Methyl Isobutyl Ketone Market Outlook 2031
The methyl isobutyl ketone market size was USD 800 Million in 2022 and is anticipated to reach USD 1.38 Billion by 2031 expand at significant CAGR 6.3% during forecast period 2023–2031. Growth of the market is attributed to rapid urbanization, increasing overall efficiency & productivity for enterprises, and increasing demand for methyl isobutyl ketone in synthesis of anti-ozonate additives rubber.
(CH3)2CHCH2C(O)CH3 is the chemical formula for methyl isobutyl ketone [MIBK]. It is an organic compound with properties like colorless & liquid. As a solvent the methyl isobutyl ketone is used for nitrocellulose, gums, lacquers, resins, varnishes, and paints. It is also used for rubbers, industrial cleaners, chemical intermediate, pharmaceuticals, a solvent for manufacturing paints, and for making other chemicals.
In semiconductor industry the methyl isobutyl ketone has high demand. For effective dissolution of resins, the methyl isobutyl ketone is used in lacquers, paints, inks, and other types of surface coatings.
The Covid-19 pandemic affected the demand and supply of methyl isobutyl ketone market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Methyl Isobutyl Ketone Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for medium evaporating solvent is projected to boost the market.
- Increasing usages of methyl isobutyl ketone in solid coating is the major factor fueling the market.
- Lack of awareness about the methyl isobutyl ketone is projected to restrict the market expansion during the forecast period.
- High price of products is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in methyl isobutyl ketone market is projected to offer lucrative opportunities for the market players
Scope of The Methyl Isobutyl Ketone Market Report
The report on the methyl isobutyl ketone market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Methyl Isobutyl Ketone Market–Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023-2031
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Segmentation
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Applications (Denaturant, Solvents, Surfactants, Rubber Processing Chemicals, and Other Applications), End-User Industry (Rubber, Paints & Coatings, Pharmaceuticals, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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Zhongneng Petrochemical; Sigma-Aldrich; Royal Dutch Shell Plc; Mitsui Chemical; KH Neochem; Dow Jones Industrial Average; Carboclor; Jinzhou Liulu; Arkema Group; Celanese Corp.; Kumho P&B; Monument Chemical; Sasol; and Solvay S.A.
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Methyl Isobutyl Ketone Market Segment Insights
The paints & coatings segment accounts for key share of the market
On the basis of end-user industry, the methyl isobutyl ketone market is fragmented into rubber, paints & coatings, pharmaceuticals, and others. The paints & coatings segment accounts for a key share of the market. Growth of the market is attributed to increasing awareness about the toxic effects of methyl isobutyl ketone on the environment and increasing research & development activities in methyl isobutyl ketone.
However, the pharmaceuticals segment is anticipated to expand at a rapid pace during the forecast period due to increasing per capita income, rising need for methyl isobutyl ketone from automotive sector, and increasing number of construction projects.
The rubber processing chemicals segment is anticipated to hold significant market share
Based on applications, the market is divided into denaturant, solvents, surfactants, rubber processing chemicals, and other applications. The rubber processing chemicals segment accounts for a significant share of the market. Growth of the market is attributed to rapid development in transport & social infrastructure and rapid innovations in methyl isobutyl ketone industry.
The solvents segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising investment by private & government sectors, increasing need for protective coat from sunlight & acid rain, and rising number of small & medium industry.
Asia Pacific is estimated to hold major market share
On the basis of region, the methyl isobutyl ketone market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is estimated to expand at a high CAGR during the forecast period due to factors such as presence of major market players and rapid economic growth in region.
The market of Asia Pacific is estimated to hold major market share due to rapidly growing number of working people, increasing awareness among consumers, and rapid industrialization.
Segments
The methyl isobutyl ketone market has been segmented on the basis of
Applications
- Denaturant
- Solvents
- Surfactants
- Rubber Processing Chemicals
- Other Applications
End-User Industry
- Rubber
- Paints & Coatings
- Pharmaceuticals
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Zhongneng Petrochemical
- Sigma-Aldrich
- Royal Dutch Shell Plc
- Mitsui Chemical
- Dow Jones Industrial Average
- Carboclor
- Jinzhou Liulu
- Arkema Group
- Celanese Corp.
- Kumho P&B
- Monument Chemical
- Sasol
- Solvay S.A.
Competitive Landscape
Key players competing in the methyl isobutyl ketone market include Zhongneng Petrochemical; Sigma-Aldrich; Royal Dutch Shell Plc; Mitsui Chemical; KH Neochem; Dow Jones Industrial Average; Carboclor; Jinzhou Liulu; Arkema Group; Celanese Corp.; Kumho P&B; Monument Chemical; Sasol; and Solvay S.A.
Some of these players are using several market strategies such as product launches, capacity expansion, merger, acquisitions, collaborations, and partnerships to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
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