The global acetone market 6

The
global acetone
market is
expected to gain momentum from the high demand for petrochemicals and chemicals
from several end-use industries. This information is given by Fortune
Business Insights™ in a new study, titled, “Acetone Market Size, Share & Industry Analysis, By Application
(Solvent, Bisphenol A (BPA), Methyl Methacrylate (MMA), and Others), By End-use
(Paints & Coatings, Plastic, Automotive, Adhesives, Pharmaceuticals,
Cosmetics, Electrical & Electronics, and Others), and Regional Forecast,
2020-2027.” The study further mentions that the acetone market size was USD 3,962.0 million in 2019 and is
projected to reach USD 4,995.3 million
by 2027, exhibiting a CAGR of 3.7% during the forecast period.

COVID-19
Pandemic to Affect Growth Backed by Ongoing Crude Oil Price War

The
COVID-19 pandemic has negatively affected the global chemical industry. It has disrupted
supply chains and created uncertainty in the demand worldwide. Also,
restrictions from governments on manufacturing activities may hinder growth. The
ongoing crude oil price war is also set to hamper growth.

Segment-

Paints
& Coatings Segment to Grow Steadily Fueled by Higher Usage of Solvents

Based
on end-use, the plastic segment earned 33.3% in terms of the global acetone
market share in 2019. The paints & coatings segment generated the largest
share in 2019 because of the rising usage of solvents in this sector as it can dissolve
non-polar and polar substances. 

Drivers
& Restraints-

Increasing
Manufacturing of Sanitizers and Disinfectants to Drive Growth

The
increasing production of disinfectants and sanitizers worldwide is set to surge
the demand for dimethyl ketone as isopropanol is derived from it. Besides, the
high popularity of cosmetics and personal care products would aid the acetone
market growth throughout the forthcoming years. However, acetone possesses
higher initiation energy points and can’t auto-ignite. This may hamper its
demand.

Information source: https://www.fortunebusinessinsights.com/acetone-market-104446