The acetone market will grow at a compound annual growth rate of 7.4% in the years to come, to touch a value of USD 9,590.9 million by the year 2030.
Acetone is water-white, volatile, combustible, and mixable in water. Due to its high rate of evaporation and excellent usability as a solvent, it is used to dissolve both synthetic and natural oils, gums, waxes, resins, and other additives. It is conspicuously put to use as a solvent in paints, inks, adhesives, and further chemicals.
In the recent past, the increase in the acceptance of skincare and personal care products has driven the expansion of the industry. 2-propanone is widely used as an additive in skin creams, cosmetics, gels, and lotions as it helps avert oil and dirt buildup on the skin.
Furthermore, it is widely used in nail paint removers, nail paints, fragrances, cleansing and bath products, and skincare and haircare products.The increase in the aesthetic awareness amongst the millennials and the development in the elderly populace are powering the requirement for skincare products, which is boosting the consumption of acetone amongst personal care cosmetics and product manufacturers.
Additionally, the continually altering fashion tendencies and significant innovations in cosmetic preparations are contributing to the development of the industry.
In pharmaceuticals, solvents are a main constituent as they are put to use as the medium in which the reaction of chemicals takes place that brings about the formation of APIs.
Moreover, they are put to use for separation for the anticipated chemical products from the unwelcome ones, thus upholding the level of drug purity.
The acetone market was led by the APAC, with a share of 45%, in 2022, and it will power to grow at a considerable rate in the years to come. This is because of the growth in the (CH3)2CO requirement to produce diverse derivatives for numerous industries.The main requirement for the chemical is coming from developing economies, for example India and China. China will witness high dimethyl ketone consumption as a result of the surge in its use as an perfect and lucrative solvent in coatings and paints, chemicals, cosmetics, adhesives, and petrochemicals.
The Phenol & Acetone Market 2021 research report gives emerging industry data, global segments and regional outlook.
This report covers up all details such as size, share, value, growth, restraints, and opportunities for the year 2020 to 2027.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the phenol & acetone market include Ineos, PTT Phenol, Mitsui Chemicals, CEPSA, Kumho P & B, Shell, Taiwan Prosperity, Chang Chun Group, Sinopec & Mitsui, Formosa, AdvanSix, DowDuPont, LG Chem, Sabic, Versalis, Mitsubishi Chemical, ALTIVIA, Borealis Polymers.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Phenol & Acetone Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/phenol-acetone-market/download-sampleMarket DynamicsExpanding population and industrialization is steering the growth of the global phenol & acetone market.
The global ''acetone market size'' is expected to gain momentum from the high demand for petrochemicals and chemicals from several end-use industries.
This information is given by Fortune Business Insights™ in a new study, 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 study further mentions that the acetone market size was USD 3,962.0 million in 2019 and is projected to reach USD 4,995.3 million by 2027, exhibiting a CAGR of 3.7% during the forecast period.COVID-19 Pandemic to Affect Growth Backed by Ongoing Crude Oil Price WarThe COVID-19 pandemic has negatively affected the global chemical industry.
Also, restrictions from governments on manufacturing activities may hinder growth.
The ongoing crude oil price war is also set to hamper growth.List of the Leading Companies Profiled in the Global Acetone Market are:LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)INEOS (London, UK)Altivia (Texas, U.S)Royal Dutch Shell Co. (The Hague, Netherlands)Honeywell International Inc (North Carolina, U.S)Mitsui & Co., Ltd. (Tokyo, Japan)SABIC (Riyadh, Saudi Arabia)KUMHO P CHEMICALS., INC. (Seoul, Korea)Cepsa (Madrid, Spain)Formosa Chemicals & Fibre Corp. (Changhua, Taiwan)Borealis AG (Vienna, Austria)PTT Phenol Company Limited.
Ltd. (Navi Mumbai, India)Chang Chun Group (Taipei, Taiwan)Other PlayersHow Did We Create This Report?We employ iterative and comprehensive research techniques focusing on minimizing deviance.
Simulation models were used to gather data about market forecasts and estimates.Drivers & RestraintsIncreasing Manufacturing of Sanitizers and Disinfectants to Drive GrowthThe increasing production of disinfectants and sanitizers worldwide is set to surge the demand for dimethyl ketone as isopropanol is derived from it.
