Acetone is a clear, volatile substance that is highly flammable as a liquid and a vapor. Acetone is commonly referred to as propanone or dimethyl ketone (DMK), and its chemical formula is CH3COCH3.
The substance has a very distinct scent that is described as sweet. This volatile substance is polar and can easily form homogenous mixtures with water and different organic compounds, which makes it an effective solvent.
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Another attractive feature is the low boiling point that allows it to easily evaporate. So, what is it used for and what is the current market state of acetone?
What is acetone used for?
Acetone has many uses but is commonly used to clean equipment or as a solvent during production or manufacturing. Acetone is used with fats, oils, waxes, resins, rubber, plastics, lacquers, and varnishes. Any leftover acetone will evaporate due to its low boiling point, leaving the surfaces clean.
As it is used as a cleaning solvent, using it in cleaning flooring and other household surfaces on small and large scales is very effective. For example, some of our clients use it to clean kitchen cabinets and other surfaces. It is also used in lawn and patio furniture for siding.
There are a lot of benefits when it comes to using acetone due to the fact that it splashes and washes off of surfaces without collecting other by-products from what it was being used on. Acetone that doesn’t splash off is something that we, Maratek Environmental, can take back in 205L drums and properly dispose of it for the customer.
What is the current market state of acetone?
Many factors are constantly in motion regarding the market state of Acetone as a product.
There are a few main drivers by the growing end-use industries as it is a product that is used worldwide for many different applications such as BPA and MMA in regions like India and China.
BPA is used in dental practices whereas MMA is used mostly in the construction industry. The construction and pharmaceutical industries are growing at a rapid rate and are likely to witness faster growth in the coming years.
Increasing construction in the US is also propelling the acetone market growth and boosting demand for the product. There are also many other applications for acetone that will keep the product always at a steadily high demand, such as the cosmetic industry that seems to be expanding by the day almost. Emerging regions of the Asia Pacific are expected to aid the industry to grow further.
Global Acetone is expected to reach USD $7.01 billion by 2027, and is currently valued at approximately USD $5.10 billion in 2021.
This reporting outlines the former and latter effects of COVID-19 on the global acetone market. The pandemic, with its lockdowns, have impacted the current and future market of acetone.
The resulting effect on production, manufacturing, travel, hospitality, as well as the winter storm in Texas at the beginning of 20212 have all affected the rise of price in acetone. Supply chains have been massively impacted as a result.
Interested in learning more about acetone and its current market state? Maratek Environmental would love to answer any of your questions. Contact us today!