Acetone Market Poised to Rake US$ 5.9 million tonnes in 2014
Future Market Insights has announced the addition of the “Acetone Market: Global Industry Analysis and Opportunity Assessment, 2014 - 2020" report to their offering.
Future Market Insights (FMI), in its latest report titled, “Acetone Market: Global Industry Analysis and Opportunity Assessment, 2014 - 2020”, reveals that acetone consumption globally was 5.9 million tonnes in 2014. Acetone consumption is estimated to exceed 7.21 million tonnes by 2020, exhibiting a CAGR of 3% during the forecast period.
Drivers and Restraints
The global acetone market is mainly driven by use of acetone in production of chemical and as a solvent. Stringent government regulations and growing demand for bio-based acetone will decelerate growth of the global acetone market during the forecast period. However, increasing use of BPA in the automobile industry and construction industry is expected to further drive growth of the global acetone market in the near future.
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On the basis of application, the global acetone market is broadly segmented into methyl methacrylate (MMA), Bisphenol A (BPA) and solvent. In terms of overall consumption, MMA accounted for 28.3% in 2014, and is anticipated to further increase by 2020. MMA and BPA segments collectively accounted for approximately 59.4% of overall acetone consumption in 2014, are expected to contribute significantly to growth of the global acetone market by 2020. MMA segment is expected to display a robust growth rate during the forecast period due to growing demand from end-use industries such as electronics and chemicals. BPA is projected to account for substantial market share by 2020 due to high consumption of BPA in the production of eyeglass lenses, medical equipment, water bottles, digital media, cellphones, consumer electronics and other business equipment’s. Furthermore, increasing acetone usage for production of personal care and house hold products is also expected to drive growth of the global acetone market by 2020.
Region-wise, Asia Pacific is expected to dominate the global acetone market by 2020 due to high consumption by end-use industries in countries such as India, China, Malaysia, South Korea and Indonesia. Asia Pacific accounted for 41% of the overall acetone consumed in 2014, followed by North America with 21%. The acetone industry recently witnessed capacity expansion by major players in markets across the globe.
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Key players in the global acetone market include The DOW Chemical Company, BASF, INEOS Phenol GmbH, CEP SA Química, Shell Chemicals, Honeywell and Shanghai Sinopec Mitsui Co. Ltd.
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