Global Acetone Market - Segmented by Application, End User Industry and Region - Growth, Trends and Forecast (2018 - 2023)
The acetone market is expected to witness a CAGR of approximately 3.56% during the forecast period, 2018-2023. The market is driven by many factors, such as dynamic economic development in Asia-Pacific and a positive demand for MMA from the electronics industry. However, the market growth is impeded, owing to the slow demand growth in Europe, and strict regulations imposed by the governments, worldwide.
Growing Electronics Industry Driving the Market
Methyl Methacrylate is synthesized using acetone and is majorly used in electronics and computer industries for flat screens, DVD’s, compact discs, and laser discs. Also, they are used in printed circuit board coatings (conformal coatings) to provide resistance to attack and prolonging their life. Printed circuit boards are increasingly used in automotive sector, along with growing usages in countries, like China and India, where they are embracing cutting-edge display technologies for increasing demand for electronics. Therefore, this growing demand for PCB’s is expected to drive the acetone market during the forecast period.
Regulations Hampering BPA Segment Growth
The acetone market is segmented on the basis of application and end-user industry. Based on application, BPA is the dominant application because of its extensive usage in the automotive industry. However, the demand is expected to grow at a moderate rate because of increasing regulations on its usage. Methyl Methacrylate (MMA) is expected to grow at a good rate because of increasing usage in cosmetics for artificial nail products, especially in Asia-Pacific economies. In addition, it is also increasingly used for medical application in dentistry.
Polycarbonate Demand Driving the Asia-Pacific Region
Asia-Pacific is the largest market for acetone covering a market share of nearly 45%, and is expected to grow at a healthy rate during the forecast period. The growing demand for polycarbonate, which is resulting in increasing capacity for Bisphenol A (BPA), is expected to result in a robust demand for acetone in this region, as acetone is a precursor in the manufacture of BPA. China’s polycarbonate (PC) capacity is increasing as a result of new 70,000 metric ton/year polycarbonate (PC) plant located in Yantai, Shandong Province. The plant is expected to require up to 5,000 metric ton of BPA, thereby, driving the acetone demand. Europe is expected to show a moderate growth with new regulations of BPA in its usages in the packaging sector.
September 2017: Deepak Nitrite planned an INR 1,400 crore phenol-acetone facility at Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Dahej, Gujarat.
Major Players: BASF, CEPSA, DowDuPont, INEOS, Royal Dutch Shell, Sinopec, Mitsui Chemicals, Inc., Altivia, LCY GROUP, Formosa Chemicals & Fiber Corporation, Prasol Chemicals Pvt Ltd (India), and EMCO Limited, amongst others.
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