According to Ameco Research, the worldwide Acetone Market industry will increase at a CAGR of 6% throughout the forecast period, reaching a market size of more than US$ 6,900 Million by 2028.
Acetone is a colorless, volatile, flammable liquid that is miscible with water. As a result, it's employed as a solvent in a variety of industries, including pharmaceutical, beauty, and household. Solvents are frequently employed in everyday product applications across many industries. They're employed in a variety of industries, including pharmaceuticals, cosmetics, personal care, and even industrial applications.
The acetone market expands with the growing application of solvents in the pharmaceutical industry
Due to the COVID-19 epidemic, there has been a considerable surge in the manufacturing of sanitizers, disinfectants, and other sanitization products recently. Isopropanol, a crucial constituent generated from dimethyl ketone and employed in the manufacture of such sanitization products, is one of the key ingredients. The acetone sector is predicted to benefit from increased demand for personal care goods and cosmetics. Solvents are compounds that may dissolve or break down other substances. Acetone is commonly found in home items such as nail polish remover and paint remover. Acetone is a good solvent for many polymers and synthetic fibers. Acetone is excellent for thinning polyester resin, cleaning equipment, and dissolving epoxies and superglues before they are solidified. It can be used as a heavy-duty degreaser to clean metal before painting. Acetone is used in small amounts to make items that dissolve or break down other substances including nail polish, paint, and varnish. Acetone is used in industry for a variety of applications, including cleaning oil or gum from wool and silk textiles, producing lacquers for cars and furniture, and making plastics. Acetone is used in a variety of medical and cosmetic products. It's also used as a chemical in food additives, food containers, and nail polish removers. Acne is treated by dermatologists who use alcohol. Acetone is one of the main ingredients in chemical peeling. It is effective in removing superglue and swiftly removes glass and porcelain residues.
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Acetone is classified as “Generally Regarded as Safe” by the Food and Drug Administration (FDA). It has a modest risk of creating acute or long-term health issues. However, there are certain drawbacks. Acetone liquid and vapor are extremely flammable. Acetone-based products should never be used near an open flame or while smoking. Acetone is an irritant, meaning it can irritate the skin. As a result, some people are unable to use nail polish removers containing acetone. Moreover, acetone fumes can irritate the eyes, nose, throat, and lungs if they are inhaled or inhaled. These factors may restrict the market from growing.
Global Acetone Market Segmentation
Grade, application, end-user industry, and regions are the segmentation considered in the global acetone market. Based on grade, the market is bifurcated into specialty grade and technical grade. The technical grade segment is expected to lead the market with maximum share in 2020. However, the specialty grade segment is likely to attain the fastest growth rate during the forecast period 2021 – 2028. The application segment includes bisphenol-A, methyl methacrylate (MMA), solvents, and others. Among them, the bisphenol-A segment is predicted to register the fastest CAGR throughout the projected years due to growing application in polycarbonate production. In terms of the end-user industry, the segmentation includes automotive, electronics, cosmetics and personal care, pharmaceutical, paints, coatings, & adhesives, and others. Based on end-user industry, the cosmetics and personal care industries could account for a significant amount of acetone usage in the coming years. The chemical is widely utilized in skin creams, cosmetics, and other beauty items since it denatures specific alcohols. It's one of the most important elements in nail polish removers.
The regional segmentation comprises North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa. In terms of regions, Asia-Pacific acquired the largest shares in 2020. The region's rapid expansion is attributable to low infrastructural and labor costs, as well as increased industrialization. In addition, the emergence of modern technology in industries is a factor driving market expansion in this area. North America also had a considerable proportion in 2020, owing to the region's significant manufacturing and dimethyl ketone consumer base. Furthermore, increased R&D in the electronics sector in this region is predicted to promote bisphenol-A demand, which will, in turn, drive regional market growth.
Major Players
The acetone market is consolidated with a big number of players. The prominent players offered in the report include ALTIVIA, The Dow Chemical Company CepsaQuimica, S.A., INEOS Phenol GmbH, Honeywell Chemicals, Royal Dutch Shell Co, LyondellBasell Industries, Kumho P&B Chemicals, SABIC, and Mitsui Chemicals Inc.
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