Acetone Market: Size, Restraints, Drivers, Trends, and Analysis 2024-2033

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Overview and Scope

Acetone is a colorless liquid solvent with a distinct odor and taste that can be used to break down and dissolve with other compounds. It is utilized as a solvent in the production of plastics and other industrial and cosmetics products.

Sizing and Forecast

The acetone market size has grown strongly in recent years. It will grow from $5.13 billion in 2023 to $5.5 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to chemical manufacturing demand, solvent and paint industry, plastics and resin production, pharmaceutical and cosmetic applications, expanding chemical and petrochemical industries..

The acetone market size is expected to see strong growth in the next few years. It will grow to $7.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to expanding use in solvents and coatings, demand from plastics and resins sector, rise in pharmaceutical and cosmetic applications, expanding use in industrial cleaning products, global economic expansion.. Major trends in the forecast period include consumer preferences and industry adoption, market globalization and economic factors, rising demand for industrial cleaning products, shift towards green chemistry, environmental and regulatory pressures..

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Segmentation & Regional Insights

The acetone market covered in this report is segmented –

1) By Grade: Specialty Grade Acetone, Technical Grade Acetone

2) By Distribution Channel: Manufacturer to Distributor, Manufacturer to End-User

3) By Application: Bisphenol A, Methyl Methacrylate (MMA), Solvents, Methyl Isobutyl Ketone, Other Applications,

4) By End-User: Paints, Coatings, and Adhesives, Electronics, Cosmetics and Personal Care, Pharmaceutical, Other End-user

Asia-Pacific was the largest region in the acetone market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the acetone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

Increased demand for personal care products is driving the acetone market. Personal care products refer to a consumer goods used for hygienic practices, grooming, and beautification. Acetone is a key chemical compound used in personal care products, thus drives up acetone demand. For instance, in August 2023, according to Circana, Inc., a US-based media company, sales of prestige beauty products in the US reached $14 billion in the first half of 2023, a 15% rise over the same period in 2022. On the other hand, the mass beauty market generated $28 billion and saw 9% growth. Therefore, the increased demand for personal care products will propel the growth of the acetone market.

Key Industry Players

Major companies operating in the acetone market are focused on investing in the new production plants to expand their footprints and strengthen their position in the market. The company’s investments aim to aid in the expansion of its own company and have the potential to improve production capabilities and implement innovations. For instance, in November 2023, Shanghai Sinopec Mitsui Chemicals Co. Ltd., a China-based chemical company, announced the resumption of production at China’s Sinopec Mitsui Chemicals phenol and acutal plant in Shanghai. The acetone and phenol produced at the plant will be used as raw materials for synthesizing bisphenol A (BPA) and would be used in the production of polycarbonate, which is used as thermoplastic in various industries.

The acetone market report table of contents includes: