Acetone Market Analysis :
Acetone, also known as propanone, is an organic compound, which is colorless and a flammable liquid Chemical intermediate in the production of acetone include methyl methacrylate (MMA), bisphenol-A (BPA), and aldol chemicals. Acetone is used in chemical industries to reduce the stickiness of silk, to remove grease from wool, and make protective coatings for cars & furniture. It is extensively used in industrial activities as it can easily mix with water and evaporates quickly in the air.
COVID-19 impact analysis
- The global market for acetone is severely impacted by the outbreak of the COVID-19 pandemic. Countries in Asia-Pacific have been taking measures to mitigate the spread of the virus. These mitigation measures have contributed to the slowing of economic activities and livelihood of employees.
- China is expected to be one of the major markets for automotive. Owing to the outbreak of the COVID-19 pandemic, China’s automotive market is facing a sharp fall, with obvious impacts for manufacturers of tires, hoses, belts and other auto parts. Thus, auto dealers are unable to deliver vehicles during the lockdown.
- Fabric production is expected to decrease owning to decline in exports and stagnation in apparel/home textile production.
- With halt in Chinese production, the import of man-made fiber (MMF) would be impacted. Prices of imported MMF used for high-value products is expected to rise over next quarters, which will result in higher cost of production.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
The rapid growth of the personal care industry across the globe is expected to drive the demand for acetone market. This is attributed to the fact that acetone is one of the most common industrial solvents used in various end-use industries, including electronics, , pharmaceutical, construction, automotive, agriculture chemicals & paints, and coatings & adhesives. Increase in demand from construction activities and automotive sector is further anticipated to fuel the market growth.
However, implementation of stringent government regulations on controlled use of acetone may negatively impact the market growth. This is attributed to the fact that extensive exposure of acetone may lead to unconsciousness, seizures, and respiratory distress, thus hampering the demand for acetone in the global market. If inhaled, acetone could cause health issues in infants and elderly individuals. Moreover, acetone is considered as a hazardous chemical that significantly affects groundwater and human health.
Surge in usage of acetone in industrial applications
Region wise, the acetone market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Among these, Asia-Pacific garnered the largest share in the acetone market in terms of value and volume. Acetone demand in the Indian market is witnessing rapid growth, due to demand from the downstream building and automobile sectors. India has availability of cheap labor, lower cost of production, and less transit time as compared to other countries such as South Korea, Singapore, Thailand, and Taiwan.
Acetone is used as a direct solvent in several applications, including paints & coatings, printing inks, adhesives, nail polish removers, and other skin care products. Moreover, other applications include higher molecular weight glycols & alcohols, MIBK & MIBC, for solvent applications (varnishes, lacquer, cellulose acetate fiber, cellulose nitrate), as a carrier for acetylene in cylinders.
Key benefits of the report
- This study presents the analytical depiction of the global acetone market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global acetone market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global acetone market research report:
- Which are the leading players active in the global acetone market?
- What are the upcoming trends in the global acetone market?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Acetone Market Report Highlights
By End-use Industry
Key Market Players
Honeywell International, Inc., Royal Dutch Shell Plc., Formosa Chemicals, Fiber Corporation, Mitsui Chemicals, Inc., CEPSA Quimica, Domo Chemicals, Hindustan Organic Chemicals Limited, The Dow Chemical Company, INEOS Phenol