Acetone Global Market Report 2024

The acetone market size has grown strongly in recent years. It will grow from $5.13 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to several factors, including the demand from chemical manufacturing, the usage of acetone in the solvent and paint industry, its role in plastics and resin production, applications in pharmaceuticals and cosmetics, and the overall expansion of chemical and petrochemical industries. These factors collectively contributed to the growth of acetone within the specified historic period.

The acetone market size is expected to see strong growth in the next few years. It will grow to $7.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to several factors, including the expanding use of acetone in solvents and coatings, increased demand from the plastics and resins sector, a rise in pharmaceutical and cosmetic applications, a growing usage in industrial cleaning products, and the overall global economic expansion. Major trends expected in the forecast period include the influence of consumer preferences and industry adoption, market globalization driven by economic factors, a rising demand for industrial cleaning products, a shift towards green chemistry practices, and the impact of environmental and regulatory pressures on the industry.

The acetone market is experiencing growth due to increased demand for personal care products. Personal care products encompass a range of consumer goods used for hygienic practices, grooming, and beautification. Acetone serves as a vital chemical compound used in various personal care products, thereby contributing to the surge in acetone demand. For example, recent data from Circana, Inc., a US-based media company, indicates a notable increase in sales of prestige beauty products, which reached $14 billion in the first half of 2023 - a 15% surge compared to the same period in 2022. Additionally, the mass beauty market generated $28 billion in revenue and observed a growth rate of 9%. Thus, the rising demand for personal care products is expected to drive the acetone market.

The acetone market is also influenced by the growing demand for polycarbonate products. Polycarbonate products are transparent thermoplastics known for their strength, lightweight nature, and impact resistance. Acetone plays a critical role as a key raw material in the cumene process, a chemical method used in producing polycarbonate. This process involves combining acetone, cumene, and phenol to produce bisphenol A (BPA), a crucial intermediate in polycarbonate synthesis. For instance, according to S&P Global Inc., the consumption of polycarbonate is projected to rise significantly, surpassing 5 million metric tons by 2022. The world's polycarbonate industry capacity is expected to reach 7.2 million metric tons by 2022, with substantial capacity expansion anticipated in mainland China over the next few years. Consequently, the escalating demand for polycarbonate products is anticipated to fuel growth in the acetone market.

Innovation stands as a pivotal trend in the acetone market, with major industry players focusing on research and development to drive product innovation and maintain market positioning. For example, in June 2022, INEOS Phenol GmbH, a Germany-based manufacturer of phenol and acetone, introduced the INVIRIDIS product line. INVIRIDIS represents a bio-attributed innovative line of products for phenol, acetone, and alpha-methyl styrene (AMS) manufactured without relying on fossil fuels as feedstock. By utilizing bio-attributed cumene, INVIRIDISTM offers a lower carbon footprint compared to conventionally produced phenol, acetone, and AMS. This innovation allows for a 100% substitution of fossil feedstock in the production system, employing a mass balance approach to reduce environmental impact.

Major players in the acetone market are directing their focus towards investing in new production plants, aiming to broaden their presence and reinforce their market position. These investments are geared towards expanding company infrastructure, enhancing production capacities, and fostering innovation. For instance, Shanghai Sinopec Mitsui Chemicals Co. Ltd., a China-based chemical company, announced the restart of production at China’s Sinopec Mitsui Chemicals phenol and acetone plant in Shanghai in November 2023. The acetone and phenol manufactured at this facility serve as essential raw materials for synthesizing bisphenol A (BPA), crucial in the production of polycarbonate - a widely used thermoplastic in diverse industries.

In May 2021, Aceto Corporation, a US-based company specializing in specialty materials for life sciences and advanced technology, including acetone, completed the acquisition of Finar Limited for an undisclosed amount. This acquisition was strategically aimed at fortifying Aceto Corporation's manufacturing footprint, research and development capabilities, and quality expertise in pharmaceuticals, biopharmaceuticals, and vaccine end markets. Finar Limited, an India-based manufacturer, supplier, and distributor, possesses a diverse portfolio that includes pharmaceutical excipients and laboratory chemicals, notably acetone AR/ACS and acetone BP.

Major companies operating in the acetone market report are INEOS Phenol GmbH, Royal Dutch Shell plc, Honeywell International Inc., Prasol Chemicals Limited, Mitsui Chemicals Inc., Kumho P&B Chemicals Inc., Saudi Basic Industries Corporation., LyondellBasell Industries Holdings B.V., ALTIVIA Chemicals LLC, Domo Chemicals GmbH, Formosa Chemicals & Fiber Corp, Borealis AG, Reliance Industries Limited, CEPSA Quimica S.A, Arkema S.A., Celanese Corporation, The Dow Chemical Company, LG Chem Ltd., Deepak Nitrite Limited, PTT Global Chemical Public Company Limited, China National Petroleum Corporation, Jubilant Life Sciences Ltd., Dairen Chemical Corporation, Chevron Phillips Chemical Company LLC, Versalis S.p.A., Daicel Corporation, JX Nippon Oil & Energy Corporation, PetroChina Company Limited, Lihuayi Group Co. Ltd., SunVic Chemical Holdings Limited, A.B. Enterprises, Wuhan Youji Industries Co. Ltd., Tangshan Lory Industry Co. Ltd., Aadi Industries Ltd., Qenos Pty Ltd., Rain Carbon Inc.

Asia-Pacific was the largest region in the acetone market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the acetone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the acetone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of acetone grades include regular acetone and technical-grade acetone. Specialty-grade acetone represents the purest form, with a composition of 99.9% impurity-free. This high-purity acetone is frequently utilized in medical and pharmaceutical applications. Acetone is employed in diverse applications such as the production of bisphenol A, methyl methacrylate (MMA), solvents, methyl isobutyl ketone, among others. Distribution channels for acetone include manufacturer-to-distributor and manufacturer-to-end-user. The compound is utilized in the formulation of paints, coatings, adhesives, electronics, cosmetics, and personal care products.

The acetone market research report is one of a series of new reports that provides acetone market statistics, including acetone industry global market size, regional shares, competitors with an acetone market share, detailed acetone market segments, market trends, and opportunities, and any further data you may need to thrive in the acetone industry. This acetone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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