Global Acetone Market size was valued at USD 6.5 Billion in 2024 and is expected to reach USD 12.4 Billion by 2033, at a CAGR of 5.6% during the forecast period 2024 – 2033.
Acetone Market: Overview
Acetone is a colorless, volatile liquid solvent with a characteristic sweet odor. It is one of the simplest and most commonly used ketones. Acetone is widely utilized as a solvent in various industries, including pharmaceuticals, cosmetics, and chemical manufacturing. It is also used as a cleaning agent, paint thinner, and in the production of various chemicals and plastics.
Increasing demand for acetone as a solvent in various industries, including pharmaceuticals, cosmetics, and chemical manufacturing, drives market growth. Additionally, the rising utilization of acetone in the production of polycarbonate plastics, bisphenol-A, and phenolic resins for laminated boards and industrial adhesives contributes to market expansion.
Moreover, the development of bio-based acetone production methods, aligned with sustainability goals, is gaining traction. Furthermore, Asia-Pacific’s dominance in acetone production and consumption, driven by rapid industrialization and urbanization, significantly influences market dynamics.
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Additionally, technological advancements, regulatory changes, and shifts in consumer preferences towards eco-friendly products continue to impact the acetone market. Overall, the acetone market is characterized by a combination of evolving industrial needs, sustainability initiatives, and regional market dynamics driving growth and innovation.
By grade, the technical grade segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Technical-grade acetone drives the market due to its versatile applications in industrial processes, including solvent extraction, and chemical manufacturing, and as a key ingredient in the production of plastics, resins, and coatings. Its purity and affordability make it a preferred choice for various industrial applications, thus influencing market demand.
By application, the solvents segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Solvents are a primary driver of the acetone market due to their extensive use in various industries, including pharmaceuticals, cosmetics, and chemical manufacturing. Acetone serves as a versatile solvent, facilitating the dissolution and dispersion of substances, making it indispensable in numerous applications and driving market demand.
By end user, pharmaceutical segment held the highest market share in 2022. The pharmaceutical industry drives the acetone market due to its essential role as a solvent and intermediate in the production of various pharmaceutical drugs. Acetone is used in drug formulation, extraction, and synthesis processes, making it a critical component in pharmaceutical manufacturing.
Custom Market Insights has comprehensively analyzed acetone market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict the in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this acetone industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Acetone Market:
- INEOS Group Holdings S.A.
- The Dow Chemical Company
- Mitsui Chemicals Inc.
- Royal Dutch Shell plc
- Formosa Chemicals & Fibre Corporation
- Honeywell International Inc.
- China National Petroleum Corporation
- Sinopec Group
- CEPSA
- Reliance Industries Limited
- Sunoco LP
- LyondellBasell Industries N.V.
- LG Chem Ltd.
- Saudi Basic Industries Corporation
- JXTG Holdings Inc.
- Kumho P&B Chemicals Inc.
- Solvay S.A.
- LUKOIL
- Mitsui & Co. Ltd.
- PTT Global Chemical Public Company Limited
- Others
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