"Growing Public Interest Towards Cosmetic Products Will Enhance the Overall Market Growth for Acetophenone Market"
Acetophenone Market size is forecast to reach $285.1 million by 2026, after growing at a CAGR of 6.5% over the forecast period from 2021-2026. 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.
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.
Acetophenone Market Segment Analysis - By Application
Food sector has a significant growth in the year 2020 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. EU food and drink industry turnover has increased from US$1.34 trillion (€1.2 trillion) in 2019 to US$1.37 trillion (€1.2 trillion) in 2020. Therefore, the growing turnover suggest the increasing demand for food & beverages, this is expected to drive the acetophenone market in the upcoming years.
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Acetophenone Market Segment Analysis - By Geography
APAC has a dominated the acetophenone market in the year 2020 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 $20 billion by 2025. This rise in demand for cosmetic and beauty care products will led to increase in demand for acetophenone in the near future. Whereas brands such as L’oreal, Lakme, Maybellene, Nivea and Color Bar are being pushed as mass market products and focus on younger women and women with lower buying power.
Acetophenone Market Drivers
Growing Demand in Cosmetic Industry
Increasing demand for perfumes with other cosmetics products in Europe and Asia is expected to drive the market for acetophenone. Perfumes are one of the most basic essential items in the women makeup kit. Whereas with time the demand for perfumes in men have also increased this will drive the market for acetophenone. According to the cosmetics Europe, cosmetics & retail sales price in 2019 valued about US$ 89.33 (€79.8) billion in which Germany, France and U.K are the major players.
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.
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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 Alfa Aesar, Rhodia, Ineos Group, CellMark USA LLC, Tanfac, A.B. Enterprises, Triveni Interchem., Haicheng Liqi Carbon, Haiwang Fine Chemical, Jiangsu Yalong Chemical, among others.
Acquisitions/Technology Launches
In April 2019, CellMark Chemicals entered into a partnership with the Sevessence perfume house for the sales and marketing of organic natural ingredients perfumes, to extend their “Heath & Personal Care” range of organic natural ingredients
In January 2019, INEOS completes the acquisition of BP’s global Aromatics & Acetyls business from BP for a consideration of $5 billion. INEOS is already one of the world’s leading petrochemical companies and this acquisition will extend both the portfolio and the geographic reach of the business
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.
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