The acetone market has witnessed significant growth over the forecast period. This is due to some of amazing properties of acetone, including inflammability, colorless nature, volatility, etc. It is the simplest form of ketone. Propylene feedstock is used to produce acetone.
Acetone has various applications, including cosmetics and medical, domestic and laboratory uses. It is also used as a precursor and solvent to BPA (bisphenol-A), MMA (methyl methacrylate) and methacrylic acid. MMA is gaining popularity due to its usage in the manufacture of LCDs. Rising utilization of MMA in consumer electronics is likely to augment the acetone market.
Rising utilization of polycarbonates by the industry of automotives is likely to propel further demand for the acetone market over the forecast period. Bisphenol-A is also used to manufacture antioxidants, polyvinyl chloride, plastics, water pipe linings, dental filling sealants and foundry castings.
Growing consumer industries, such as pharmaceuticals, automotives, electronics, metal cleaning, agricultural chemicals, paints and coatings, printing inks and adhesives are likely to boost the acetone market. However, factors restraining the market are acetone ignites with air at high temperatures, rising environmental concerns regarding acetone and use of bio-based acetone.
Globally, Asia Pacific leads the acetone market. It is followed by North America and Europe. Asia Pacific is expected to show likewise in the coming years as a result of its growing end user industries, like electronics and automotives. China, India, and Malaysia are likely to drive the demand for the acetone market in Asia Pacific. North America and Europe have shown steady growth owing to their increasing automotives and pharmaceuticals industries.