Acetone is an organic compound with molecular formulae (CH) CO derived by oxidation of isopropyl alcohol. Acetone occurs naturally in plants, forest fire, vehicle exhaust etc. Acetone is a colorless, volatile, and flammable organic solvent. Acetone is a nasal irritant and inhalation may lead to hepatotoxic effects (causing liver damage).
Increasing use of acetone in textile industry for degreasing wool and degumming silk, and in formation of lacquers are key factor driving growth of the global acetone market. Additionally, increasing end use applications of acetone as nail polish removers, in cleansing products, fragrance products, hair care products, and skin care products are major factors boosting growth of the global acetone market. Also, acetone has a very good solvent property, it can easily mix with water to be used in printing inks, adhesives coatings, paints etc. which are other factors anticipated to fuel growth of the global acetone market.
However, inflammability of acetone and health issues pertaining to acetone such as liver damage, vomiting, and blindness caused by exposure are key factors restraining growth of the global acetone market. In addition, high price of acetone is another major factor expected to hamper growth of the global acetone market over the forecast period.
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The global acetone market report has been segmented on the basis of application, end-user, and region. On the basis of region, the global acetone market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is a dominant player in the global acetone market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed rising demand for acetone in textile industries in countries in the region. The market in Europe accounts for second-highest revenue share contribution in the global acetone market followed by markets in Latin America, Asia Pacific and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to increasing use of acetone for cosmetics in countries in the region.
Prominent players in the global acetone market include, INEOS Phenol, Royal Dutch Shell PLC, Mitsui Chemicals, Inc., Hindustan Organic Chemicals Limited, DOW Chemical Co., BASF SE, Sunoco, Prasol, Formosa Chemicals and Fiber Corporation, and Shanghai Sinopec Mitsui.
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