The global methyl ethyl ketone market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for methyl ethyl ketone used in the manufacture of resins, paints, coatings, and other materials in the construction industry, as well as increase in the use of methyl ethyl ketone as a solvent in the pharmaceutical industry.
Methyl ethyl ketone is a colorless vaporous liquid. It has a pleasant but pungent smell. It is mainly used as a solvent for the manufacture of rubber, nitrocellulose, and cellulose acetate. It is also used to make paraffin wax. In addition, it is also used in household products such as paints and varnishes, paint removers, and adhesives. It is essentially a low boiling point evaporating liquid. Methyl ethyl ketone is a flammable and volatile liquid with a sweet taste and is naturally produced by some trees, bacteria, and algae.
The report on the global methyl ethyl ketone market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Report Title||Methyl Ethyl Ketone Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast|
|Segmentation||Applications (Solvent, Resin, Printing Ink, Adhesive, and Others), and End Users (Paints and Coatings, Rubber, Construction, Packaging and Publishing, and Others)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered in the Report||Sasol; Exxon Mobil Corp.; Royal Dutch Shell PLC; Nouryon; and Arkema|
In terms of applications, the methyl ethyl ketone market is segregated into resin, adhesive, printing ink, solvent, and others. The printing inks segment is expected to hold a key share of the market during the forecast period owing to increasing demand for printing inks in the packaging and publishing industries. This product is widely used because of its characteristics such as fast drying and good adhesion to the substrate. It is the preferred solvent in the printing industry. It is expected to develop in end-user industries including pharmaceuticals and food processing. Printing ink segment accounted for more than 14% of the total share, and is expected to increase significantly during the forecast period. Methyl ethyl ketone (MEK) is widely used because of its excellent drying time, adhesion to plastics, metals, glass and other substrates, and special inks. The growth of consumer industries such as food, medicine, and cosmetics is expected to drive market for methyl ethyl ketone used in printing inks. On the other hand, the adhesives segment is anticipated to expand at a rapid pace during the forecast period. China is estimated to continue to be one of the group's fastest-growing regional markets.
Based on end users, the methyl ethyl ketone market is segmented into paints & coatings, rubber, construction, packaging & publishing, and others. The paints & coatings segment is expected to hold a key share of the market during the forecast period owing to a special solvent used in the paint and coating industry. The construction industry is the major buyer of paints and coatings. Residential construction in the Asia-Pacific and North America regions recorded significant growth, and it is expected that the demand for methyl ethyl ketone for residential construction increase during the forecast period. In addition, domestic and foreign countries are making huge investments in the Asia-Pacific, Middle East, and Africa to build industrial facilities, hospitals, shopping centers, multi-function halls, hotels, and IT departments. The automotive industry is also an important end user of paints and varnishes.
On the basis of regions, the methyl ethyl ketone market is categorized as North America, Europe, Latin America, Asia Pacific and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Countries such as India, China, the Philippines, Vietnam, and Indonesia continue to invest in residential and commercial buildings, thus the methyl ethyl ketone (MEK) market is expected to grow in the next few years. The civil aviation administration of China (CAAC) plans to build 216 new airports during forecast period to meet the increasing demand for air travel. In addition, the government has implemented a large-scale construction plan to relocate 250 million people to the new metropolitan area in the next ten years. India’s real estate industry is expected to reach a market size of US$1.1 trillion by 2030.
The global methyl ethyl ketone market has been segmented on the basis of
Key players competing in the methyl ethyl ketone market include Sasol; Exxon Mobil Corp.; Royal Dutch Shell PLC; Nouryon; and Arkema
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
Some other reports from this category!