Acetone Market

The global acetone market has seen fluctuations in consumption, production, imports, and exports over the past decade. Despite declines in certain years, projections suggest a positive trend in consumption and production from 2022 to 2030. China remains the largest consumer and importer of acetone, while countries like Belgium and Saudi Arabia show significant growth in exports. Prices have also varied by country, with Belgium having the highest export prices. Overall, the market is expected to see moderate growth in the coming years.

Market Forecast

Driven by rising demand for acetone worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.5% for the period from 2022 to 2030, which is projected to bring the market volume to 2.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $3.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Acetone

For the third consecutive year, the global market recorded decline in consumption of acetone, which decreased by -0.3% to 2.7M tons in 2022. Overall, consumption showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the consumption volume increased by 5.1%. Over the period under review, global consumption attained the peak volume at 3M tons in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global acetone market revenue declined to $2.5B in 2022, with a decrease of -9.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a mild shrinkage. Global consumption peaked at $3.1B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Consumption By Country

China (712K tons) remains the largest acetone consuming country worldwide, accounting for 26% of total volume. Moreover, acetone consumption in China exceeded the figures recorded by the second-largest consumer, the United States (250K tons), threefold. India (237K tons) ranked third in terms of total consumption with an 8.8% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (-4.6% per year) and India (+1.0% per year).

In value terms, China ($523M) led the market, alone. The second position in the ranking was held by the United States ($248M). It was followed by India.

In China, the acetone market shrank by an average annual rate of -1.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: the United States (-4.9% per year) and India (-0.9% per year).

The countries with the highest levels of acetone per capita consumption in 2022 were Belgium (6.6 kg per person), Switzerland (6.3 kg per person) and the Netherlands (3.1 kg per person).

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +23.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Acetone

For the third consecutive year, the global market recorded decline in production of acetone, which decreased by -2.5% to 2.7M tons in 2022. Over the period under review, production showed a slight contraction. The most prominent rate of growth was recorded in 2019 with an increase of 5.1% against the previous year. Over the period under review, global production hit record highs at 3.1M tons in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, acetone production contracted to $2.6B in 2022 estimated in export price. Overall, production saw a mild decrease. The most prominent rate of growth was recorded in 2017 when the production volume increased by 20% against the previous year. Over the period under review, global production hit record highs at $3.1B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the United States (300K tons), Saudi Arabia (288K tons) and South Korea (260K tons), together accounting for 32% of global production. Spain, Belgium, Thailand, Taiwan (Chinese), Singapore, India, Russia, Japan and Finland lagged somewhat behind, together accounting for a further 52%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +14.1%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Acetone

After two years of growth, overseas purchases of acetone decreased by -14.1% to 2.1M tons in 2022. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when imports increased by 19%. Global imports peaked at 2.4M tons in 2021, and then reduced in the following year.

In value terms, acetone imports reduced dramatically to $1.8B in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 54% against the previous year. Over the period under review, global imports attained the maximum at $2.4B in 2021, and then contracted sharply in the following year.

Imports By Country

China was the major importing country with an import of about 715K tons, which recorded 34% of total imports. Germany (222K tons) took the second position in the ranking, followed by Belgium (207K tons), the Netherlands (146K tons) and India (117K tons). All these countries together took approx. 33% share of total imports. Mexico (61K tons), the United States (59K tons), Switzerland (57K tons), Italy (49K tons), Turkey (38K tons), Thailand (35K tons) and France (34K tons) held a relatively small share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of acetone. At the same time, Italy (+8.0%), the United States (+5.0%), France (+4.0%), Turkey (+2.9%), Germany (+2.8%), Belgium (+2.2%), India (+1.5%) and Switzerland (+1.3%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing importer imported in the world, with a CAGR of +8.0% from 2012-2022. The Netherlands experienced a relatively flat trend pattern. By contrast, Mexico (-4.1%) and Thailand (-5.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Germany increased by +1.7 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($490M) constitutes the largest market for imported acetone worldwide, comprising 27% of global imports. The second position in the ranking was taken by Belgium ($232M), with a 13% share of global imports. It was followed by Germany, with a 12% share.

In China, acetone imports decreased by an average annual rate of -3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Belgium (+2.5% per year) and Germany (+2.4% per year).

Import Prices By Country

In 2022, the average acetone import price amounted to $876 per ton, falling by -11% against the previous year. Over the period under review, the import price continues to indicate a mild decline. The pace of growth appeared the most rapid in 2020 an increase of 32%. Over the period under review, average import prices attained the peak figure at $1,175 per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belgium ($1,120 per ton), while China ($686 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+0.4%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Acetone

In 2022, after two years of growth, there was significant decline in overseas shipments of acetone, when their volume decreased by -16.4% to 2.1M tons. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 19% against the previous year. Over the period under review, the global exports reached the peak figure at 2.5M tons in 2021, and then dropped remarkably in the following year.

In value terms, acetone exports shrank rapidly to $1.8B in 2022. Over the period under review, exports saw a mild contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 56% against the previous year. The global exports peaked at $2.4B in 2021, and then fell markedly in the following year.

Exports By Country

The shipments of the eleven major exporters of acetone, namely Belgium, Saudi Arabia, South Korea, Thailand, Taiwan (Chinese), Spain, Singapore, the United States, Germany, the Netherlands and Finland, represented more than two-thirds of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Saudi Arabia (with a CAGR of +14.1%), while the other global leaders experienced more modest paces of growth.

In value terms, Belgium ($347M), Saudi Arabia ($182M) and Spain ($167M) constituted the countries with the highest levels of exports in 2022, together comprising 39% of global exports.

Saudi Arabia, with a CAGR of +12.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average acetone export price stood at $860 per ton in 2022, with a decrease of -11% against the previous year. Over the period under review, the export price recorded a noticeable decrease. The growth pace was the most rapid in 2021 an increase of 37%. Over the period under review, the average export prices reached the peak figure at $1,103 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($1,073 per ton), while Thailand ($646 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.2%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform