, or propanone, is an organic compound with the formula (CH3)2CO.[15] It is the simplest and smallest ketone. It is a colourless, highly volatile and flammable liquid with a characteristic pungent odour.
Acetone may also be used to a limited extent in household products, including cosmetics and personal care products, where its most frequent application would be in the formulation of nail polish removers.
Acetone in Your Body
Your body uses sugar, or glucose, for energy. After you eat, the hormone insulin moves glucose out of your bloodstream and into your cells. When your body doesn't make enough insulin or you’re eating very few carbs, you can't use glucose for fuel. So your body burns fat instead.
As your liver breaks down stored fat, it makes chemicals called ketones. Acetone is the main ketone.
When fat is your body's primary source of fuel, you make extra ketones. Having too many is called ketosis. 
Uses & Benefits
Acetone is a primary ingredient in many nail polish removers. It breaks down nail polish, making it easy to remove with a cotton swab or cloth. It is widely used because it can easily mix with water and evaporates quickly in the air.
Acetone is widely used in the textile industry for degreasing wool and degumming silk.
As a solvent, acetone is frequently incorporated in solvent systems or “blends,” used in the formulation of lacquers for automotive and furniture finishes. Acetone also may be used to reduce the viscosity of lacquer solutions
​​​​​​​Hazards of acetone
Acetone is highly flammable but is generally recognized to have low acute and chronic toxicity. If inhaled, acetone could cause a sore throat or cough