLUS certification. This certification enables the company to produce and market sustainable products derived from biomass materials under the mass balance system. These initiatives reflect Mitsui Chemicals' commitment to sustainability and the promotion of eco-friendly products in the chemical industry.
In July 2022, LG Chem announced that it has exported its first bio-balanced phenol and acetone, totaling 5,200 tons. This shipment included 4,000 tons of phenol and 1,200 tons of acetone, marking the largest volume of ISCC PLUS certified bio-balanced chemicals from the company. The export demonstrates LG Chem's commitment to sustainable practices, contributing to the growing demand for eco-friendly and renewable chemicals in various industries.
Types Covered:
• Conventional Petrochemical-Based Acetone
• Bio-Based Acetone
• Other Types
Production Processes Covered:
• Cumene Process
• Wacker-Hoechst Process
• Hydration of Propylene
• Oxidation of Isopropyl Alcohol
• Hydroperoxide Process
• Other Production Processes
Applications Covered:
• Solvents
• Methyl Methacrylate (MMA) Production
• Bisphenol-A (BPA) Production
• Drug Formulations
• Other Applications
End Users Covered:
• Chemical Industry
• Healthcare
• Automotive
• Paints & Coatings
• Cosmetics & Personal Care
• Textile Industry
• Electronics & Electrical
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliance
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Acetone Market, By Type
5.1 Introduction
5.2 Conventional Petrochemical-Based Acetone
5.3 Bio-Based Acetone
5.4 Other Types
6 Global Acetone Market, By Production Process
6.1 Introduction
6.2 Cumene Process
6.3 Wacker-Hoechst Process
6.4 Hydration of Propylene
6.5 Oxidation of Isopropyl Alcohol
6.6 Hydroperoxide Process
6.7 Other Production Processes
7 Global Acetone Market, By Application
7.1 Introduction
7.2 Solvents
7.3 Methyl Methacrylate (MMA) Production
7.4 Bisphenol-A (BPA) Production
7.5 Drug Formulations
7.6 Other Applications
8 Global Acetone Market, By End User
8.1 Introduction
8.2 Chemical Industry
8.3 Healthcare
8.4 Automotive
8.5 Paints & Coatings
8.6 Cosmetics & Personal Care
8.7 Textile Industry
8.8 Electronics & Electrical
8.9 Other End Users
9 Global Acetone Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.9 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.9 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.9 Middle East & Africa
9.9.1 Saudi Arabia
9.9.2 UAE
9.9.3 Qatar
9.9.4 South Africa
9.9.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Shell plc
11.2 Honeywell International Inc.
11.3 Mitsui Chemicals, Inc.
11.4 SABIC
11.5 Arkema
11.6 Solvay
11.7 BASF SE
11.8 The Dow Chemical Company
11.9 LyondellBasell Industries
11.10 LG Chem
11.11 Reliance Industries Limited
11.12 Celanese Corporation
11.13 Perstorp Group
11.14 Radici Group
11.15 DOMO Chemicals
11.16 Kumho P&B Chemicals
11.17 Formosa Chemicals and Fibre Corporation
11.18 Borealis AG
List of Tables
1 Global Acetone Market Outlook, By Region (2022-2030) ($MN)
2 Global Acetone Market Outlook, By Type (2022-2030) ($MN)
3 Global Acetone Market Outlook, By Conventional Petrochemical-Based Acetone (2022-2030) ($MN)
4 Global Acetone Market Outlook, By Bio-Based Acetone (2022-2030) ($MN)
5 Global Acetone Market Outlook, By Other Types (2022-2030) ($MN)
6 Global Acetone Market Outlook, By Production Process (2022-2030) ($MN)
7 Global Acetone Market Outlook, By Cumene Process (2022-2030) ($MN)
8 Global Acetone Market Outlook, By Wacker-Hoechst Process (2022-2030) ($MN)
9 Global Acetone Market Outlook, By Hydration of Propylene (2022-2030) ($MN)
10 Global Acetone Market Outlook, By Oxidation of Isopropyl Alcohol (2022-2030) ($MN)
11 Global Acetone Market Outlook, By Hydroperoxide Process (2022-2030) ($MN)
12 Global Acetone Market Outlook, By Other Production Processes (2022-2030) ($MN)
13 Global Acetone Market Outlook, By Application (2022-2030) ($MN)
14 Global Acetone Market Outlook, By Solvents (2022-2030) ($MN)
15 Global Acetone Market Outlook, By Methyl Methacrylate (MMA) Production (2022-2030) ($MN)
16 Global Acetone Market Outlook, By Bisphenol-A (BPA) Production (2022-2030) ($MN)
17 Global Acetone Market Outlook, By Drug Formulations (2022-2030) ($MN)
18 Global Acetone Market Outlook, By Other Applications (2022-2030) ($MN)
19 Global Acetone Market Outlook, By End User (2022-2030) ($MN)
20 Global Acetone Market Outlook, By Chemical Industry (2022-2030) ($MN)
21 Global Acetone Market Outlook, By Healthcare (2022-2030) ($MN)
22 Global Acetone Market Outlook, By Automotive (2022-2030) ($MN)
23 Global Acetone Market Outlook, By Paints & Coatings (2022-2030) ($MN)
24 Global Acetone Market Outlook, By Cosmetics & Personal Care (2022-2030) ($MN)
25 Global Acetone Market Outlook, By Textile Industry (2022-2030) ($MN)
26 Global Acetone Market Outlook, By Electronics & Electrical (2022-2030) ($MN)
27 Global Acetone Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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