Rockville, Oct. 25, 2022 (GLOBE NEWSWIRE) — 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.
Segmentation of Acetone Derivatives Industry Research
- 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
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“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.
Key Companies Profiled
- Kumho P&B Chemical
- Mitsubishi Chemicals
- INEOS Phenol
- LG Chem
- Lotte Chemical
- Mitsui Chemicals
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What elements are influencing the market for acetone derivatives?
One of the major end users of acetone derivatives is the paints and coatings sector. This is mostly attributable to their qualities, which include high solvency, the capacity to dissolve films and resins, and the ability to reduce viscosity in paints and varnishes. MIBK and isophorone are the two main acetone derivatives utilised in the paint and coatings sector. Due to its high solvency and low density, MIBK is frequently utilised to create high-solid coatings.
Additionally, the well-established automobile industry is offering the coatings sector prosperous chances due to the strong need for materials that can shield against the environment, such as UV radiation and sunshine, as well as provide cars a fashionable appearance. Additionally, the adoption of EVs in the automotive sector will grow significantly over the next ten years, necessitating a rise in the consumption of coating materials.
How is the United States Developing into a Profitable Market for Acetone Derivative Suppliers?
The growing use of hair care and skin care products in the U.S. is the main factor driving demand for acetone derivatives. A rise in the consumption of cosmetics has been noted, likely as a result of Americans’ rising disposable income. Acetone derivatives are widely employed in cosmetic formulations, which raises the market’s overall demand for them.
In North America, the U.S. currently controls over 87% of the market for acetone derivatives, and between 2022 and 2032, it is projected to expand at a CAGR of 5.1%.
Check out more related studies published by Fact.MR Research:
Diacetone Alcohol Market: The global diacetone alcohol market is estimated to be US$ 1.44 Billion in 2022, and is forecast to surpass US$ 2.2 Billion by 2032, expanding at a steady 4.3% CAGR over the next ten years. Diacetone alcohol consumption accounts for around 2.8% share of the global alcohol market.
Isophorone Market: Worldwide demand for isophorone is expected to increase at a CAGR of 4.7% from 2022 to 2032. At present, the global isophorone market is valued at US$ 1.21 billion and is anticipated to reach US$ 1.93 billion by 2032.
Mono Methyl Ether of Hydroquinone (MEHQ) Market: The utilisation of MEHQ in dermatology can be the leading driver for its significant growth in the market. MEHQ is usually added as an inhibitor to acyronitrile in the monomer and need to be regulated to avoid spontaneous polymerisation. As MeHQ has a distinct UV absorbance curve allowing the OMA system to easily monitor its real time concentration, its demand is expected to boost.
Furan Dicarboxylic Methyl Ester Market: Speculations over demand growth could be observed since 2018 and price has plunged by nearly two folds since the inception of the production in the market. Key manipulative strings in the market which are set to dip the synthetic market shares and enhances the shares of bio-based polymers are set to bolster the market of FDME over the assessed forecast period.
Lauroyl Methyl Glucamide Market: Lauroyl methyl glucamide is a chemical substance which is used in the cosmetics industry. It is a surfactant that is used in the formulation of skin-care and hair-care products, which are consumed by individuals across the globe. Various scientists and researchers are currently engaged in the development of agrochemicals by using lauroyl methyl glutamine as an intermediate.
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