Global Acetone Market Size Expected To Reach $22.10 Billion By 2024 | Hexa Research

The global acetone market size was USD 5.75 billion in 2016. Acetone is used as a solvent in adhesives, nail polish remover, paints & coatings, and other skin care products. It is also used in the manufacturing of Methyl Methacrylate & Bisphenol-A.

Polycarbonate plastic is derived from Bisphenol-A. An increasing use of polycarbonate in the automotive industry is one of the key growth factors for the acetone market. Polycarbonate is increasingly used as a substitute for metal and glass in the automotive industry.

Automotive manufacturers are increasingly using polycarbonate for lighting applications, such as light housing, headlamp lenses, bezels that require transparency, high-temperature resistance, it also offers better functional integration and designing freedom to vendors. An increasing demand for light vehicles with improved fuel efficiency is driving the manufacturers to depend on polycarbonate that helps to reduce the weight of the vehicles.

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Increasing demand of methyl methacrylate to produce polymethyl methacrylate resins used in electronics and the automotive industry is a key factor for the growth of the acetone market. Keeping these driving factors in mind companies are increasing their production capacity in order to meet the global demand. For instance, Vadodara-based chemical manufacturer Deepak Nitrite Limited is expected to invest INR 1,200 crores in setting up a phenol and acetone plant at Dahej in Bharuch district of Gujarat to cater the increasing demand for acetone in the region.

In 2016, Asia Pacific was the largest revenue generating owing to the development of automotive and electronics industries. Furthermore, growing pharmaceutical sector in China and India is expected to propel the demand for acetone. An increasing demand for bio-based acetone and strict government regulations is expected to slow the market growth of acetone.  Moreover, contact with acetone is dangerous for health and can cause intoxication, dizziness, nausea, unconsciousness which in turn may hamper the market growth.