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I AgreeAnalysis of Acetone Derivatives market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global acetone derivatives market stands at US$ 11.2 billion in 2022 and is forecasted to progress steadily at a CAGR of 5.8% to reach a market valuation of US$ 19.9 billion by the end of 2032.
Demand for acetone derivatives is high in the paints & coatings industry, which encompasses varied chemicals for the application of paints. Increasing urbanization and high demand for alluring paints will drive the target market over the coming years.
Report Attributes |
Details |
---|---|
Acetone Derivatives Market Size (2021A) |
US$ 10.6 Billion |
Estimated Market Value (2022E) |
US$ 11.2 Billion |
Forecasted Market Value (2032F) |
US$ 19.9 Billion |
Global Market Growth Rate (2022-2032) |
5.8% CAGR |
North America Market Share (2021) |
~21.4% |
MEA Market Growth Rate (2022-2032) |
~7.5% CAGR |
United States Market Growth Rate (2022-2032) |
~5.1% CAGR |
Market Share of Top 5 Companies |
~38.7% |
Key Companies Profiled |
|
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Acetone derivatives have several applications in construction, cosmetics, pharmaceuticals, and chemicals. The derivatives of acetone are mainly used as solvents, intermediates, and adhesives in these industries. Burgeoning construction industry is a major driving factor for the excessive utilization of acetone derivatives.
Also, another factor contributing to the growth of acetone derivatives in the market is their application in the cosmetics industry. Acetone derivatives are extensively used in hair care and skin care products that hold a major share in the consumer goods industry.
Moreover, acetone derivatives are also used in various chemical formulations in the chemical & pharmaceutical sectors. Since the chemical industry is already experiencing robust growth with advancing technologies, the consumption of acetone derivatives is all set to accelerate.
The acetone derivatives market expanded at a CAGR of 4.1% during the historical period (2017-2021) and is all set to move ahead at 5.8% CAGR from 2022 to 2032, reports Fact.MR, a market research and competitive intelligence service provider.
Market share analysis of acetone derivatives based on application and. Under the application segment, solvents lead with a market share of 51.2%.
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“Paramount Use of Acetone Derivatives in Paints & Coatings Industry”
The paints & coatings industry is one of the prominent end users of acetone derivatives. This is mainly attributed to their properties such as high solvency, ability to dissolve resins & films, and reduction of viscosity in paints & varnishes. The two major acetone derivatives that are used in the paints & coatings industry are MIBK and isophorone. MIBK, due to its combination of high solvency and low density, is extensively used for developing high solid coatings.
Moreover, the well-established automotive sector is providing the coatings industry with lucrative opportunities as there is high demand for materials that can protect against the environment such as UV radiation and sunlight, along with providing an aesthetic look to cars. Also, the introduction of EVs in the automotive segment will see a surge in the next decade, calling for increased consumption of coating materials.
Owing to these factors, the paints & coatings industry will continue to be a major growth driver for acetone derivatives.
“Renewable Sector to Open New Avenues for Derivatives Market”
The renewable sector is rising with investments pouring in from all directions. This is mainly attributed to the ongoing trend to invest in clean technologies. Acetone derivatives act as a chemical intermediate for the production of polycarbonate and epoxy resins, which, in turn, are extensively used in manufacturing rotor blades for wind turbines.
The application has moved acetone derivative companies towards the renewable sector to provide high-quality products in accordance with the needs of customers. Moreover, other than wind turbines, use of PMMA can also be tracked in the renewable sector as a replacement for glass. PMMA, due to its shatterproof characteristics, provides the opportunity to penetrate the solar sector.
These applications, along with rising investments in the renewable sector, are projected to drive the market in the years ahead.
“Soaring Opportunity in Mining Industry”
Methyl Isobutyl Carbinol (MIBC) is a product formed from Methyl Isobutyl Ketone (MIBK), which is an acetone derivative. MIBC has limited solubility in water but high solubility in organic solvents.
