Acetone Market Outlook

The Global Acetone Market size was valued approximately 7.24 MMT in the base year of 2021. In 2027, the global Acetone market share is likely to attain a value of around 8.6 MMT. The progress of the market throughout the projected years between 2022-2027 will be increasing at a CAGR of 3%.

The product finds employment in various applications, including cleaning equipment, solvent production, construction, etc., leading to the market's expansion.

Acetone can be used to make metals and plastics to clean ink, paint, grease, etc. It can also find application in products like personal care and cosmetics, positively impacting the acetone market growth.

The most prominent region significantly contributing to the market’s development is Asia Pacific.

Acetone Market Development and News Updates

August 8, 2022- A varied collection of polymer modifiers was launched by Ineos Styrolution. They provide various properties like stiffness to better durability in heat, enhanced colour retention, resistance to UV, etc.

August 8, 2022- Simon Roddy, the head of Shell UK, stated that the UK North Sea oil and gas sector requires additional funds for recent developments as local fossil fuel resources will be needed by Britain.

August 4, 2022- A newly launched sustainable product range including recycled and renewable raw material, NextLab linear alkylbenzene (LAB), was supplied by Cepsa Química to Unilever. This is a new achievement for circular chemistry as the (LAB) constitutes green carbon obtained from biomass in place of the fossil fuels used for cleaning and laundry products.

July 27, 2022- On Wednesday, LG Chem Ltd stated that to supply the U.S. automobile maker with essential parts for electric vehicle (EV) battery cells, they have come to a long-lasting supply agreement with General Motors Co.

July 21, 2022- 1,200t of acetone and 4,000t of phenol will be exported to the Thai and Chinese factories by LG Chem. The supply will be shipped from its Daesan plant to produce polycarbonate. The supply was sent to the German producer, who remains undisclosed by LG Chem. Shipping details also remain unknown.

Acetone Market Analysis, Definition and Bifurcation

Acetone is available naturally, or it can be industrially produced. It is a colourless liquid with a distinct smell and taste. It is highly flammable and vaporises quickly, and is employed in making drugs, plastic, and other chemicals.

As per the acetone market research the industry is divided by region, application and key players. Regionally, the industry is studied across Africa, Latin America, Europe, North America, Asia Pacific, and the Middle East. On the basis of application, the market can be categorised into MMA, Solvents, and BPA.

The acetone market key players functioning in the market are Shell Chemical, Cepsa Quimica S.A., Formosa Chemicals and Fiber Corp. (FCFC), Ineos Phenol GmbH & Co KG, and LG Chem Ltd.

Acetone Market in Asia Pacific Region Witnessing Robust Demand

Acetone prices have fluctuated in the Chinese market since Q2 of 2022. The initial acetone market price drop resulted from frail market sentiments that led to inventories' stockpiling. During the timeframe of May and June, the market gained momentum. The relaxation of lockdown restrictions and resuming of market activities have led to the market's growth.

China is a major market for acetone and also supplies to India thus resulting in the market expansion. The commodity is extensively employed in sectors such as construction, solvents among others which is propelling the acetone market demand forward.

Acetone Production Process

Propylene is employed for the production of acetone either directly or indirectly. Cumene is responsible for over 90% of acetone synthesis. The cumene process produces around 83 percent of acetone; as a result, acetone manufacturing is linked to phenol synthesis.

Acetone and phenol are created simultaneously in this procedure. The primary manufacturing method is the reaction of propylene and benzene in the presence of phosphoric acid-based or zeolite catalysts. Cumene is oxidised to cumene hydroperoxide in the liquid phase. It is then divided into phenol and acetone in the presence of sulfuric acid. Each tonne of phenol produces approximately 0.62 tonnes of acetone.

Other methods include directly oxidising propylene (Wacker-Hoechst process) or hydrating propylene to produce 2-propanol, which is then oxidised (dehydrogenated) to acetone.

Applications of Acetone in Various Industries

Acetone is a crucial raw material used for the chemical intermediate and industrial solvent. It is employed for producing varnishes, paints etc., which is leading the acetone market development. It is also added to pesticides and pharmaceuticals, which is creating further demand. It can also be utilised in making compounds like ketone, acetic acid, mesityl oxide, and some explosives by working as a chemical intermediate.

Acetone market trends show that despite, the extensive application of the product and its uses in various industries it is a highly flammable and toxic component. In case of physical exposure with the chemical it can cause severe reactions. Thus, the hazardous nature of the chemical is likely to hamper the acetone market opportunity.

The regional markets for the acetone industry can be divided into Africa, Latin America, Europe, North America, Asia Pacific, and the Middle East.

Key Players Mentioned in the Research

• Ineos
• Shell
• Formosa Chemicals and Fiber Corp. (FCFC)
• Cepsa Quimica
• LG Chem Ltd

Competitive Landscape of the Acetone Market Outlook

• INEOS is a leading petrochemicals manufacturer globally that has operations in over 29 countries across 194 sites making USD 61 billion per year. It has more than 26,000 people. Their products are employed in various end-uses to protect lives, and enhance fitness and living standards.
• Shell is a petrochemical and energy company reaching to fulfil the increasing demand for cleaner energy solutions that are also economic, sustainable, and ethical. Their business is categorised into Integrated Gas and Renewables and Energy Solutions Upstream and Downstream. The company has 82,000 employees in more than 70 nations.
• Formosa Chemicals & Fibre Corporation is a company with expertise in selling chemical products and manufacturing based in Taiwan. It manufactures plastic, textile raw material and petrochemical while generating USD 10 billion in profits yearly with around 23,000 employees.
• Cepsa Química leads the sector globally with a focus on sustainable chemistry and an evident commitment against climate change with a shifting emphasis towards a circular, non-fossil economy. It is a global leader in producing LAB, which is used in biodegradable detergents, and cumene in phenol and acetone production. It has over 800 employees with plants in seven countries worldwide.
• LG Chemicals is a chemical company in Korea which provides a diverse portfolio, is competitive and balanced, and consists of advanced materials, petrochemicals, life sciences, and subsidiary expertise in batteries, now aiming to be a part of the top 5 chemical corporations worldwide.