Acetone, also known as propanone, is one of the conventional chemical compounds that is extensively used across various industries. It largely finds usage in the production of cosmetics & personal care, disinfecting and pharmaceutical products. Considering its increased adoption, acetone market is estimated to witness a tremendous growth over the coming years.
During the current COVID-19 pandemic situation, people are inclined on maintaining hygienic and germ-free environment. As a result, numerous disinfectants are being made available in the market. In this regard, acetone, which is a natural disinfectant, is gaining prominence as a potential chemical compound for sanitizing the surfaces. According to a recent study, acetone can serve as an effective bactericidal agent in its concentrated form.
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Elaborating on its application in cosmetics and personal care products, it is not surprising to note that acetone is being widely used in the formulation of nail polish removers as it breaks down the nail polish, allowing its easy removal with cotton swab. Besides, nail polish remover, it is also found in nail polish, cleansing products, bath products, fragrance products, skin care products and hair care products.
Significant rise in the demand for skin care and cosmetics products across the globe is fueling the product adoption further.
Increasing application of acetone in cosmetics is encouraging the industry players to focus on research activities and development of innovative offerings. Quoting an instance, in 2018, Green Biologics, Inc., commercially launched the first ever biobased acetone nail polish remover. This sustainably produced offering was reportedly developed under the collaboration of Green Biologics with Sally Beauty and Marianna Industries.
Speaking of the most significant hub for the acetone market, Europe is the prominent region that is providing lucrative growth prospects for acetone market. This can be credited to the thriving cosmetics industry in the region, especially in France. According to the credible sources, in 2019, the French cosmetics industry had shown a strong performance globally by reporting exports of nearly €16 billion. This represents an increase of over 9% as compared to 2018. This is expected to foster the product demand in the region over the upcoming years.
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Apart from Europe, acetone market is witnessing heightened demand in North America from the regional pharmaceutical industry. The region is known to have the largest pharma industry which makes it a lucrative hub for acetone market. This can be attributed to the important application of acetone solvent in pharmaceutical production.
Acetone plays a key role in the blending of fillers and active ingredients comprising of pill and liquid form of medicines. It helps in delivering the correct amount of medication during each dose. Without acetone, efficacy of certain pills can be affected due to incorrect density. As a result, common drugs usually make usage of acetone as an excipient. Besides, it is also used for denaturing the alcohol.
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