The global acetone market size is expected to reach USD 12.60 billion by 2032, according to a new study by Polaris Market Research. The report “Global Acetone Market Share, Size, Trends, Industry Analysis Report: By Grade (Specialty Grade Acetone, Technical Grade Acetone), By End-User, By Application, and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) – Market Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The acetone market is experiencing significant growth owing to the increasing use of acetone in the manufacturing of personal care items, as well as its expanding application in sectors such as paints & coatings, automobiles, and pharmaceuticals.
Acetone is a crucial solvent in the manufacturing process of polycarbonate, contributing to its high demand from the automobile industry. For instance, according to the International Energy Agency (IEA), in 2022, the United States produced 9.2 million vehicles, marking a 4.0% increase from the previous year.
Acetone is also utilized in the production of various automotive coatings and adhesives, further propelling the market growth in the automobile industry. Polycarbonate is used in automotive interiors for components such as dashboards, door panels, and trim due to its lightweight and impact-resistant properties.
Moreover, acetone is used as a solvent in various coating formulations owing to its properties, such as fast evaporation rate and effective solvent power, which are crucial in producing paints, varnishes, and adhesives.
For instance, according to the British Coatings Federation (BCF), the United Kingdom’s annual coatings sales surge resulted in a 19% rise from 450 million liters in April 2020 to 555 million liters by April 2021.
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In recent years, to decrease the dependence on fossil-derived acetone, minimize the carbon footprint during production, and meet the requirements of sustainability, and environmental regulations, acetone has been produced using renewable bio-circular materials obtained from industrial waste, such as used cooking oils, which are integrated with current feedstock.
For instance, in November 2023, Evonik's crosslinkers facility in the United States was awarded the certification of ISCC PLUS sustainability for incorporating renewable acetone in the manufacturing process of isophorone-based products. This certification enabled Evonik to introduce its renewable VESTA eCO series of isophorone-based products in the United States market.
Acetone Market Report Highlights
Polaris Market Research has segmented the acetone market report based on grade, end-user, application, and region:
Acetone, Grade Outlook (Revenue - USD billion, Volume kilotons, 2019 - 2032)
Acetone, End-user Outlook (Revenue - USD billion, Volume kilotons, 2019 - 2032)
Acetone, Application Outlook (Revenue - USD billion, Volume kilotons, 2019 - 2032)
Acetone, Regional Outlook (Revenue - USD billion, Volume kilotons, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2023 |
USD 6.41 billion |
Market size value in 2024 |
USD 6.90 billion |
Revenue Forecast in 2032 |
USD 12.60 billion |
CAGR |
7.8% from 2024 – 2032 |
Base Year |
2023 |
Historical Data |
2019 – 2022 |
Forecast Period |
2024 – 2032 |
Quantitative Units |
Revenue in USD billion, Volume Kilotons, and CAGR from 2024 to 2032 |
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
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Regional Scope |
|
Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
For Specific Research Requirements |