Global Acetone (Nf/Fcc/Ep) Market size is forecast to reach around $7 billion by 2025, after growing at a CAGR of 5% during 2020-2025. Acetone (Nf/Fcc/Ep) occurs as a clear, colorless, and volatile liquid. The demand for Acetone is growing owing to its miscible nature with water, alcohol, ether, chloroform, and most volatile oils. The growing uses of Acetone (Nf/Fcc/Ep) in the medical, surgical, and food industry are also driving the Acetone (Nf/Fcc/Ep) Market size growth. Moreover, the growing uses of Acetone (Nf/Fcc/Ep) stream as a feedstock for the production of specialty chemicals is also driving the growth of global Acetone (Nf/Fcc/Ep) market size over the study period.
Grade – Segment Analysis
Acetone NF grade the segment held the largest share of more than 35% in 2019 and is projected to witness significant growth in the global Acetone (Nf/Fcc/Ep) market during the forecast period. This growth is attributed to its wide use across various industry applications like gums, resins, waxes, fats, greases, oils, dyestuffs, and cellulosic. Furthermore, surging uses in the manufacture of a wide variety of coatings and plastics is also contributing to the growth of this segment over the forecast period, which in turn drives the growth of this market.
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Application – Segment Analysis
Methyl Methacrylate (MMA) held the largest share of more than 35% in 2019 and is projected to witness moderate growth in the global Acetone (Nf/Fcc/Ep) market during the forecast period. This growth is attributed to the growing uses of MMA is a key to the raw material for the production of polymethyl methacrylate (PMMA) drives the growth of this segment, which in turn propels this market growth. Whereas surging uses of PMMA to produce acrylic sheet-like cast and extruded and acrylic molding and extrusion compounds drive the growth of the MMA segment, which in turn drives the growth of this market. Furthermore, the surging uses of MMA in the molding and extrusion compounds for automotive parts and medical devices is also contributing to the growth of this segment over the forecast period, which in turn drives the growth of this market.
End-Use Industry – Segment Analysis
The pharmaceutical/medical segment held the largest share of more than 25% in 2019 and is projected to grow at a substantial rate during the forecast period owing to the growing uses of acetone as a cleaning agent for tooth surfaces and root canals. Whereas, acetones are available with different grades based on the purity level. Majorly the high-purity acetone grades are uses as pharmaceutical-grade acetone with no benzene. Besides, the growing development of the medical sector in the developing regions is also contributing to the growth of this market during the forecast period.
Geography – Segment Analysis
Among the regions, the APAC region is projected to witness the highest CAGR of around 7% in the global Acetone (Nf/Fcc/Ep) market followed by North America and Europe during the forecast period. This growth is attributed to the growing disposable income, developing petrochemical plants in China and India, growing uses of personal care products, and growing urbanization across the region. Additionally, the fastest-growing pharmaceutical and cosmetic sectors are also contributing to the growth of this market in the APAC region. Moreover, China, Japan, India, Thailand and Malaysia are the major countries that are driving the growth of Acetone (Nf/Fcc/Ep) the market in the APAC region.
Drivers – Acetone (Nf/Fcc/Ep) Market
Growing demand of Bisphenol-A for the production of resins
Bisphenol A is one of the end-use for acetone. Whereas, Bisphenol A is a raw material used for the production of various resins like epoxy and polycarbonate resins. The growing uses of polycarbonate products across various applications like the optical media for the CDs and DVDs, and in the electrical and electronic for the insulators, connectors, and housings, and in automotive sectors is driving the demand of Bisphenol A, which in turn propels the growth of this market. However, with the development of new technology the demand for optical media has been developed, due to growing uses of the internet for streaming movies and music. This growth is also a contributor to market growth. Furthermore, the construction, automotive, and computer segments are known as key growth markets. Thus, demand for polycarbonate is expected to increase, which will continue to drive Bisphenol-A (BPA) growth during the forecast period. Moreover, the surging uses of Epoxy resins derived from Bisphenol-A (BPA) the manufacturing of water pipes, cans, and thermal paper is also contributing to the growth of the BPA market, which in turn drives the growth of the Acetone market through the forecast period.
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Challenges – Acetone (Nf/Fcc/Ep) Market
The emergence of COVID-19 and hazardous effects of acetone
The World Health Organization (WHO) has declared COVID-19 a pandemic due to its impact on human health, economy, industries, and others. The outbreak of COVID-19 worldwide is having a noticeable impact on global economic growth. The spread of COVID-19 has disrupted global supply chains and also declined labor availability, consequently impacting manufacturing plants globally. This will ultimately have a direct impact on demand for Acetone (Nf/Fcc/Ep). The pandemic is affecting operations of various industries including agriculture, chemical, personal care, automotive, aerospace, and others. So the impact of COVID-19 will be felt for the entire financial year and also affect the growth of this market. Besides, Acetone is a flammable, colorless, volatile liquid. The high disclosure of acetone may cause unconsciousness, seizures, and respiratory distress thus affecting acetone market growth.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Acetone (Nf/Fcc/Ep) market report. In 2019, the market of Acetone (Nf/Fcc/Ep) top 10 players accounting for xx% of the share. Major players in the Acetone (Nf/Fcc/Ep) Market outlook are INEOS Phenol GmbH; The Dow Chemical Company; Royal Dutch Shell Co; Honeywell Chemicals; Mitsui Chemicals Inc, LyondellBasell Industries; SABIC, Kumho P&B Chemicals, and Cepsa Quimica, S.A. and among others.
In March 2019, INEOS Phenol announced to build a world scale, state of the art cumene unit in Marl Germany, to be completed in 2021. The construction of the plant will support customer’s ambitions and secure the supply of raw material to the INEOS phenol and acetone plants across the country.
In the North America region, in 2019, the USA and Canada are the major market for the Acetone (Nf/Fcc/Ep) owing to the presence of key players and the developed pharmaceutical and petrochemical sector.
In the manufacturing sector acetone is expected to be replaced by surfasolve, bio-solv, replacetone, acastrip r, and methyl acetate and that of in the paints and coatings industry, it is replaced by Methyl-Ethyl-Ketone (MEK) and Trichloroethylene (TCE).
The U.S. Food and Drug Administration (FDA) has determined acetone (FCC) is safe for use as an indirect food additive in adhesives and food-contact coatings.
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