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Insights from Future Market Research
Acetone Market has a sweet scent and is transparent, colourless, and volatile. Cumene peroxidation is the main method for producing acetone, and as a by-product, phenol is produced. Acetone is primarily used to produce acetone cyanohydrin for methyl methacrylate (MMA) and bisphenol A. (BPA). In addition, heavy metal degreasers, cleaning supplies, and chemical peeling are used in the construction, personal care, paints & coatings, plastics, and pharmaceutical end use industries. Acetone is used in a variety of common products like paints, cleaning solutions, nail polish remover, and adhesives thanks to properties like high solvency and a high rate of evaporation.
Direct solvent applications currently account for a larger portion of the worldwide acetone industry. Following bisphenol, A, MMA has the second-highest market share globally. PMMA is the primary end use for MMA (polymethyl methacrylate). Acrylic sheet, acrylic moulding compounds, and acrylic extrusion compounds are made with PMMA resins. Polycarbonate manufacturers now view these resins’ extensive use in the construction, automotive, and computer industries as key growth markets. Increased global industrialization, rising consumer demand for personal care products, and rising public investment in infrastructure projects are the key positive market growth drivers for acetone. Additionally, because of the growing demand in the plastics industry, it is anticipated that the demand for acetone will increase significantly over the review period.
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Regional Analysis:
Geographically, the market for acetone has been segmented into North America, the Middle East & Africa, Latin America, Europe, and Asia Pacific. Asia Pacific is anticipated to witness the highest growth rate during the forecasted period 20017-2023, owing to the expanding construction, paints and coatings industry. Moreover, with the rising middle-class population and improving lifestyle, the market is expected to witness growth. Owing to the increasing population and urbanization, Asia Pacific countries such as India, Indonesia, Japan and China is expected to witness a market growth.
Because of increasing production capacities, high consumption potential and rising economic growth rate, the North American market for acetone are expected to witness tremendous growth. Meanwhile, U.S. and Canada are also predicted to be major contributors to this market.
European countries like Germany, Italy, France, Spain, UK, and Russia is also expected to witness a significant market growth owing to the increased expenditure on cosmetic products and innovation in healthcare. Moreover, in the Middle East, demand for paints and coatings and construction industries are propelling the market growth in the forecasted period.
Latin American countries like Columbia, Argentina, and Brazil are predicted to showcase a substantial growth due to the involvement of new technologies, increasing consumption on passenger cars and invention on isoprene.
Market Segmentation:
By the segment of application type, the global market has included bisphenol-a, methyl methacrylate, powder, solvents, and others.
By the segment of the end-use industry, the global acetone market includes chemical, plastic, cosmetics & personal care, pharmaceutical, agriculture chemicals, paint & coatings, and others.
Key Players:
Some of the prominent players operating in the global acetone market are INEOS (Switzerland), The Royal Dutch Shell plc (the Netherlands), The Dow Chemical Company (U.S.), Cepsa (Spain), Mitsui Chemicals, Inc. (China), Altivia (U.S.), LCY GROUP (Taiwan) Formosa Chemicals & Fiber Corporation (China), Prasol Chemicals Pvt. Ltd. (India) and EMCO Limited (India) among others.
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