Market Analysis
The global diacetone alcohol market is predicted to touch USD 1594.5 million at a 4.85% CAGR over the forecast period (2030), states the latest Market Research Future (MRFR) report. Diacetone alcohol is a colorless, oxygenated solvent that has an aromatic odor. It is soluble both in the organic and inorganic compound. This solvent has a wide range of applications including metalworking fluids, lubricants, cleaning chemicals, drilling fluids, coatings, paints and coatings, and others.
Various factors are propelling the diacetone alcohol market growth. Some of these factors, according to the Market Research Future report, include its use as a solvent in consumer products and industrial products for purification process, and its use in household cleaners, thinners, paints, and adhesives, and these alternatives help to significantly reduce VOC (volatile organic compound) emissions, thus in most cases are environmentally friendly, effective, and efficacious. Additional factors pushing market growth include the growing chemical industry and the different benefits that diacetone alcohol offers such as high film-forming ability, brilliant gloss, quick dry time, and better quality.
Market Segmentation
The MRFR report offers a wide segmental analysis of the diacetone alcohol market sizeon the basis of end use industry and application.
Based on application, the diacetone alcohol market is segmented into preservatives, drilling fluids, cleaning, chemical intermediates, solvents, and others. Of these, the solvents segment will have the largest share in the market over the forecast period.
Based on end use industry, the diacetone alcohol market is segmented into oil and gas, automotive, textiles, paints and coatings, and others. Of these, the paints and coating industry segment will dominate the market over the forecast period.
Regional Analysis
Based on the region, the diacetone alcohol market report covers the latest trends and growth opportunities across North America, the Asia Pacific, Latin America, Europe, and the Middle East and Africa. Of these, the APAC region will spearhead the market over the forecast period and is predicted to grow at a 5.35% CAGR. Factors which can be attributed for the growth of the market in this region include rapid industrialization, growing exports, cheap labor cost, and the presence of a good number of producers.
The diacetone alcohol market in North America is predicted to have the second-largest share in the market over the forecast period. It is predicted to touch USD 331.4 million by 2023. The United States is the key contributor in this region and is expected to remain dominant all throughout the forecast period. This is chiefly owing to higher penetration of various end user industries in this country.
The diacetone alcohol market in Europe is predicted to have significant growth over the forecast period. Germany is the leading contributor in this region with regards to volume and value. This is owing to the rising demand for paints and coatings from automotive as well as household industries.
The diacetone alcohol market in the Middle East and Africa and Latin America are both predicted to have moderate growth over the forecast period. Factors which can be attributed to the growth of the market in these regions include increased investment on artistic beautification of residential and commercial setups in coupled with rising disposable incomes that have resulted in uptake of assorted paints and coatings that in turn have pushed the market growth.
Key Players
Leading players profiled in the diacetone alcohol industries report, include SRI NEELIMA LABORATORIES (India), Aareydrugs Pharmaceuticals Ltd. (India), Shanghai Jianyuan Chemical Co., Ltd. (China), Galaxy Chemicals (India), KH Neochem Co., Ltd. (Japan), Prasol Chemicals Pvt. Ltd. (India), Recochem Inc. (Canada), Monument Chemical Inc. (U.S.), Arkema Group (France), and Solvay S.A (Belgium), among others. Key players have employed several strategies for better exposure in the market. Such strategies include collaboration, acquisition, mergers, expansions, product innovations and launches, research and development, and more. These strategies, along with helping them in cementing a strong foothold in the market, are also helping them in gaining the needed momentum.
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