Acetone (propanone) is the organic compound. It is a colorless, flammable liquid, and is the simplest ketone Acetone is miscible with water Serves as an important solvent in its own right, typically for cleaning purposes in the laboratory, mainly for use as a solvent and production of Methyl methacrylate and Bisphenol. It is a common building block in organic chemistry. Familiar household uses of acetone are as the active ingredient in nail polish remover and as Paint thinner. Acetone is a good solvent for many plastics and some synthetic fibers. It is used for thinning polyester resin. It is used as one of the volatile components of some paints and varnishes. Acetone is used as a solvent by the pharmaceutical industry. Acetone is also used in the production of Methyl isobutyl alcohol and Methyl isobutyl ketone.