Acetone may be a chemical compound that works as a solvent in commercial applications. it’s a colorless, clear, volatile liquid with a sweet odor. Increasinguse of solvent and expanding demand from the cosmetic, automotive, adhesive, and pharmaceutical industries are anticipated to spice up the growth of the market.
The demand for acetone is rising thanks to the development of end-use industries such as electronics, pharmaceuticals, petroleum, cleaning, and private care. consistent with Fortune Business Insights, the worldwide acetone market size was valued at USD 3,962.0 billion in 2019 and is predicted to reach a valuation of USD 4.995.3 billion by 2027 at a CAGR of three .7% during the 2020-2027 period.
The demand for acetone is predicted to rise due to the steady adoption of chemicals and petrochemicals from different industries.
Consumer inclination toward leading a healthy life by adopting eco-friendly cosmetics and private care products is expected to promote the market growth.
Acetone is additionally known as dimethyl ketone, CH3COCH3, and 2-propane. The constantly rising demand backs the market growth of acetone for applications in cosmetics and green solvents.
Acetone is employed in the manufacturing of cosmetics such as nail enamels and nail paint removers. it’s also used as a solvent for many synthetic fibers and plastics.
Higher demand for solvents within the pharmaceutical industry is expected to aid growth of the market.
COVID-19 Impact: Disruption in Product Distribution to Impede Market Growth
The pandemic disrupted supply chains in various regions thanks to uncertain demand for the product worldwide.
Port clearance pack up and government restrictions on manufacturing activities hindered the market growth.
The petroleum price war during the pandemic disturbed the rate of manufacturing. Halt in train and truck transportation between countries negatively affected the market growth of acetone.
The Top Market Players are as Follows:
1. LyondellBasell Industries Holdings B.V. – it’s a multinational company formed in December 2007 by Lyondell Chemical Company’s acquisition by Basell Polyolefins. the corporate is headquartered in Houston, Texas, and has offices in London, U.K. it’s counted as one of the largest licensors of polypropylene and polyethylene technologies. It also produces propylene, ethylene, oxyfuels, and polyolefin.
In September 2020, the corporate started its molecular recycling facility “MoReTec” at its Ferrara site in Italy. LyondellBasell’s MoReTec molecular recycling technology goal is to recycle post-consumer plastic waste into its initial molecular form and use it as a feedstock for brand spanking new plastic materials.
2. INEOS – INEOS may be a British multinational company of chemicals headquartered in London. As per the info of 2021, it’s the fourth-largest chemicals company worldwide. it’s named after Inspec Ethylene Oxide and Specialities, which was formed by Sir Jim Ratcliffe, the Chairman and CEO of INEOS Chemicals Group.
INEOS signed an intent in June 2020 to accumulate the petrochemical unit of British Petroleum Company plc. The business emphasized acetyls and aromatics. the corporate has 14 plants in Europe, the U.S., and Asia, which further gained higher production.
3. Altivia – the corporate was founded in 1986 and is headquartered in Houston, Texas. it’s a chemical company that produces chemicals and petrochemicals that involve acetone, ketones, alpha-methyl-styrene, and carbinol. It majorly serves its clients within the U.S.
In September 2021, Altivia revealed the sale of its water treatment chemical business to USALCO, LLC. Its water treatment business includes the assembly of ferrous and ferric sulfate located in Texas.
4. Royal Dutch Shell Co. – the corporate is a unified publicly treated corporation of petroleum and was established in 2005 by the amalgamation of rival companies. it’s headquartered in Hague, Netherlands. The Netherland’s Royal Dutch Petroleum and therefore the U.K.’s Shell Transport and Trading Company Limited united to make the Royal Dutch Shell Co.
In January 2022, Royal Dutch Shell showed up as a surprise bidder to accumulate Sprng Energy, an Indian renewable platform of Actis LLP. the corporate is expected to compete with Canadian pension fund CPP Investment Board and Australian infrastructure fund Macquarie for the potential billion-dollar buyout.
5. Honeywell International Inc. – Honeywell International Inc. was founded by Mark C. Honeywell in 1906. it’s an American multinational publicly-traded company headquartered in Charlotte, North Carolina. It primarily operates in four areas of business, performance materials and technologies, aerospace, safety and productivity solutions, and building technologies.
Honeywell revealed a replacement set of commitments with further advanced sustainability goals to become carbon neutral in its operations and facilities by 2035.
The market share of acetone is predicted to expand due to consistently rising commercial activities. The industry is upgrading a day , which is predicted to surge the demand for the product. the utilization of the product in cosmetics and chemical industries is expected to bolster the market growth.