H2 2023: During H2 2023, in the North America region, Acetone prices fluctuated. During the third quarter of 2023, Acetone prices in the US market experienced a significant increase. This upward trend was influenced by various factors, including robust procurement activities and improved performance in the solvent industry, leading to increased consumption rates. The production rates were normal, resulting in ample inventory levels both domestically and at ports. Additionally, the upstream Benzene market saw a price hike in July 2023. Acetone prices were further supported by enhanced upstream cost support and strong demand from the downstream sectors like Bisphenol A and the solvent industry. Thus, the American inventories remained abundant during the third quarter of 2023. Moving into the fourth quarter of 2023, the Acetone market in North America witnessed a substantial surge in prices. The market faced tight supply constraints due to limited volumes in the market, coupled with a decline in production rates that led to an accumulation of inventory. The United States was particularly affected, with prices following a bullish trend due to high prices from upstream Benzene and a healthy demand from downstream derivatives, especially the Bisphenol A industry. The country also experienced restricted inventory availability, contributing to the price hike. Inflationary pressures increased as raw material prices and transportation charges rose during Q4 2023.
H1 2023: In the first half of 2023, the price of Acetone fluctuated in North America. Acetone prices experienced a continuous decline in the USA throughout April 2023. This decline was driven by a bearish market demand for Acetone from downstream industries like the Methyl methacrylate (MMA) industry. During this period, upstream feedstock Propylene prices also decreased, attributed to an increase in upstream Propane stocks in the region, thereby reducing the production cost of Acetone. Simultaneously, there were consistent decreases in the feedstock Benzene. These factors collectively contributed to the reduction in the production costs of Acetone. Due to bearish market dynamics and conditions, the prices of Acetone continued to follow a bearish trend, reflecting the sustained impacts of relevant factors on the final product prices. Meanwhile, prices slightly increased by the end of June 2023. Several factors could be attributed to this slight rise, including a surge in demand from the downstream paint and coating industry, as well as an enhanced performance of the construction industry in the US, which influenced the market dynamics of Acetone.
The North America Acetone market demand stood at 1900 thousand tonnes in 2023 and is expected to grow at a CAGR of 4.08% during the forecast period until 2034.
Acetone is a primary choice in various industries due to its fundamental application as a solvent. Renowned for its excellent solvency properties, acetone is preferred for dissolving and processing various substances in chemical manufacturing. Its versatile solvency finds applications in diverse sectors, including coatings, adhesives, and cleaning agents. The ability of acetone to effectively dissolve and process different materials underscores its significance as a solvent, contributing to its widespread use in numerous industrial processes. Its uses span a variety of sectors, encompassing cosmetics, personal care, paints & coatings, and the automobile industry. Acetone's efficacy as a solvent also includes its function as a cross-linking agent for bioactive substances in fungicides and insecticides, playing a role in cleaning polyester resin. Moreover, the polymer industry employs acetone in manufacturing polycarbonates, bisphenol-A, and epoxy resins.
In North America the growth drivers for the Acetone market are significantly influenced by a range of end-use sectors. The primary application of acetone as a solvent stands out as a major contributor to its market expansion. The cosmetics and personal care industry heavily depends on acetone as a solvent for various formulations, including nail polish removers and skincare products. Moreover, the paints and coatings sector in the benefits from acetone, playing a pivotal role in formulation as a solvent to achieve the desired consistency and application properties of coatings. Within the automotive industry, acetone finds extensive use in coatings and finishes, contributing significantly to manufacturing processes such as vehicle painting and surface treatment. As a fundamental component in chemical manufacturing, acetone serves as a critical building block for synthesizing a wide array of chemicals, including plastics, resins, and pharmaceutical intermediates. This versatility positions acetone as a key ingredient in the production processes of diverse products. Furthermore, the pharmaceutical industry in North America leverages acetone for specific processes, showcasing its adaptability and importance in the synthesis of pharmaceutical products. Thus, North America Acetone market is likely to reach roughly 3000 thousand tonnes in 2034.
Based on the end-user industry, the North America Acetone market is segmented into Solvent, MMA (Methyl Methacrylate), Bisphenol A, and Others. Among these, the Solvent industry is the largest segment and held about 47% in the year 2023.
Major players in the North America Acetone market are INEOS Group Limited, The DOW Chemicals Company, Sabic Innovative Plastics, Royal Dutch Shell plc, Haverhill Chemicals, Honeywell International Inc., Georgia Gulf Corporation, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Acetone which covers production, demand and supply of Acetone market in the globe.
• To analyse and forecast the market size of Acetone
• To classify and forecast North America Acetone market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Acetone market in the globe.
To extract data for North America Acetone market, primary research surveys were conducted with Acetone manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for North America Acetone market over the coming years.
ChemAnalyst calculated Acetone demand across the North America region by analysing the volume of Acetone consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Acetone manufacturers and other stakeholders
• Organizations, forums and alliances related to Acetone distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Acetone manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, North America Acetone market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
1900 thousand tonnes
Market size Volume by 2034
3000 thousand tonnes
Growth Rate
CAGR of 4.08% from 2024 to 2034
Base year
2023
Estimated Year
2024
Historical Data
2015 – 2023
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Solvent, MMA (Methyl Methacrylate), Bisphenol A, and Others)
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the size of North America Acetone market in terms of volume in 2023?
Ans:
The size of North America Acetone market has grown significantly in the historic period and reached approximately 1900 thousand tonnes in 2023.
Q2.
Which industry is leading as the leading consumer of Acetone?
Ans:
Solvent industry is the leading consumer of Acetone.
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