Product ID: SQSG15A2043
Report ID: SQSG15A2043 | Region: Global | Published Date: September, 2022 | Pages: 260 | Tables: 68 | Figures: 75
Global Methyl Ethyl Ketone Market size was valued at USD 3375 million in 2021 and is poised to grow from USD 3525.16 million in 2022 to USD 5066.45 million by 2030, growing at a CAGR of 4.62% in the forecast period (2023-2030).
Methyl ethyl ketone appears as colourless fairly volatile liquid with a pleasant pungent odour. It is naturally produced by some trees, bacteria & seaweeds. MEK is an organic compound produced from the dehydration of secondary butanol. It is used as a solvent, for making other chemicals, and for production of wax from petroleum. Numerous end-users prefer methyl ethyl ketone as an effective solution for different pharmaceutical and chemical applications. Methyl ethyl ketone is manufactured commonly by the dehydrogenation of 2-Butanol, catalysed by Copper, Zinc, or Bronze. Another method for MEK production is via direct oxidation of n-butane using Palladium or Cupric Chlorides as catalysts. Moreover, methyl ethyl ketone can also be isolated in the manufacturing process of butane-based acetic acid as a by-product.
Increasing printing inks demand from the packaging and publishing industries is a critical factor driving market growth, as is an increase in paints and coatings demand due to increased construction spending, particularly in Asia Pacific and the Middle East and Africa, an increase in vehicle sales over the past few years, rising expectations for increased production, rising demand growth from sectors such as coatings, textiles, and plastics, and rising demand for paints and coatings. Furthermore, increasing technological advancements and modernization in manufacturing techniques, as well as increased market research and development activities, will create new opportunities for the methyl ethyl ketone market.
US Methyl Ethyl Ketone Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global methyl ethyl ketone market has been segmented based on application, end-use, and region. Based on application, global methyl ethyl ketone market segmented into solvent, printing inks, chemical intermediate, lube oil dewaxing, magnetic tapes. On the basis of end-use, global methyl ethyl ketone market is segmented into paints & coating, rubber, artificial rubber, packaging, chemical & pharmaceutical and agricultural.
Methyl Ethyl Ketone Market Analysis by End Use
Paints and coatings emerged as the leading application segment, with a CAGR of 4.4% expected by 2028. Increased construction spending, combined with rapid growth in the automobile industry in Asia Pacific and the Middle East, has resulted in high demand for paints and coatings. Specialty, waterborne, powder, and solvent-borne coatings are examples of paints and coatings. The high demand for powder coatings in the automotive and electronics industries has increased product consumption in this application segment significantly.
Methyl Ethyl Ketone Market Analysis by Application
Increasing printing inks demand from the packaging and publishing industry is expected to boost the methyl ethyl ketone market. The product is widely used and is a preferred solvent in the printing industry owing to its characteristics, such as quick-drying and better adhesion with substrates like metals, plastics, and glass.
Dewaxing is critical to enhancing edible oil stability as well as preventing crystal formation and cloudiness at low temperatures. As the dewaxing holds the largest share as the edible oils are significantly used in every house and for day to day cooking. Methyl ethyl ketone is produced biologically and has been identified as a product of microbial metabolism.
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Asia Pacific is expected to dominate the global methyl ethyl ketone owing to growing investments into residential and commercial construction in countries such as India, China, the Philippines, Vietnam, and Indonesia. China has numerous airport construction projects, which are either in the development or planning stage. The Civil Aviation Administration of China (CAAC) aims to construct 216 new airports by 2035 to meet the growing demands for air travel. Indonesian government planned to invest in the construction sector USD 450 billion by 2021, which is expected to provide a boost to residential construction in the country.
The market in Europe is expected to grow rapidly due to growing paints and coatings industry, which is driving construction activities. Furthermore, the methyl ethyl ketone market has seen significant growth in the automotive and agrochemical sectors. The region's increased vehicle production is expected to boost the consumption of methyl ethyl ketone in paints and coatings.
Middle East & Africa is the expected to grow at a notable CAGR due to rising rapid growth of the construction industry in gulf countries including UAE, Saudi Arabia, Qatar, and others in this region.
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Methyl Ethyl Ketone Market Drivers
Methyl Ethyl Ketone Market Restraints
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Global methyl ethyl ketone market is a consolidated market, where few major players hold a significant share of the market demand. Every player is adopting its own unique way of marketing and trying to attract as much revenue as possible in order to maintain a significant position in the overall market competition. Some of the players are investing in research and development of better global methyl ethyl ketone market to help in improving the brand portfolio, while others are engaging in collaborations and joint ventures to collectively improve the CAGRs of their respective companies during the forecast period.
Top Players in the Global Methyl Ethyl Ketone Market
Methyl Ethyl Ketone Market Recent Developments
Rapid growth in pharmaceutical antiseptics and anesthetics liquids and creams is significantly harnessing the market. MEK is widely used as a surgical and medical instrument cleaning agent because it has the ability to effectively kill bacteria. MEK, an active cleaning chemical, is also used in the cleaning of electronics, fiberglass, and automotive care products.
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According to our global methyl ethyl ketone market analysis, In the short term, rising demand for MEK in the construction industry for applications such as resins, paints, coatings, and others, as well as rising use of MEK as a solvent in the pharmaceutical industry, are expected to drive market growth. On the other hand, rising awareness of the toxic effects of MEK, as well as unfavorable conditions caused by the impact of COVID-19, are likely to stymie the market's growth. The Asia-Pacific region is expected to dominate the global methyl ethyl ketone market owing to growing investments into residential and commercial construction in countries such as India, China, the Philippines, Vietnam, and Indonesia.
|Market size value in 2021||USD 3375 million|
|Market size value in 2030||USD 3525.16 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Methyl Ethyl Ketone Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Methyl Ethyl Ketone Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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