Market Highlights:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said the, “The Diacetone Alcohol Market is estimated to be valued at USD 1,594.5 million by 2023 and expected to grow at CAGR of 4.85% during the forecast period.”
End use industry of Diacetone Alcohol in paints & coatings industry accounted for the largest market share. It has been projected to grow at highest CAGR on account of increasing demand from household and automotive industries. Textile industry is the second major consumer of diacetone alcohols. Growth of paints & coatings industry owing to increasing demand from growing construction activities. The major factors driving growth of the Global Diacetone Alcohols Market includes rise in demand among solvent manufacturers coupled with subsequent growth in paints & coatings industry. In addition to this, growth textile industry on account of surge in apparel consumption, which is anticipated to reach a trillion figure during the forecast period. However, the bottleneck in a growth trajectory of the Global Diacetone Alcohols Market includes fluctuating crude oil prices, which is affecting the supply and demand balance in the market. In addition to this, the fragmentation of market is leading to competitive pricing. Nevertheless, in coming years, the technological advancements in sustainable and economical production of Diacetone Alcohol by reducing effects on environment is anticipated to help the market overcome existing growth constrains during the forecast period.
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Segment Analysis:
Global Diacetone Alcohol Market has been segmented on the basis of, application, end use industry, and region. On the basis of application, the market has been divided into solvents, chemical intermediates, cleaning, drilling fluids, and preservatives, among others. Among these applications, the use of Diacetone Alcohol as a solvent is holding major share of market which is growing at highest CAGR of 5.70%. The product is also used in cellulose ester lacquers, particularly of the brushing type, where it produces brilliant gloss and hard film and where its lack of odor is desirable. It is also used in lacquer thinners, dopes, wood stains, wood preservatives and printing pastes. Their major end use can be seen in industries such as paints & coatings and textile. Chemical intermediate is a second major application of Diacetone Alcohol holding 21% share of the market. Application of Diacetone Alcohol as a metal cleaning compounds in number of industries is growing at considerable CAGR in the Global Diacetone Alcohol Market. Diacetone Alcohol also fined their application as drilling fluid in mining industry. Growing demand of minerals is anticipated to drive demand of Diacetone Alcohol in mining applications which is projected to fuel the demand of this product.
Based on end use industry, the Global Diacetone Alcohol Market is segmented into paints & coating, textiles, automotive, and oil & gas, among others. Among these segments, the consumption of Diacetone Alcohol in paints & coating industry accounts for the largest market share, owing to increasing uses of Diacetone Alcohol as a solvent and chemical intermediate. During the forecast period, paints & coatings industry segment is estimated grow at highest CAGR as to reach USD 610.0 million by the end of 2023. Textiles industry is the second major consumer of Diacetone Alcohols, wherein they are used in making artificial silk and leather. Other important end use industries of Diacetone Alcohols can be found in automotive, and oil & gas, among others in Diacetone Alcohols penetrated equally.
Regional Analysis:
Geographically, the Global Diacetone Alcohol Market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. As per MRFR analysis, Asia Pacific dominated the market, accounted for the largest share of the market in 2016, and expected to grow at CAGR of 5.34%. Asia Pacific market is followed by North America, which accounted for the second largest number of shares in the Global Diacetone Alcohols Market, as of 2016. It is estimated to reach USD 331.4 million, by the end of 2023. Europe is another substantial regional in the market, which accounts for 18% share of market as of 2016. Country wise, China is the leading market, in terms of value and volume, which is followed by the U.S.
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