The market for acetone is anticipated to register a CAGR of more than 3% during the forecast period. The acetone market is driven by many factors, such as dynamic economic development in Asia-Pacific region and a positive demand for MMA from the electronics industry.
- Growing usage in production of personal care & household products as well as rising electronics industry in the Asia-Pacific region are augmenting the growth of the market.
- Increasing regulations by European commission on BPA is likely to hinder the market's growth.
- Increasing usage by dermatologists is projected to act as an opportunity for the market in future.
Key Market Trends
Methyl Methacrylate (MMA) Application to Witness Higher Potential Growth
- MMA is a colorless liquid, soluble in most of the organic solvents except in water, and is the second-largest market for acetone. MMA is widely used for various medical, dental, and joint replacements procedures, and for other industrial applications.
- Moreover, MMA is majorly used to make polymethyl methacrylate (PMMA) plastics. MMA may also witness further usage in various other applications, such as in the form of beads or pellets. The polymer form of MMA can be molded into a wide range of end-use products, such as rear-lights, lenses for glasses, and instrument consoles for vehicles and appliances.
- In the automotive industry, MMA is used in auto-glazing and for exterior car coating, as it is weather resistant and protects from scratches. It is used in adhesives, coatings, and nail products.
- This wide range of usage in many end-user applications has driven the MMA market. The major consuming countries in the methyl methacrylate market are the United States, China, Japan, Germany, and Singapore.
- Hence, the rising demand from various industries in different countries is expected to increase the demand for acetone in the form of MMA application.
China to Dominate the Asia-Pacific Region
- China's acetone market is expected to expand at a healthy growth rate owing to the increasing demand for MMA, bisphenol-A and solvents from various industries such as construction, electronics and automotive.
- China's MMA supply is expected to increase in the future due to increase in upcoming plant capacities. Additionally, Heilongjiang Zhongmen Longxin Chemical and Jiangsu Sailboat will be expanding their capacities at their respective MMA plant locations by the end of the year 2019.
- Moreover, the production for bisphenol-A is expanding in China on the back of increasing demand for polycarbonates from construction, electronics, and automotive industries amongst others.
- Such factors are driving the market for acetone in the Asia-Pacific region.
The acetone market is expected to be fragmented, with the presence of both global and local players in the market. Key players in the acetone market include Formosa Chemicals and Fibre Corporation, Borealis AG, CEPSA Royal Dutch Shell plc, Dow, Honeywell Chemicals, and Mitsui Chemicals Inc. among others.
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