The Global Acetone Market Size was valued at USD 5.8 Billion in 2022 and is anticipated to reach USD 11.9 Billion by 2032 with a CAGR of 7.5% from 2023 to 2032.

Acetone (propanone) is a colorless, volatile, and flammable natural compound with the formula (CH3)2CO. The substance has a distinct aroma that has been described as sweet. Acetone is a ketone body that is employed as a solvent in a variety of pharmaceutical and commercial products. Dermatologists use acetone in conjunction with alcohol to treat skin acne. Acetone is a common solvent utilized in a wide range of industries today. Flooring, paint, coatings, cabinets, and fiberglass manufacture are among them. Because of the high demand for acetone and the recent tightening of supply, the price of virgin acetone is expected to rise. Businesses can save money by purchasing recycled acetone or using solvent recovery equipment on-site to extend the life of their supply. This polar volatile substance can easily form homogeneous mixtures with water and various organic compounds, making it an effective solvent. Another appealing feature is its low boiling point, which allows it to evaporate quickly.

Acetone Market Dynamics

The growing demand for acetone as a solvent in a number of end-user industries is the primary factor driving the growth of the global acetone market. Acetone is a solvent, which means it may dissolve or break down materials such as paint and varnish. That's why nail polish removers, varnish removers, and paint removers all contain it. This chemical is also used to clean grease from wool, lessen the stickiness of silk, and provide protective coatings for furniture and automobiles. In the pharmaceutical industry, acetone is a popular organic solvent. It is used to ensure that tablets and liquid medications have the proper density. Low toxicity, safer to use, easily evaporates, inexpensive, less regulated, water-soluble, and effective are all advantages of using acetone as a solvent. As a result, acetone is an excellent solvent choice.

The increasing application of acetone in the pharma industry also strengthens the growth of the market. Acetone is at times used to improve the efficacy of a medication. This also serves as an antiseptic. In addition, their widespread use in the chemical sector is also predicted to propel market growth in the coming years. In the ever-expanding plastics and PVC industries, the most common applications are as a precursor to other chemicals, primarily methyl methacrylate. It is estimated that 75 percent of acetone produced by chemical manufacturers is used in this manner.

The market, however, consists of a major restraint that is health risks associated with continuous exposure to acetone. It is observed that direct and prolonged exposure to acetone could damage the liver, cause blindness and vomiting. Furthermore, the rising trend of recycling and using environmentally-friendly products has created significant awareness in the acetone industry as well. When it comes to purchasing and using solvents, businesses have a variety of cost-cutting options. Because virgin solvents can be costly to purchase regularly, recycled acetone is a great alternative. Recycled acetone is a cost-effective alternative to virgin acetone while also being more environmentally friendly. This in turn is predicted to generate numerous growth opportunities for the market growth in the coming years.

Global Acetone Market Segment Analysis

Acetone Market By Grade

·         Specialty Grade

·         Technical Grade

Based on the information supplied, the market for the grade in issue is divided into two categories: specialized grade and technical grade. Among these segments, technical grade had the most market share in 2020 and is likely to continue to do so over the forecast period.

Technical grade accounts for a sizable section of the market due to its exceptional binding characteristics, which make it particularly desirable to a variety of industries, most notably the building industry. This grade's ability to properly bind materials together is critical in construction applications that need high adhesion and endurance. Furthermore, technical grade provides these desirable features at a lower cost than other grades, making it a popular choice among manufacturers and builders alike.

The rising popularity of technical grade in the building sector is due to its capacity to improve the structural integrity of construction materials while staying cost-effective. As a result, it is rapidly being used in a variety of construction applications, such as concrete manufacture, mortar, plaster, and adhesives. This trend is projected to continue, increasing demand for technical grade and maintaining its position as a market leader for the foreseeable future.

Acetone Market By Application

·         Solvents

·         Bisphenol-A

·         Bisphenol-A

·         Others

The market's application category includes a variety of compounds such as solvents, methyl methacrylate (MMA), bisphenol-A, and others. Solvents emerged as the dominating segment in 2022, with the most market share. This can be ascribed to the extensive use of acetone, a popular solvent, in the manufacturing of plastics and other industrial items. Acetone's diverse qualities make it a vital component in a wide range of manufacturing applications, adding considerably to the solvents market's domination.

However, looking ahead, the bisphenol-A segment is predicted to increase significantly and gain speed between 2023 and 2032. Bisphenol-A is a critical precursor in the manufacturing of polycarbonate plastics and epoxy resins, which have numerous uses in sectors such as automotive, electronics, construction, and packaging. The growing demand for these end-use items, together with increased knowledge of bisphenol-A's adaptability and applicability across a variety of industries, is expected to fuel the expansion of this market in the coming years. As a result, bisphenol-A is positioned to become a prominent participant in the industry, contributing to its overall growth and diversification.

Acetone Market By End-User

·         Electronics

·         Automotive

·         Pharmaceutical

·         Paints, Coatings, and Adhesives

·         Cosmetics and Personal Care

·         Others

The end-user segment of the market is divided into various categories, including automotive, adhesives, cosmetics and personal care, electronics, paints and coatings, medicines, and others. Among these categories, paints and coatings emerged as the largest end-user category in terms of volume in 2022.

This dominance can be traced to the common use of solvents in the paint and coatings industry. Solvents play an important role in this industry because of their capacity to dissolve both polar and nonpolar chemicals, making it easier to formulate paints, varnishes, and coatings. Solvents aid in producing the required viscosity, consistency, and drying qualities of paint compositions, making them essential in the production process.

Furthermore, solvents contribute to a variety of paint and coating applications, such as pigment dispersion, flow and leveling correction, and film formation and adhesion property enhancement. Solvents' flexibility and compatibility with a wide range of raw materials make them crucial components in the formulation of paints and coatings, propelling market development in this category. As demand for paints and coatings rises in industries such as construction, automotive, and manufacturing, the dependence on solvents is projected to continue, cementing the paints and coatings category's dominance in the end-user segment of the market.

Acetone Market Regional Analysis

The worldwide acetone market is divided into five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Among these regions, Asia-Pacific emerged as the market leader in 2022.

The Asia-Pacific region's supremacy can be ascribed to a variety of causes, including considerable development in industries including paints and coatings, cosmetics, and pharmaceuticals. These industries are important acetone users, using it in a variety of applications including solvent extraction, formulation, and final product synthesis. The fast growth of these industries in the Asia-Pacific region has raised demand for acetone, pushing up its market share in the area.

Furthermore, the Asia-Pacific area has cheap infrastructure and labor costs, making it a desirable location for international enterprises wishing to build or transfer their manufacturing operations. This rush of foreign investment has increased the region's need for acetone, which is used in the manufacture of a variety of consumer and industrial products. Overall, the Asia-Pacific region's favorable market circumstances, along with strong development in key sectors and the existence of cost-effective manufacturing facilities, have positioned it as the leading acetone market, with important implications for the worldwide acetone market.

Acetone Market Leading Companies

The acetone market players profiled in the report are CepsaQuimica, S.A., ALTIVIA, Honeywell Chemicals, Kumho P&B Chemicals, INEOS Phenol GmbH, LyondellBasell Industries, Royal Dutch Shell Co, Mitsui Chemicals Inc., SABIC, and The Dow Chemical Company.

Acetone Market Regions