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The growth
of the Diacetone Market will be highly influenced by surging demand from building
& construction, automotive, oil & gas and others. Diacetone is an organic compound that is
less toxic and colorless. Diacetone has flourished in utilization as coil coatings, wood varnishes, paints
and others in the construction sector. The upsurge in the building &
construction sector, owing to increasing infrastructural projects and
residential housing schemes acts as a driving factor in the diacetone industry.
For instance, according to the Office for National Statistics, the monthly
construction output increased by 1.5% in terms of volume in May 2022, marking a
rise of 0.3% from April 2022. The
growing construction industry, along with a flourished base for the transportation
sector is fueling the growth scope for the diacetone industry. The Diacetone market
size is estimated to reach US$1.9 billion by 2027, after growing at a CAGR of 5.8%
during the forecast period 2022-2027.
Diacetone Market: Leading Segment is the Building
& Construction Industry
Based on the
end-use industry, the Diacetone market can be segmented into automotive, oil
& gas, building & construction, textiles, electrical & electronics,
chemicals and others. The leading segment in the diacetone industry has been
evaluated to be the building & construction industry. During the forecast
period 2022-2027, the building & construction industry is projected to grow
with a CAGR of 6.4%. This can be attributed to growth factors such as a significant rise in the commercial, residential and industrial sectors,
infrastructural development and industrialization.
For
instance, according to Oxford Economics, the global construction
output in 2020 accounted for US$ 10.7 trillion and is projected to grow by 42%
to reach USD 15.2 trillion between 2020 and 2030. Thus, the diacetone industry will
grow significantly as a result of emerging applications of diacetone in the construction
sector for architectural coatings, paints and others over the forecast period.
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Diacetone Market: Leading Region is the Asia-Pacific
Based on
geography, the Diacetone market can be segmented into North America, South
America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, the Asia-Pacific held a 43.2%
share of the total revenues earned by the market globally. The APAC region is
estimated to grow rapidly due to the established manufacturing base and upsurge in
building & construction urbanization trends. The building &
construction sector is lucratively growing in APAC due to rising surging residential
projects, infrastructural activities and urbanization. For instance, according
to the National Investment Promotion & Facilitation Agency, the Indian
construction industry is expected to reach US$ 1.4 trillion by the year 2025
With robust growth scope for diacetone in the building & construction industry for coatings, varnishes, paints and others across APAC countries, the diacetone industry will emerge significantly in over the forecast period. The Diacetone market will also gain demand from the North American region. The U.S., Canada and others are emerging countries in the diacetone industry.
Diacetone Market: Competitive Landscape
Key companies holding major shares in the Diacetone market are Solvay S.A, Arkema Group, Rochem Inc., KH Neochem Co, Solvents Ltd., Monument Chemicals, Inc., Mitsubishi Chemical Corporation, SI Group, Inc., Prasol Chemical Pvt. Ltd. and TCI Chemicals Pvt. Ltd
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