Over the years, MIBC has found usage in the mining industry due to its application as a frother in mineral floatation. This helps selectively separate hydrophobic-valuable minerals from the surface of slurry. With the mining industry on the rise, MIBC will see a surge in use, thus providing additional opportunities for MIBK and acetone derivative manufacturers.
“Environmental Regulations to Obstruct Production in Coming Years”
Over the past decade, there has been a rise in concerns regarding climate change and the contribution of chemical companies as a catalyst to trigger the effects. Chemical companies have often been scrutinized for their ill impacts on the environment. Also, their accountability is often not questioned as they contribute significantly to global GDP.
However, trends have changed over the years with governments around the world taking into account the need to regulate industries so that they are held accountable for environmental issues. Regulations mean a cut in the production of materials as technological innovations have been slow. Moreover, the introduction of alternate sustainable products acts as a threat to the industry.
Upcoming regulations along with an urgent need to mitigate climate issues are projected to hamper the production of acetone derivatives, negatively impacting market revenue growth going forward.
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East Asia accounts for 31.7% share of the global acetone derivatives market. In East Asia, China holds the highest market share owing to the increased consumption of acetone derivatives in the paints & coatings industry.
Increasing investments in infrastructure development demand heavy usage of paints & coatings to provide long-term protection and also impart an aesthetic finish. Paint & coating formulations require acetone derivatives as a solvent for easy application on the surface to be coated.
In addition, acetone derivatives are the preferred choice of adhesives for resin production, which is further used in paint & coating formulations. Resin-based paint formulations are highly demanded in the automotive sector for the finished looks of automotive.
Owing to the varied applications of acetone derivatives, the market in China is expected to expand at a CAGR of 6.2% through 2032.
Demand for acetone derivatives in the U.S. is primarily driven by increasing use of hair care & skin care products. Owing to the increasing disposable income of the U.S. population, a surge in cosmetics consumption has been observed. Acetone derivatives are extensively used in cosmetic formulations, increasing the overall demand for acetone derivatives in the market.
The U.S. holds approximately 87% share of the acetone derivatives market in the North American region and is expected to grow at a CAGR of 5.1% between 2022 and 2032.
Companies manufacturing paints & coatings are the major end users of acetone derivatives and account for a major share. Solvents such as MIBK and DAA are mainly used in this industry.
Holding approximately 33% of the revenue share, paints & coatings are set to drive the demand for acetone derivatives. Furthermore, housing & construction activities have compelled manufacturers to bulk produce high-quality acetone derivatives to meet the increasing demand.
Furthermore, with increasing health concerns, demand for acetone derivatives is surging from the pharmaceutical end-use industry as well.
Use of acetone derivatives as a solvent is primarily driving the market in a positive direction. Owing to the chemical property of acetone derivatives and its high solvency ratio, demand is expected to reach new heights, increasing at a CAGR of 4.5%. The usage of derivatives as solvents will hold around 51.7% market share by the end of 2032.
Prominent acetone derivative manufacturers are Kumho P&B Chemical, Mitsubishi Chemicals, Celanese, INEOS Phenol, LG Chem, Covestro, Lotte Chemical, SABIC, Saso, Arkema, Mitsui Chemicals, Solvay, Altivia, Lyondellbasell industries, and Braskem.
Leading producers of acetone derivative products are employing sustainable methodologies and product customization for end users. Key suppliers are focused on the development of products that serve varied industry demands. Moreover, manufacturers are strengthening their market position through strategic acquisitions and collaborations.
Fact.MR has provided detailed information about the price points of key manufacturers of acetone derivatives positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The global acetone derivatives market is expected to reach US$ 19.9 billion by 2032.
North America holds the highest share of acetone derivative consumption and is valued at US$ 2.3 billion in 2022.
From 2017 to 2021, sales of acetone derivatives increased at 4.1% CAGR.
Application of acetone derivatives as solvents accounts for 51.6% market share.
Chemical-grade acetone derivatives account for 56.3% share of the global market.