New York, United States, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Acetone is also referred to as 2-propanone or dimethyl ketone with chemical formula CH3COCH3. It is a colourless liquid which is used as an antiseptic and solvent. It occurs naturally in different sources such as vehicle exhaust, plants, forest fires, and as a by-product of animal fat metabolism. Furthermore, it is mainly used in the production of methyl methacrylate which is used as an intermediate in the production PVC (Poly Vinyl Chloride). Its low toxicity, water solubility, relatively low cost and ease of procurement offer demanding applications to this material in different end-use industries.
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Segmental Insights
The global acetone market is segmented by application, end-use, and region.
Based on the end-use, the market is segmented into pharmaceuticals, personal care, paints & coatings, plastics, construction, electrical & electronics. Among end-use industry, pharmaceutical industry is likely to gain major traction in global acetone market owing to its application as solvent for blending fillers and active ingredients used for manufacturing pharmaceuticals in liquid and pill form.
Electricals and electronics sector is major consumer of the acetone. Acetone is used in the production of polycarbonate which is further used for insulating electrical and electronic components. Growing electronic industry is expected to upsurge demand for acetone.
Regional Insights
Asia Pacific is expected dominate the market during the forecast period owing to the increasing demand for polycarbonate from different end-use industries including automotive, home appliances, electrical and electronics, construction and consumer products, among others. The rapid growth of automotive sector in the region is justified by the fact that China is one of the major producers of vehicles globally. In February 2018, US-based KBR has received a licence and engineering (LBED) and an equipment supply contract from Cangzhou Dahua New Materials (CDNM) a chemicals manufacturer to construct a new polycarbonate plant in Cangzhou City, China.
North America is expected to have is considerable growth in the acetone market owing to the increasing consumer awareness regarding the need to aintain personal health and hygiene, increasing production capacities, and presence of major acetone manufacturers with their well-established production facilities in the region. The U.S. and Canada are expected to show healthy growth in this region. Furthermore, rising demand for electrical and electronic appliances and pharmaceuticals are some of the major factors driving the market growth in this region. Rapid industrialization and digitalization has increased the application of aetone in printed circuit boards.
Latin America is expecting a steady growth rate owing to the gradually improving political situation and steady growth of plastic industry in the region. Latin American countries such as Colombia, Brazil, and Argentina are considered to have a strong growth due to the increasing automotive sector. For instance, in March 2017, the president Mauricio Macri of Argentina planned to boost the automotive sector and generate jobs with a target goal of manufacturing one million cars a year by 2030. Middle East and Africa is expecting healthy growth in the market owing to the increasing demand for paints & coatings from construction sector in the region.
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Competitive Players
- INEOS
- The Dow Chemical Company
- Cepsa
- The Royal Dutch Shell plc
- Mitsui Chemicals Altivia
- LCY GROUP
- Formosa Chemicals & Fiber Corporation
- Prasol Chemicals Pvt. Ltd.
- EMCO Limited
- INEOS
- Kumho P&B Chemicals Inc
- LCY GROUP
- PTT Phenol Company Limited
- Reliance Industries Limited
- Shell PLC
Recent Developments
- June 2022- INEOS Phenol launched its first bio-attributed product line for phenol, acetone alpha-methyl styrene. These items will be marketed under the INVIRIDISTM brand and produced without the use of fossil fuels as feedstock. They offer a more environmentally responsible and sustainable alternative.
- August 2022- INEOS Phenol has reached an agreement to pay $330 million to Mitsui Chemicals, a major Japanese chemical producer, to buy the entire asset base of Mitsui Phenols Singapore Ltd. The company has a $750 million annual revenue and produces more than 1 million tonnes of product annually, including alpha-methyl styrene (20 ktpa), acetone (185 ktpa), cumene (410 ktpa), and phenol (310 ktpa) (150 ktpa).
Segmentation
- By Application
- Methyl Methacrylate
- Bisphenol A
- Solvent
- Others
- By End-Use
- Pharmaceuticals
- Personal Care
- Paints & Coatings
- Plastic
- Construction
- Electrical & Electronics
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East And Africa
- Latin America
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