India Acetone Market Size, Share to Grow at a CAGR of 6.56% by FY2032 | ChemAnalyst

Posted February 2, 2023 by chemanalystreports

The India Acetone Market is likely to reach around 500 thousand tonnes by FY2032, at a CAGR of 6.56% during the forecasted period.
According to ChemAnalyst report, “India Acetone Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2032”, The India Acetone Market is likely to reach around 500 thousand tonnes by FY2032, at a CAGR of 6.56% during the forecasted period. The end-use industries like Pharmaceuticals & Solvents, Bisphenol-A, Methyl Methacrylate (MMA), and Methyl Isobutyl Ketone (MIBK) are anticipated to accelerate the Acetone Market in India in the forthcoming years.
Acetone is a highly volatile organic compound with the chemical formula (CH₃)₂CO. Currently, acetone is synthesized mainly by the Cumene Process, which uses benzene and propylene as the starting material. Phenol is a by-product of this synthesis. Honeywell UOP and KBR are two of the significant technologies employed by industries to manufacture acetone. Acetone is a versatile chemical and a significant solvent that is frequently employed in the production of medicines and polymers. In the pharmaceutical sector, acetone serves as a solvent for active fillers, which supply the right amount of medication in each dose. The demand for acetone, which is used as a raw ingredient to make isopropyl alcohol (IPA), which is further used in the production of hand sanitizer, is another impressive application.

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The primary factor driving the market for this product is the usage of Acetone as a solvent in numerous industries. Due to its high evaporation rate, acetone is widely employed as a solvent in various industries such as plastic manufacturing, skincare, nail polish, paints & coatings, varnishes, etc. In the industrial sector, acetone is frequently used to clean industrial equipment after use, removing build-up and preventing gumminess to keep the equipment clean and in good functioning condition. Additionally, the demand for Acetone is expected to increase during the projected period due to growing demand in specialized pharmaceutical applications. With rising construction activities and infrastructure development, it is anticipated that the demand for commodities like paints & coating, and plastics are bound to increase which is expected to further fuel the demand for Acetone in the forthcoming years. Moreover, the growing usage of acetone to synthesize Methyl methacrylate (MMA), which is used in the electronics sector for things like laptop screens and smartphone screens is anticipated to further swell up the demand for acetone. Acetone is also used to make Bisphenol-A (BPA). BPA is employed as a feedstock to manufacture epoxy resin and polycarbonate polymers. Polycarbonate polymers are further used by various industries but mainly by the automotive industry to manufacture light-weight vehicles owing to this material’s superior thermal resistance and lightweight characteristics

The India Acetone Market is segmented based on end-use, sales channel, and region. Based on end-use, the India Acetone market is segregated into Pharmaceuticals & Solvents, Bisphenol-A, Methyl Methacrylate (MMA), Methyl Isobutyl Ketone (MIBK), and Others. Among these, Pharmaceuticals & Solvents are dominating the segment of acetone. This segment held roughly 60% of the acetone market in FY2022. Acetone is a liquid solvent that can dissolve many materials. Products like varnish remover, paint remover, and nail polish remover all contain acetone. Acetone is also used to produce polymers, varnishes, and textiles using acetone as well.

Regionally, the Indian Acetone market is segregated into four regions based on regional consumption: West, South, North, and South, with the West being the leading region. West India has been dominating the market and consumed approximately 50% of the acetone in FY2022. States like Gujarat and Maharashtra have been the consumers of Acetone due to the presence of leading industries of paints, textiles, and plasticizers located in these states.

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“India Acetone Market Analysis: Plant Capacity, Production, Technology, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2032” Major players in the India Acetone market are Ion Chemicals, Hindustan Organic Chemicals Ltd., Deepak Phenolics Ltd., and Others.

“The rapidly increasing demand of Acetone as the solvents for manufacturing polymers, coatings, adhesives, varnishes, personal care items, pharmaceuticals etc. is expected to strengthen the India Acetone Market in the forecast period until FY2032. Moreover, West India is leading in terms of consuming acetone with States like Gujarat & Maharashtra with major plasticizer factories situated in these states. With fast-paced urbanization throughout the nation, robust growth in the demand of acetone as a solvent owing to its miscibility with water and other chemical compound. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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Last Updated February 2, 2023