Fact.MR, a market research and competitive intelligence provider, reveals that the worldwide demand for acetone derivatives is estimated at US$ 11.2 billion in 2022 and is expected to increase at a CAGR of 5.8% between 2022 and 2032.
The paints & coatings industry is the top consumer of acetone derivatives. Owing to the high usage of acetone derivatives as solvents or intermediates for resin formulations, specifically in coatings, market growth has been substantial. Also, high investments in R&D are enabling market players to meet end-users specific requirements and offer them quality products. Changing trends have directed chemical companies to incorporate innovative solutions for high-quality product development, considering sustainability as an important parameter.
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Key Takeaways from Market Study
- The global acetone derivatives market is estimated to inflate at a CAGR of 5.8% and be valued at US$ 11.9 billion by 2032.
- The market expanded at 4.1% CAGR from 2017 to 2021.
- Under grade, chemical grade acetone derivatives dominate the market and are valued at US$ 6.2 billion in 2022.
- East Asia dominates the global market and holds a share of 31.7%.
- The paints & coatings industry is likely to represent 32.9% market share in 2022.
- Based on product type, demand for bisphenol A & methyl isobutyl ketone (MIBK) is expected to increase at CAGRs of 5.9% and 6%, respectively.
“Soaring demand for acetone derivatives in paints & coatings industry likely to aid the expansion of the market globally,” says a Fact.MR analyst.
Eminent Players: Key Strategies
Acetone derivative manufacturers such as SABIC, Arkema, Mitsui Chemicals, Solvay, Lyondellbasell Industries, and Braskem are strategically moving towards technological upgradation to improve the quality of the product and strengthen their market position. Also, production expansion is important to meet increased demand in the market.
Manufacturers are also using biological substrates as feedstock for acetone derivative production as an alternative to fossil feedstock. Increasing demand for acetone derivatives, majorly for paints & coatings (solvents, resins), personal care & cosmetics, and pharmaceuticals industries, is compelling leading market players to increase their worldwide capacity.
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- By Product Type :
- Diacetone alcohol (DAA)
- Methyl Methacrylate (MMA)
- Methyl Isobutyl Ketone (MIBK)
- By Grade :
- Chemical Grade
- Food Grade
- Pharma Grade
- By Application :
- By End-use Industry :
- Paints & Coatings
- Cosmetics & Personal Care
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global acetone derivatives market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (bisphenol A, diacetone alcohol (DAA), methyl methacrylate (MMA), isophoron, methyl isobutyl ketone (MIBK)), grade (chemical grade, food grade, pharma grade), application (solvents, additives, intermediates), and end-use industry (paints & coatings, cosmetics & personal care, pharmaceuticals, adhesives, chemicals, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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Prominent acetone derivative manufacturers are Kumho P&B Chemical, Mitsubishi Chemicals, Celanese, INEOS Phenol, LG Chem, Covestro, Lotte Chemical, SABIC, Saso, Arkema, Mitsui Chemicals, Solvay, Altivia, Lyondellbasell industries, and Braskem.
Leading producers of acetone derivative products are employing sustainable methodologies and product customization for end users. Key suppliers are focused on the development of products that serve varied industry demands. Moreover, manufacturers are strengthening their market position through strategic acquisitions and collaborations.
- In March 2021, Lotte Chemical announced that it will use Honeywell UOP Q-max, EVONIK MSHP, and Phenol 3G technologies to produce phenol and acetone derivatives. Through this technological engagement, Lotte aims at increasing its global production of phenol and acetone derivatives to raise its market position.
- In May 2021, Arkema announced the divestment of its PMMA business to Trinseo. Following this divestment, Arkema aims at becoming a prominent player in the specialty material segment by 2024.
- In June 2022, Ineos Phenol launched its first product line attributed to renewable resources. These innovations are potential substitutes for fossil fuel-based phenol, acetone, and AMS.
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