Acetophenone (C6H5COCH3) is one of the simplest compounds, which is in the form of a slightly oily liquid. This liquid forms crystals at low temperature. Acetophenone has an odor similar to sweet orange or jasmine with a bitter taste. It is naturally present in many plants and foods such as apple, apricot, banana, cauliflower, cheese, and cocoa.
Acetophenone is soluble in alcohol, glycerol, fatty oils, ether, and chloroform. As per the Hazardous Substances Data Bank (HSDB), acetophenone is highly soluble in water and it is biodegradable. These properties result in increasing demand for acetophenone in perfumery items such as lotions, soaps, other body care products, and fragrances. Due to increasing disposable income, the demand for personal care products is expected to increase during the forecast period. For instance, in 2016, the cosmetics and personal care industry contributed around US$ 32 billion to the European economy. Thus, the global acetophenone market is expected to grow during the forecast period.
However, some of the major challenges that will negatively affect the global acetophenone market growth are the harmful health hazards associated with this chemical compound, which include direct contact with acetophenone that might cause illness such as severe eye and skin irritation, effects on the central nervous system, and high level exposure that might cause unconsciousness. These challenges might hamper growth of the global acetophenone market during the forecast period.
- In 2015, the U.S. generated a sales of around US$ 14.5 billion from beauty and personal care products. Therefore, North America region is expected to account for the largest market share in the global acetophenone market during the forecast period, followed by Asia Pacific and Europe.
- Asia Pacific has emerging economies such as China and India that have high disposable income and are increasingly investing in luxury items, flavored food and beverages, and personal care products. This is expected to aid in growth of the global acetophenone market during the forecast period.
- Europe is expected to witness high growth rate in terms of value in the global acetophenone market over the forecast period. This is owing to the high presence of luxury perfume brands such as Chanel and Prada in this region.
- Key players operating in the global acetophenone market include Eni, INEOS, Mitsui Chemicals, Solvay, Novapex, SI Group, RUTGERS Group, Haicheng Liqi Carbon, and Zhongliang
- In October 2018, SK Capital Partners, a U.S. based private investment firm, had announced completion of the acquisition of SI Group. SI Group is a leading manufacturer & developer of performance additives and intermediates including Acetophenone.
On the basis of end-use industry, the global acetophenone market is segmented into:
- Perfumes and Fragrances
- Flavoring agents
On the basis of region, the global acetophenone market is segmented into:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East
- Rest of Middle East
- Northern Africa
- Central Africa
- South Africa