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Global Acetone Market to Witness a CAGR of 3% Through 2020: FMI

Published on 2015-03-17. Author : SpecialChem

Acetone, also known as dimethyl ketone, is a co-product of phynol, and is derived through the process of cumene peroxidation. Acetone is widely used in various sectors, including cosmetics, home, business, laboratories, etc. The major use of acetone is for making acetone cyanohydrin, an organic compound which is a key ingredient in the manufacture of Bisphenol A (BPA) and methyl methacrylate (MMA). MMA is widely used in dentistry to make prosthetics. It is also used to make cast sheets and coatings. On the other hand, BPA is widely used in the manufacture of plastics and epoxy resins.

Global Acetone Market Forecast
The worldwide consumption of acetone in 2014 was approximately 6 Mn tons. It is forecasted that the global acetone market will witness a moderate 3% CAGR through 2020 and its global consumption will reach 7.21 Mn tons. The demand for acetone from the automobile and construction sectors - especially in Asia Pacific (APAC) - is anticipated to be the key reason for its growth in the next five years. Furthermore, the growth in the infrastructure sector in the Middle East is anticipated to augur well for the prospects of the global acetone market.

Segmentation of the Global Acetone Market

Application-wise, the segments of the global acetone market include:
• Methyl methacrylate (MMA)
• Bisphenol A (BPA)
• Solvent

The BPA segment is currently the most dominant and this trend is anticipated to continue through 2020. The use of BPA in the field of medical equipment, cellphones, eyeglass lenses, and water bottles is anticipated to be the key drivers for the growth of this segment.

The MMA segment had a share of approximately 28% in 2014 and it is anticipated that it will witness steady growth through 2020. Demand from the chemical and electronics industry will provide an impetus to the MMA segment. The solvent segment of the global acetone market is anticipated to witness lower growth than the other two segments.

Restraints for the Global Acetone Market

Consumer awareness on the benefits of using bio-based acetone is forecasted to be the key challenge for the growth of the global acetone market. Exposure to acetone is dangerous for health and can cause intoxication, dizziness, nausea, and unconsciousness. Due to these reasons, governments around the world have regulated the use of acetone and it is anticipated that many more countries will adopt stringent regulations in the next five years. Increase in government regulations is also projected to inhibit the growth of the global acetone market.

Key Regions for the Global Acetone Market

Asia Pacific and North America are the key markets for the global acetone market. These two regions accounted for a market share of 62% in 2014 and it is anticipated that they will continue to be the dominant regions through 2020. Other key markets for the global acetone market are India, South Korea, China, Indonesia, and Malaysia.

Key Players
The key companies in the global acetone market are the Shell Chemicals, CEPSA Química, BASF SE, Mitsui Chemicals, Reliance Chemicals, Dow Chemical Company, LG Chem Ltd., and Honeywell.

About Future Market Insights

Future Market Insights (FMI) is a premier provider of syndicated research reports, custom research reports, and consulting services. It delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, aerial view of the competitive framework, and future market trends.

It provides research services at the global and regional level; key regions include GCC, ASEAN, and BRICS.

The company’s offerings cover a broad spectrum of industries including Chemicals, Materials, Energy, Technology, Healthcare, and Retail.

The company has a global presence with delivery centerss across India specializing in providing global research reports and country research reports. FMI is headquartered out of London, U.K., with a state-of-the-art delivery centre located in Pune, India. We combine our knowledge and learning from every corner of the world to distill it to one thing – the perfect solution for the client.

Source: Future Market Insights
 


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