Acetophenone Market Overview
Acetophenone Market size is forecast to reach $366.7 million by 2030, after growing at a CAGR of 6.5% over the forecast period from 2024-2030. Acetophenone is a simplest aromatic ketone. It is a colourless, viscous liquid and precursor ideal in resins and fragrances. Therefore, with rising demands for perfumes, soaps, lotions and other cosmetic goods, the acetophenone industry is witnessing increase in demand. It is an extension of ketone with improved sweet-smelling properties. Natural presence of acetophenone in substantial number of sources including apricot, apple, banana, beef, cauliflower and cheese has enhanced the product development. However, growing public interest towards cosmetic products will enhance the overall market growth for acetophenone market, as acetophenone are used as ingredient for cosmetics formulations.
Acetophenone exhibits versatility in various industries including pharmaceuticals, fragrances, and chemical synthesis. Its role extends from being a precursor in pharmaceutical manufacturing to a key ingredient in fragrance compositions. The expanding application spectrum underscores its significance as a fundamental organic compound in diverse sectors. Emerging trends emphasize the adoption of green and continuous aerobic oxidation processes for acetophenone synthesis. These methods offer environmental benefits and process efficiency, aligning with sustainable manufacturing practices. The shift towards eco-friendly production techniques reflects industry efforts towards minimizing environmental impact and resource consumption.
Market Snapshot:
Covid-19 Impact
The COVID-19 pandemic has declined the acetophenone market. Weaker consumer demand for lifestyle and well-being products owing to the social restrictions and lockdown policies have a negative impact on the demand for cosmetic ingredients and certain categories of food additives. Hence, this has restrained acetophenone market growth. However, easing of restrictions and revival of economic activities in the consumer goods market space indicate the recovery of the acetophenone market.
Report Coverage
The report: “Acetophenone Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the acetophenone market.
By Application- Cosmetics (Soaps, Perfumes, Creams, Lotions and Others), Food & Beverages, Plastics, Resins, Tobacco, Pharmaceutical and Others.
By Geography – North America (U.S., Canada, and Mexico), Europe (U.K., Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, ANZ, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America) and RoW (Middle East and Africa).
Key Takeaways
- APAC has dominated the acetophenone market owing to increasing demand from applications such as food, soaps and others.
- The growing popularity for perfumes with other cosmetics is likely to aid in the market growth of acetophenone.
- Whereas the growing usage of acetophenone in tablets are, therefore owing to this the market for acetophenone is expected to grow in the pharmaceutical sector.
- Harmful Effects of Acetophenone on human skin will create hurdles for the acetophenone market.
Acetophenone Market Segment Analysis - By Application
Food sector has a significant growth in the year 2023 and is expected to grow at a CAGR of 6.8% during the forecast period. Acetophenone is found in many foods, some of which are chicory, spearmint, watermelon, rocket salad, and pepper (spice), apple, cheese, apricot, banana, cauliflower and others. It is used as a flavoring ingredient for fruit and as a leavening agent. It is the simplest aromatic ketone. This colorless, viscous liquid is a precursor to useful resins and fragrances. It also a type of an ester, a organic chemical compound that reacts with water to produce alcohols and organic or inorganic acids. So, with the great demand for foods, the market for acetophenone market is expected to grow. According to the United States Department of Agriculture (USDA) 2023, The output of the food and drink manufacturing industry was valued at $36 billion, with an annual turnover of $134 billion, an increase of 4.2 and 4.8%, correspondingly. Therefore, the growing turnover suggest the increasing demand for food & beverages, this is expected to drive the acetophenone market in the upcoming years.
Acetophenone Market Segment Analysis - By Geography
APAC has a dominated the acetophenone market in the year 2023 and is expected to grow at a CAGR of 6.6% during the forecast period. China and India are the major markets in this region owing to the larger demand for cosmetics they have. According to the Indian Brand Equity Foundation, the market size of India's beauty, cosmetic and grooming market will reach $20 billion by 2025. This rise in demand for cosmetic and beauty care products will led to increase in demand for acetophenone in the near future. Whereas brands such as L’oreal, Lakme, Maybellene, Nivea and Color Bar are being pushed as mass-market products and focus on younger women and women with lower buying power.
Acetophenone Market Drivers
Growing Demand in Cosmetic Industry
Increasing demand for perfumes with other cosmetics products in Europe and Asia is expected to drive the market for acetophenone. Perfumes are one of the most basic essential items in the women makeup kit. Whereas with time the demand for perfumes in men have also increased this will drive the market for acetophenone. According to the cosmetics Europe, cosmetics & retail sales price in 2022 valued about US$ 92.6 (€88) billion in which Germany, France and Italy are the major players. Acetophenone's aromatic properties make it a favored choice for perfumes, lotions, and skincare products, contributing to its escalating utilization in cosmetics. Its ability to impart floral, fruity, or sweet scents enhances product appeal, aligning with evolving consumer preferences for sensory experiences. Moreover, acetophenone's stability and compatibility with various formulation processes further solidify its position in cosmetic formulations, driving manufacturers to integrate it strategically into their product lines to meet market demands.
Rising Demand in the Pharmaceutical Industry
The usage of acetophenone is expected to rise significantly in the pharmaceutical industry owing to its increasing applications in tablets. The growing demand for anticonvulsants in the pharmaceutical & drugs industry is expected to fuel the acetophenone market. In addition, increase in consumption of acetophenone in synthesis of various drugs such as pyrrobutamine, dextropropoxyphene, pridinol, trihexyphenidyl, biperiden, procyclidine, cycrimine, benmoxin, mesuximide, and acifran is likely to boost the demand for acetophenone in pharmaceutical applications.
Acetophenone Market Challenges
Harmful Effects of Acetophenone
Acute exposure of humans to acetophenone vapor may produce skin irritation causing rash or burning feeling on contact and transient corneal injury. Whereas, Acute oral exposure has been observed to cause hypnotic or sedative effects, hematological effects and a weakened pulse in humans. Additionally, it affects when inhaled and by passes through the lungs, as congestion of the lungs, kidney and liver were reported in humans due to the high exposure of acetophenone due to inhalation. Therefore, the concern of acetophenone exposure may hinder the market growth for acetophenone market.
Acetophenone Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Acetophenone market. Major players in the acetophenone market are Thermo Fisher Scientific Inc., Solvay S.A., Triveni Interchem Private Limited, Prasol Chemicals Limited, Spectrum Chemical Mfg. Corp., Shilpa Chemspec International Private Limited, Central Drug House (P) Ltd., Surya Fine Chem, FUJIFILM Wako Pure Chemical Corporation and Otto Chemie Pvt. Ltd., among others.
Acquisitions/Technology Launches
- On December 2023, Solvay has positioned itself as a global frontrunner in essential chemicals through the successful spin-off of its Specialty activities to Syensqo, heralding a strategic shift towards sustainable growth, market leadership, decarbonization, and social responsibility.
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13.2 Solvay S.A.
13.3 Triveni Interchem Private Limited
13.4 Prasol Chemicals Limited
13.5 Spectrum Chemical Mfg. Corp.
13.6 Shilpa Chemspec International Private Limited
13.7 Central Drug House (P) Ltd.
13.8 Surya Fine Chem
13.9 FUJIFILM Wako Pure Chemical Corporation
13.10 Otto Chemie Pvt. Ltd.