The Europe acetone market is experiencing significant growth due to its extensive use as a solvent in various industries, including personal care, pharmaceuticals, cosmetics, paints, and coatings. Additionally, acetone serves as a crucial intermediate in the production of bisphenol-a (BPA), methyl methacrylate (MMA), and methyl isobutyl ketone (MIBK), further contributing to market expansion. The increased demand from diverse end-user industries is driving the growth of the Europe acetone market, as it remains a key ingredient in a wide range of applications.
According to Data Bridge Market Research, the Europe Acetone Market was growing at a value of 1,631.13 million in 2021 and is expected to reach a value of USD 2,560.79 million by 2029, at a CAGR of 5.8% during the forecast period of 2022 to 2029.
“Expansion in the European chemical and industrial sectors drive the market growth”
Expansion in the European chemical and industrial sectors serves as a key driver of the Europe acetone market. Acetone is a vital chemical used in various industries, including pharmaceuticals, plastics, paints, coatings, and adhesives. As these sectors continue to grow and expand, the demand for acetone as a solvent, intermediate, and raw material increases. Additionally, acetone's versatile properties make it essential in manufacturing processes, driving its usage in different applications. The expansion of chemical and industrial activities in Europe boosts the demand for acetone, thus propelling the growth of the Europe acetone market in the forecast period.
What restraints the growth of the Europe acetone market?
“Raw material shortage”
Raw material shortage acts as a significant restraint on the Europe acetone market. Acetone is primarily produced as a co-product during phenol production, and any disruption in the phenol supply chain can lead to a shortage of acetone. Factors such as fluctuating demand, logistical challenges, and supply chain disruptions can impact the availability and pricing of phenol, thus affecting the production of acetone. This raw material scarcity can create uncertainties for manufacturers and limit the overall growth of the Europe acetone market, hindering its ability to meet the demand for acetone-based products in various industries.
Segmentation: Europe Acetone Market
The acetone market is segmented on the basis of application, distribution channel, grade outlook, and end use.
- On the basis of application, the acetone market is segmented into methyl methacrylate (MMA), bisphenol a (BPA), and solvents.
- On the basis of distribution channel, the acetone market is segmented into manufacturer to distributor and manufacturer to end-user.
- On the basis of grade outlook, the acetone market is segmented into specialty grade and technical grade.
- On the basis of end use, the acetone market is segmented into cosmetics and personal care, electronics, construction, automotive, pharmaceutical, agricultural chemicals, paints and coatings, and adhesives.
Regional Insights: Germany dominates the Europe Acetone Market
Germany's dominance in the European acetone market is attributed to its easy availability and reasonable prices of acetone in the region. As a major chemical producer and exporter, Germany benefits from a robust supply chain and well-established infrastructure for acetone production and distribution.
France, on the other hand, leads the market due to rising acetone demand in the textile industry. Acetone is used as a solvent in textile manufacturing processes, driving its consumption in the country's textile sector. The growing textile industry in France further contributes to its market leadership in acetone
Russia emerges as a dominant force in the European acetone market, driven by its increased production of benzene, a crucial raw material for acetone synthesis. The country's ample availability of benzene positions it as a primary source for acetone production, giving Russian manufacturers a competitive edge. This resource advantage cements Russia's dominance and impact on the regional acetone market.
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Recent Developments in Europe Acetone Market
- August 2021, In August 2021, Brenntag, the largest distributor of acetone in North America, announced the acquisition of Matrix Chemical, LLC's business and operating assets. The transaction, which closed simultaneously, expanded Brenntag's presence in the solvents market. With Matrix Chemical's reported sales of over USD 200 million in 2021, the acquisition strengthened Brenntag's position as a major player in the distribution of acetone in North America.
- March 2020, In March 2020, Mitsubishi Chemical began planning a new 350,000 metric tonne per year methyl methacrylate (MMA) facility in the United States. The innovative plant utilizes an alternative process, based on acetone and hydrogen cyanide, to produce MMA instead of the traditional acetone cyanohydrin process. This development marks a significant step towards sustainable and advanced manufacturing of MMA, showcasing Mitsubishi Chemical's commitment to technological advancements in the industry.
The Prominent Key Players Operating in the Europe Acetone Market Include:
- ExxonMobil Corporation (U.S.)
- Reliance Industries Limited (India)
- Marathon Petroleum Corporation (U.S.)
- Dupont (U.S.)
- PJSC Lukoil Oil Company (Russia)
- Valero (U.S.)
- Shell (U.K.)
- Chevron Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- Janex S.A (Switzerland)
- SOLVAY (Belgium)
- Neste (Finland)
- Soltex Inc. (U.S.)
- Hengyi Industries Sdn Bhd (Malaysia)
- BASF SE (Germany)
- Ashland Inc., (U.S.)
- Adrol (U.S.)
- Koch Engineered Solutions (U.S.)
- Cosmique Pvt. Ltd. (India)
Above are the key players covered in the report, to know about more and exhaustive list of Europe acetone market companies contact, https://www.databridgemarketresearch.com/es/contact
Research Methodology: Europe Acetone Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
