Oct 28, 2023
Rising Disposable Income and Growing Luxury Goods Demand Propelling Acetophenone Market Expansion
Acetophenone is an aromatic ketone with a sweet, flowery fragrance. It finds applications in the production of various flavors and fragrances due to its pleasant smell. Additionally, it serves as a
Acetophenone is an aromatic ketone with a sweet, flowery fragrance. It finds applications in the production of various flavors and fragrances due to its pleasant smell. Additionally, it serves as a key intermediate in the synthesis of pharmaceuticals, dyes, and resin materials. Its versatility and distinct aroma make it a valuable compound in the fragrance and chemical industries.
Acetophenone usage as a precursor to resins is one of the primary factors that is driving the acetophenone market over the projected period. The global acetophenone market size is anticipated to reach a valuation of US$ 335 Million in 2032, with the market growing at an average CAGR of 4% over the forecast period of 2022 to 2032. Scaling up from a value of US$ 219 Million in 2021, the acetophenone market will reach an estimated US$ 225 Million by the end of 2022.
Utilized in a variety of products like pharmaceuticals, fragrances, toiletries, food and beverages, and many others, acetophenone is an organic compound with the molecular formula C6H5C (O) CH3. The target product can be obtained through various methods, both synthetically and naturally. In the past decade, the acetophenone market has experienced considerable demand from end-use industries like consumer goods (soap, detergent, lotion and creams), pharmaceuticals, food and beverages, and other products such as chewing gum, tobacco, and cigarettes. However, acetophenone application as a precursor to resins still remains one of the key growth drivers for the market.
Besides, rising disposable income and an inclination for luxury goods, specifically in emerging economies are also expected to contribute to the market expansion of acetophenone. With advances made in different acetophenone manufacturing methods, the global acetophenone market is anticipated to undergo considerable progress over the forecast period.
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However, certain factors are expected to limit the global acetophenone market growth. In recent years, growing health concerns arising due to the use of acetophenone in food and beverages, especially in Europe and North America, seriously hamper the market expansion of acetophenone.
“Swelling demand for acetophenone from multiple end-use industry verticals is expected to foster the global market growth of acetophenone over the forecast period,” says an FMI analyst.
Key Takeaways in Acetophenone Market:
Competitive Landscape in Acetophenone Market
Alfa Aesar, Rhodia, INEOS Phenol, CellMark USA LLC, Tanfac, A.B. Enterprises, and Triveni Interchem among others are some of the principal players in the acetophenone market that are profiled in the full version of the report.
Major market players are concentrating on product development and new product releases. These organizations are also engaged in strategic partnerships and collaborations with established market players and are keen on acquiring small to medium-scale manufacturers.
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Key Segments Covered in the Acetophenone Market Report
More Insights into the Acetophenone Market Report
In its latest report, FMI offers an unbiased analysis of the global acetophenone market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (cumene process acetophenone, ethylbenzene process acetophenone, other acetophenone types), application (acetophenone for industrial solvents, acetophenone for the pharmaceutical industry, acetophenone for flavors and fragrances, acetophenone for other applications), and region.
According to the latest FMI reports, based on region, the acetophenone market in the Asia Pacific excluding Japan (APEJ) region is expected to dominate the global acetophenone consumption space. Due to increasing disposable income, improving living standards, and changing consumer preferences in countries like China and India, the acetophenone market is set to undergo considerable growth in this region over the forecast period. In addition to this, escalating consumer preferences for luxury goods in the Asia Pacific are also augmenting the acetophenone market sales in the region over the projected period.
In North America, the acetophenone market is predicted to thrive over the forecast period. The rising adoption of acetophenone in the expanding fragrance industry in North America is the primary market driver for acetophenone in this region. Propelled by the market in the United States, North America is anticipated to dominate the overall acetophenone market during the assessment period of 2022 to 2032.
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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