Acetone Market Trends

Growth Drivers

• Growing Demand for Acetone – Acetone is used as a solvent for fats, oils, waxes, rubber, resins, plastics, lacquers, vanishes, and rubber cement and as an intermediate for bisphenol-A, methyl methacrylate, and methyl isobutyl ketone formation. All these factors are estimated to have a positive impact on market growth. The imported value of acetone in 2021 was worth USD 2,356,449.

• Increasing Paints and Coating Industries – Increasing construction activities is one of the major factor fueling up the  paint and coating industries. For instance, about 1 billion new homes were constructed in 2022 in the U.S. Furthermore, according to estimates the value of the painting and coating industry across the world was about 9.8 billion gallons in the same year.

• Rising Consumption in Pharmaceuticals and Cosmetics – Based on the observations, more than 60% of all consumers use makeup products or cosmetics as of 2022. The global pharmaceutical market is anticipated to hold a revenue of USD 12oo billion by the end of 2023.

• Elevating Demand for Solvents – The imported value of organic solvents and thinners in 2021 was USD 2,277,915.

• Increasing Demand for Plastics – The primary production of plastic across the globe was 270 million tons.

Challenges

• Government Regulations on Production – Multiple code of conduct and restrictions have been imposed on the use of acetone by the government of the different regions. This is expected to hinder the growth of this market. For instance, the European government has imposed quite strict regulations on the use of bisphenol A which is a crucial part of acetone.
• High Price of Acetone
• Groundwater Contamination