High Demand for Plastic and Polymers in Packaging Industry to Augment Growth of Acetone Market

 

Acetone Market

Acetone is an organic compound, which has a pungent odor and a tendency to settle down and form a crystal structure when stored at cool temperatures. It was originally used as a drying agent for automobile exhaust and oil production. The compound was found to be harmless and so popular that it became a staple of industrial and manufacturing hygiene, especially for grease and oil production. It is now a widely used industrial cleaner, especially in the cleaning of automobiles, flooring and other interiors of commercial facilities. A typical industrial use of acetone would be the wiping of windshields following a crash or other kind of accident. While its main job is to wipe off the foreign particles that get stuck in the windshield, it also has a disinfectant effect on the materials it gets soaked in.

Acetone is also used in skin care and treatment because of its germicidal, antifungal, and antibacterial properties. It has been applied topically to treat minor cuts, scrapes, and burns. It can be dilute before application to make it less irritating to the skin. It can also be used in soap making, to sterilize and make soap clean and beneficial for your skin.

Market Dynamics

Acetone is majorly consumed as acetone cyanohydrin, a precursor to methyl methacrylate. Thus, high demand for plastic and polymers in packaging industry and significant growth in the industry is expected to propel growth of the global acetone market. For instance, in March 2019, Coca-Cola revealed that the company produces 3 million tons of plastic packaging a year, which is equivalent to 200,000 bottles a minute. 

High prevalence of skin diseases is expected to boost demand for acetone in the pharmaceutical sector, thereby aiding in growth of the global acetone market. For instance, Aaccording to the study, ‘Prevalence and psychological impact of Acne vulgaris among female secondary school students in Arar city, Saudi Arabia, in 2018, published in the Journal Electronic Physician, in August 2018, the overall prevalence of acne vulgaris was 14.3% in the study population.

Competitive Analysis

Major players operating in the global acetone market include, INEOS Phenol, Royal Dutch Shell PLC, The Dow Chemical Company, Mitsui Chemicals, Inc., Sasol, Hindustan Organic Chemicals Limited, Domo Chemicals, Honeywell International, Inc., Formosa Chemicals and Fiber Corporation, and CEPSA Quimica, Prasol Chemicals Pvt. Ltd., and EMCO Limited.

March 2020: South African unit of Sasol halted export of acetone to the U.S after the US International Trade Commission imposed a five-year 414.92 percent anti-dumping duty for the imports of acetone into the U.S domestic market.

Comments

Post a Comment

Popular posts from this blog

The Emergence of COVID-19 to Augment Growth of the Outsourced Drug Discovery Market

Image
  With billions of dollars in research and development costs, pharmaceutical companies around the world are always looking for new ways to address their production processes in a cost-effective manner. One way to achieve this is through outsourcing drug discovery and development services. This type of service refers to the collaboration between small and large biotech and biotechnology companies to conduct research and development activities aimed at finding better solutions to the company's core chemical concerns. Outsourcing of these drug discovery services has enabled established pharmaceutical and biotechnology companies to focus on the development of new products that can bring about significant therapeutic change and provide tangible advantages to the company's shareholders. Contract research organizations manage almost all aspects of drug discovery. Market Dynamics I ncreasing demand for outsourcing analytical testing and clinical trial services, growing R&D ex...
Read more

Otoscope Market Is Gaining Major Traction with Industry Leader Otonexus Medical Technologies Introducing Ultrasound Sensor, Which Aids Middle-Ear Infection Diagnosis

Image
  An otoscope or auricular ear picker is a simple health care tool that is used to inspect the outer ear. Many health care professionals utilize otoscopes to examine ear infections during routine check-ups and to also screen for serious ear disorders. An otoscope possibly provides a more detailed view of the external ear canal and/or ear drum or eardrum. Otoscope or also referred to as auriscope is mainly used to look into eyes. The demand for these medical devices has been on a rise in the recent past. This is typically due to the fact that there is a high burden of ENT-related diseases across the globe. As per the World Health Organization (WHO), by 2050, around 2.5 billion people are estimated to have some degree of hearing loss worldwide. Similarly, there is a heavy burden of sinusitis cases. As per the Sinusitis & Allergy Wellness Center, around 30 million adults in the U.S. are impacted with sinusitis annually. Such a high prevalence of ENT disorders has accelerated the d...
Read more

The Number of Cancer Survivors Is Projected To Increase to 22.2 Million By 2030 Fostering Oncology Drug Pipeline Analysis Market

Image
  North America is estimated to dominate the global oncology drug pipeline analysis market in the near future and this is attributed to the high prevalence of cancer and increasing launch of various novel drugs with improved efficacy. According to the National Cancer Institute, as of January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030. The oncology field is experiencing significant growth and this is attributed to the increasing development of various novel therapies for the treatment of cancer. For instance, in February 2021, Rhizen Pharmaceuticals AG, a clinical-stage, oncology-focused biopharma company, with a 50% stake owned by Alembic Pharmaceuticals and the rest by its Indian CEO Swaroop Vakkalanka, has announced that its the novel, next-generation PI3K-delta inhibitor Umbralisib (Ukoniq) has secured U.S. FDA accelerated approval for the treatment of blood c...
Read more