Acetone derivatives are widely used as solvents and chemical intermediates. They are employed in the coatings industry as solvents for nitrocellulose and other cellulose ethers and for vinyl chloride–vinyl acetate and other resins. They are also used in the manufacture of pharmaceuticals, plastics, fibers, and films.
Properties such as slow evaporation, low surface tension, low density, and high boiling point make acetone derivatives an important solvent, which can be used for high-solid coatings
Along with the paints & coating industry, acetone derivatives are utilized in plastics, fibers, and films industries. They are also used in mining and metal extraction processes as ore-floating agents.
Key Drivers of Global Acetone Derivatives Market
Acetone derivatives are widely used in the paints & coatings industry and as contact cement solvents in the construction industry. Increasing population and urbanization is leading to growth of the global construction industry. This, in turn, is driving the global acetone derivatives market.
Technological advancements in high-performance engines call for high-performance lubricants and fuels in order to perform in an efficient manner. Owing to this, the demand for acetone derivatives from the fuel & lubricant industry has risen.
Rise in the production in automotive and aerospace industries is fueling the demand for protective coatings. This, in turn, is boosting the global acetone derivatives market
Strategic acquisitions taking place in the global acetone derivatives market are driving the market. For instance, in November 2019, Ketones & Additives, LLC, an affiliate of ALTIVIA Petrochemicals, acquired Dow’s acetone derivatives business and associated chemical manufacturing assets. The acetone derivatives business segment of Dow manufactures ketones and carbinols, which are used primarily in coatings, adhesives, and pharmaceutical industries.
High Costs of Raw Materials to Restrain Global Acetone Derivatives Market
Stringent regulations on the usage of acetone derivatives are expected to restrain the global acetone derivatives market during the forecast period
Global Acetone Derivatives Market: Application Segments
In terms of application, the global acetone derivatives market can be segmented into additives, degreasers, coupling agents, cleaning agents, and others
The additives segment is projected to account for a major share of the global acetone derivatives market by 2027
Expanding at a significant rate, the cleaning agents segment is expected to create significant incremental opportunity during the forecast period. Demand for other industrial applications is expected to remain moderate to high across different regions.
Asia Pacific to be a Key Market for Acetone Derivatives
In terms of region, the global acetone derivatives market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
The Asia Pacific acetone derivatives market is expected to witness continuous growth during the forecast period, followed by Latin America. Driven by growth in sales of acetone derivatives in various end-user sectors in the region, the Asia Pacific market is expected to witness sustainable growth in the next few years.
The cosmetics & personal care industry in regions such as the Middle East is strong. This factor makes the Middle East a potential market for acetone derivatives.
Regions such as North America and Western Europe are mature markets. Despite this, strong presence of paints & coatings, pharmaceutical, and chemical industries in these regions make them promising markets for acetone derivatives.
