The global Acetone for Technical Grade Market is expected to reach USD 6,910.1 Million by 2028, according to a new report by Reports and Data. Acetone is a commonly used solvent primarily used in industrial and laboratory settings, as well as is considered safe enough for household applications. Currently, acetone is produced from petrochemicals as a co-product of phenol.
The rapid growth of the cosmetics industry is estimated to drive the market demand for acetone in the forecast period. The developing nations in the Asia Pacific and Latin America regions are likely to offer substantial growth opportunities for the cosmetics industry. Acetone is popular as the primary ingredient in nail polish remover. Moreover, cosmetic products, including makeup and skin creams, comprise acetone as a solvent provider to different chemicals. It is also a chief constituent in chemical skin peels to treat acne.
Top Companies Operating in the Global Acetone for Technical Grade Market:
Honeywell Research Chemicals, Royal Dutch Shell PLC, INEOS Phenol GmbH, Mitsui Chemicals Inc., CEPSA Quimica, Inc., Prasol Chemicals Pvt. Ltd. LyondellBasell Industries Inc., ALTIVIA Ketones Additives, LLC, SABIC, and Kumho PB Chemicals
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Further key findings from the report suggest
- By grade, the technical grade contributed to a larger market share of around 85.0% in 2018 and is estimated to grow at a rate of 4.5% in the forecast period.
- By application, the solvents dominated the market in 2018 and is expected to witness a growth rate of 5.1% in the forecast period. Solvents find application in products including nail polish removers, lacquers finishes, cement, cleaners, films, paint, coatings, and adhesives.
- By industry vertical, the electronics industry held a considerable market share in 2018 and is projected to have a CAGR of 5.4% in the period 2019-2027. Electronics devices require exceptionally clean components for maximum performance and acetone suits well in meeting those requirements. Also, acetone is used in the manufacturing of polycarbonates used in several electronics applications.
- The Asia Pacific region led by China contributed to the largest market share in 2018 and is forecasted to experience the fastest growth rate of 6.2% in the forecast period. The high market demand is due to the increasing demand for solvents, MMA, and bisphenol-A from several end-user industries, including electronics, construction, and automotive.
Read full Report Description @ https://www.reportsanddata.com/report-detail/acetone-market
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Acetone for Technical Grade Market Segmentation
Grade Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2018-2028)
- Technical Grade
- Specialty Grade
Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2018-2028)
- Solvents
- Bisphenol-A
- Methyl Methacrylate (MMA)
- Methyl Isobutyl Ketone
- Others
Industry Vertical Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2018-2028)
- Cosmetics
- Electronics
- Automotive
- Construction
- Agriculture
- Paints Coatings
- Pharmaceuticals
- Others
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