Widespread Solvent Application Boosts Scope for Growth in Acetone Market

Acetones are colorless, volatile, and inflammable chemical compounds, which is primarily obtained as a by-product through the processing of propylene feedstock during the production of phenol, and is widely known to be the simplest type of ketone. The material is primarily used as a solvent and is also used as a precursor chemical to materials such as aldol chemicals, methyl methacrylate, bisphenol-A, and methacrylic acid among others.

Acetones are used in laboratory settings, in cosmetic production, in medical procedures, and is also a common ingredient in industrial inks, paints, and coatings. In addition, increased use of acetones in automotive, dental filling, foundry castings, PVC, and piping is also expected to boost the adoption of acetones for the foreseeable future.

The global acetone market is primarily driven by solvent use, which accounts for roughly 35 per cent of the total demand. Apart from this application, other key factors that are anticipated to influence developments in the global acetone market include:

  1. Acetone manufacturers are increasingly emphasizing on improving production and supply chains for the widespread consumer base, with the aim of retaining market share. Consequently, price sensitivity of the market makes it challenging for new players to easily set up business in the market.
  2. The trend of increased capacities has a major influence on the global trade of acetones, particularly in a large number of Asian countries including China, Japan, Thailand, Taiwan, Singapore, and South Korea. Reductions in imports by China are expected to generate new opportunities for sales in neighboring consumers in India.
  3. The global acetone market is expected to go through a short-term restrictive phase in the near future owing to overcapacity of phenol production along with the rising use of ethylene in the process of producing methyl methacrylate, which is further augmented by the wide range of derivatives that have been introduced recently in the market.
  4. Changes in the phenol production industry has a key role in dictating the growth of the acetone market, as most acetone is produced as a byproduct in the phenol production process. Consequently, overcapacity in the phenol market will also result in overcapacity of the acetone market.

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