PUBLISHER: Grand View Research | PRODUCT CODE: 1147564
PUBLISHER: Grand View Research | PRODUCT CODE: 1147564
The global acetone market is expected to reach USD 10.1 billion by 2030, registering a CAGR of 7.7% during the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by rising demand and usage of the product in multiple end-user industries such as automotive, pharmaceutical, and paints & coatings, among others.
Acetone, which also goes by the names dimethyl ketone and propanone, is a highly flammable, colorless liquid with the chemical formula (CH3)2CO. It is the smallest and most basic ketone and is frequently used in homes, businesses, and laboratories for cleaning. It is frequently used as a byproduct for the production of phenol. The Wacker process, dry distillation, and the cumene process are a few popular production processes.
Acetone, for active components, is an excellent solvent and serves as a carrier agent in fungicides and insecticides, used in agriculture. Additionally, it is used to dissolve two-part epoxies, super glue, and polyester resin before they are set. It also aids in gel coat and polyester resin cleaning. Casting resin can also be effectively removed from the skin with acetone.
China, the U.S., South Korea, and the western European region are the main manufacturing hubs for the product. Due to the rapidly growing pharmaceutical and electronics industries, the Asia Pacific region had an enormous growth in demand for the product and is further predicted to contribute the largest consumption share during the forecast period. In addition, India is anticipated to increase local production during the upcoming years due to the anti-dumping charges it has placed on imports of acetone from South Korea, Saudi Arabia, and China.