Acetone: The Versatile Solvent Making Waves in Industrial, Healthcare, and Household Applications

The acetone market is witnessing substantial growth due to its versatility in various applications. As a solvent, it plays a pivotal role in industrial processes, such as manufacturing plastics, resins, and chemicals. In healthcare, acetone is utilized for pharmaceuticals and medical device sterilization. Additionally, it serves as a potent nail polish remover in household products. The multifaceted utility of acetone positions it as a crucial chemical compound driving innovation across industries, from manufacturing to personal care.

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Data Bridge Market Research analyses that the Europe Acetone Market was growing at a value of 1,631.13 million in 2021 and is expected to reach the value of USD 2,560.79 million by 2029, at a CAGR of 5.8% during the forecast period of 2022-2029. Acetone is extensively employed in the acetone market for paint and coating removal and surface cleaning. Its powerful solvent properties make it an efficient choice for stripping old paint, cleaning surfaces, and preparing them for refinishing or repainting.

Key Findings of the Study

Emerging economies are expected to drive the market's growth rate

In the acetone market, the surge in demand in developing countries is attributed to the twin forces of increasing industrialization and heightened consumption. As these nations industrialize, there is a growing need for acetone in various manufacturing processes, including plastics, resins, and chemicals. The rising consumer base also contributes to elevated acetone usage, driven by its role in cosmetics, cleaning agents, and household products. This upsurge underscores the vital role of acetone in emerging economies' industrial and consumer sectors.

Report Scope and Market Segmentation

Segment Analysis:

The Europe acetone market is segmented on the basis of application, distribution channel, grade outlook, and end use.

• On the basis of application, the Europe acetone market is segmented into methyl methacrylate (MMA), bisphenol A (BPA), and solvents.
• On the basis of distribution channel, the Europe acetone market is segmented into manufacturer to distributor, and manufacturer to end-user.
• On the basis of grade outlook, the Europe acetone market is segmented into specialty grade, and technical grade.
• On the basis of end use, the Europe acetone market is segmented into cosmetics and personal care, electronics, construction, automotive, pharmaceutical, agricultural chemicals, paints and coatings, and adhesives.

Major Players

Data Bridge Market Research recognizes the following companies as the Europe acetone market players in Europe acetone market are Bayer AG (Germany), Novartis AG (Switzerland), Pfizer Inc. (U.S.), Celltrion Healthcare Co., Ltd. (South Korea), F. Hoffmann-La Roche Ltd (Switzerland), Merck KGaA (Germany).

Market Developments

• In July 2022, LG Chem disclosed its plan to export 1,200 tons of acetone and 4,000 tons of phenol. These products obtained ISCC PLUS certification, signifying compliance with stringent sustainability standards. This shipment marked South Korea's most substantial export of certified products, showcasing LG Chem's commitment to eco-friendly practices.
• In August 2021, Brenntag, the leading solvents distributor and the largest distributor of acetone in North America, acquired Matrix Chemical, LLC's business and assets. This strategic move aimed to strengthen Brenntag's position in the market. The acquisition, which involved more than USD 200 million in sales, was completed with the signing of the agreement, enhancing Brenntag's presence in the chemical distribution industry.
• In March 2021, Honeywell revealed that Lotte GS Chemical Corp. would employ Honeywell UOP Q-Max, Phenol 3G, and Evonik MSHP technologies to manufacture over 565,000 metric tons annually of phenol and acetone at its petrochemical plant in Yeosu, South Korea. This collaboration aimed to enhance phenol and acetone production capabilities using advanced technologies.
• In March 2020, Mitsubishi Chemical initiated the development of a 350,000 metric tonne per year MMA (Methyl Methacrylate) facility in the United States. Unsuch as the conventional acetone cyanohydrin process, this innovative plant is based on acetone and hydrogen cyanide, offering a more efficient and environmentally friendly approach to MMA production.

Regional Analysis

Geographically, the countries covered in the Europe acetone market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.

As per Data Bridge Market Research analysis:

Germany is the dominant region in the Europe acetone market during the forecast period 2022-2029

Germany dominates the European acetone market because of the easy availability and competitive prices within the region. Meanwhile, France leads the market, driven by increasing acetone demand in the textile industry. The textile sector relies on acetone for various processes, contributing to the country's leadership in the European market. Both countries play pivotal roles in shaping the acetone industry in the region.

Russia is expected to dominate Europe acetone market in the forecast period 2022-2029

Russia is expected to dominate the European acetone market because of its heightened production of benzene, a crucial raw material for acetone. The increased availability of benzene within the Russian market provides a competitive advantage, fueling acetone production. As a result, Russia is poised to play a central role in shaping the dynamics of the European acetone market, benefiting from its strong position in the supply chain.

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