Acetone Market Size Worth $ 12.60 Billion By 2032 | CAGR: 7.8%

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

• The technical grade acetone segment dominated the market owing to the affordability of technical-grade acetone products and its wide applications in the construction industry.
• The solvents category dominated the market mainly attributed to the increased use of acetone as a solvent in active filters to ensure precise medication dosage delivery.
• The Asia-Pacific region dominated the market due to the growing demand for the product across different end-user sectors like pharmaceuticals, personal care & cosmetics, and automotive in several countries, such as China, India, and Japan.
• Europe region is expected to grow at the fastest CAGR owing to the technological advancements in chemical manufacturing that allow for large-scale commercial production of acetone.
• The global key market players include Arkema, CEPSA Chemicals, DOMO Chemicals, Honeywell International Inc., INEOS, Kumho P&B Chemicals, Mitsui Chemicals Inc., SABIC, Shell Plc and Solvay.

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)

• Specialty Grade Acetone
• Technical Grade Acetone

Acetone, End-user Outlook (Revenue - USD billion, Volume kilotons, 2019 - 2032)

• Construction
• Automotive
• Cosmetics and Personal Care
• Paints and Coatings
• Pharmaceutical
• Agriculture
• Others

Acetone, Application Outlook (Revenue - USD billion, Volume kilotons, 2019 - 2032)

• Bisphenol A
• Methyl Methacrylate
• Solvents
• Methyl Isobutyl Ketone
• Others

Acetone, Regional Outlook (Revenue - USD billion, Volume kilotons, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Australia
• Vietnam
• Malaysia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Acetone Report Scope