Market Research Reports Search Engine (MRRSE) announces the addition of a new report titled ‘ Acetone Market: Global Industry Analysis and Opportunity Assessment, 2014–2020’ to its database. The report finds that global acetone consumption stood at 5.9 million tonnes in 2014, and is poised to grow at a meager 3% CAGR from 2014 to 2020 to reach a little over 7.21 million tonnes by 2020.
The key drivers identified by the study are: The chemical sector’s dependence on acetone as a solvent, the use of acetone as a chemical in several processes, and the escalating use of BPA in the global automobile sector. On the other hand, the report warns that hurdles such as increasingly stringent government mandates for the chemical industry and the growing acceptance of bio-based acetone will restrict growth to some degree.
In order to offer highly detailed insights into various facets of the global acetone market, the report dissects each segment of the market into smaller sub-segments. The market, thus segmented, features the following applications of acetone: Methyl methacrylate (MMA), solvent and Bisphenol A (BPA). At 28.3%, the consumption of acetone in the MMA application segment was seen to be the highest as compared to all other applications in 2014. Until 2020, this application will gain a firm foothold in the acetone market, and it is unlikely to be surpassed by any other single application segment.
MMA and BPA together held a combined market share of nearly 60% of the overall acetone consumption as of 2014. Moving forward, until 2020, these two shares will continue to maintain their position in the market, the report states.
The findings of the report also show that robust growth will be seen in the MMA segment through the forecast period thanks to consistent demand for acetone from the electronics and chemicals industries. BPA, on the other hand, is extensively required in the production and processing of spectacle lenses, water bottles, medical equipment, digital media equipment, consumer electronics, cellphones, and other business equipment. All of these factors will be further supplemented by the increasing utilization of acetone in personal care products and an array of household products.
By 2020, Asia Pacific will be the most dominant region in the consumption of acetone. The demand for acetone here is on an upswing in the industrial sector of countries such as China, South Korea, India, Indonesia and Malaysia. The region is already influential in the acetone market, accounting for 41% of the global consumption of acetone in 2014. The share of North America (21%) in the acetone market dwarfs in comparison to APAC. Recently, several major players in the global acetone market reported capacity expansion. It now remains to be seen whether, and how, these enhanced capacities will impact the inherent dynamics of the global acetone market.