Acetone is a chemical compound that works as a solvent in commercial applications. It is a colorless, clear, volatile liquid with a sweet odor. Increasing use of solvent and. Expanding demand from the cosmetic. Automotive, adhesive, and pharmaceutical industries. Are anticipated to boost the growth of the market. The demand for acetone is rising due to the. Development of end-use industries such as electronics. Pharmaceuticals, petroleum, cleaning, and personal care. According to. Fortune Business Insights. The global acetone market size was valued at. USD 3,962.0 billion in 2019 and is expected to reach a valuation of. USD 4.995.3 billion by 2027 at a. CAGR of 3.7%. During the 2020-2027 period. Steady adoption of chemicals and petrochemicals. Will rise the demand for acetone Industry. Consumer inclination toward leading a healthy life by adopting. Eco-friendly cosmetics and. Personal care products is expected to promote the market growth.
Acetone is also known as dimethyl ketone, CH3COCH3, and 2-propane. The constantly rising demand backs the market growth of acetone for applications in cosmetics and green solvents. Acetone is used in the manufacturing of. Cosmetics such as nail enamels and nail paint removers. It is also used as a solvent for many synthetic fibers and plastics. Higher demand for solvents in the. Pharmaceutical industry is expected to aid growth of the market. The crude oil price war during the pandemic disturbed the rate of manufacturing.
COVID-19 Impact: Disruption in Product Distribution to Impede Market Growth
The pandemic disrupted supply chains in various regions due to uncertain demand for the product worldwide. Port clearance shut down and government restrictions on. Manufacturing activities hindered the market growth. The crude oil price war during the pandemic disturbed the rate of manufacturing. Halt in train and truck transportation between countries negatively affected the market growth of acetone. The crude oil price war during the pandemic disturbed the rate of manufacturing.
The Top Market Players are as Follows:
LyondellBasell Industries Holdings B.V. –
It is a multinational company formed in December. 2007 by. Lyondell Chemical Company’s acquisition by. Basell Polyolefins. The company’s headquarter is in Houston, Texas, and has offices in London, U.K. It is counted as one of the largest licensors of. Polypropylene and polyethylene technologies. The crude oil price war during the pandemic disturbed the rate of manufacturing. It also produces propylene, ethylene, oxyfuels, and polyolefin.
In September 2020, the company started its molecular recycling facility “MoReTec” at its Ferrara site in Italy. LyondellBasell’s MoReTec molecular recycling technology goal is to recycle post-consumer plastic waste into its initial molecular form and use it as a feedstock for new plastic materials. The crude oil price war during the pandemic disturbed the rate of manufacturing.
INEOS is a. British multinational company of chemicals headquartered in London. As per the data of 2021, it is the fourth-largest chemicals company worldwide. Named after Inspec. Ethylene Oxide and Specialities. Formed by. Sir Jim Ratcliffe. The Chairman and. CEO of INEOS Chemicals Group. It also produces propylene, ethylene, oxyfuels, and polyolefin. The crude oil price war during the pandemic disturbed the rate of manufacturing.
INEOS signed an intent in June 2020 to acquire the petrochemical unit of. British Petroleum Company plc. The business emphasized acetyls and aromatics. The company has 14 plants in Europe. The U.S. And Asia, which further gained higher production.
The company was founded in 1986 and is. Headquartered in. Houston. Texas. It is a chemical company that produces chemicals and petrochemicals that involve acetone, ketones, alpha-methyl-styrene, and carbinol. majorly serves its clients in the U.S. It also produces propylene, ethylene, oxyfuels, and polyolefin.
In September 2021. Altivia revealed the sale of its water treatment chemical business to. USALCO. LLC. Its water treatment business includes the production of ferrous and ferric sulfate located in Texas.
Royal Dutch Shell Co.
The company is a unified as. Publicly treated corporation of petroleum and. Established in. 2005 by the amalgamation of rival companies. It is headquarter is in Hague. Netherlands. The Netherland’s Royal Dutch Petroleum and the. U.K.’s. Shell Transport and Trading Company Limited united to form the Royal Dutch Shell Co. It also produces propylene, ethylene, oxyfuels, and polyolefin. The crude oil price war during the pandemic disturbed the rate of manufacturing.
In January 2022. Royal. Dutch. Shell showed up as a surprise bidder to acquire Spring Energy. An Indian renewable platform of. Actis LLP. The company is. Expected to compete with. Canadian pension fund. CPP Investment. The crude oil price war during the pandemic disturbed the rate of manufacturing. Board and Australian infrastructure fund Macquarie for the potential billion-dollar buyout. It also produces propylene, ethylene, oxyfuels, and polyolefin.
Honeywell International Inc. –
Honeywell International Inc. Mark C. is the founder of this company Honeywell in 1906. Situated in. North Carolina. It primarily operates in four areas of business, performance materials and technologies, aerospace, safety and productivity solutions, and building technologies. It also produces propylene, ethylene, oxyfuels, and polyolefin.
Honeywell revealed a new set of. Commitments with further advanced sustainability goals to become carbon neutral in its operations and facilities by 2035.