Methyl Ethyl Ketone Market size likely to exceed 1.9 million tons by 2022: Global Market Insights Inc.
The global MEK market share is concentrated with top four industry players catering to over 50% of the total demand. Major industry participants include ExxonMobil, Zibo Qixiang, Maruzen Petrochemicals and Sasol Solvents.
Methyl Ethyl Ketone (MEK) market size was evaluated at more than 1.41 million kilo tons for 2014 and predicted to surpass 1.91 million tons by end of forecast period registering CAGR of more than 4%. Rise in demand for paints & coatings due to increase in construction expenditure in APAC and MEA is predicted to drive the industry trend during forecast timeframe.
It is generally used as a solvent in coatings & paints applications due to its characteristics like high rate of evaporation, low viscosity and strong solvency. Rise in automobile sales during last few years and predicted increase in vehicle production globally during forecast timeframe is anticipated to promote industry growth for coatings & paints applications.
Methyl Ethyl Ketone is used in alcohol to produce products like lotions, anaesthetics, medical drugs and antiseptics for pharmaceutical sector. Growing medicine penetration and breaking quaternary protein structure are the key factors for its utilization in pharmaceutical applications. Increasing downstream and crude petrochemical supply is predicted to increase Methyl Ethyl Ketone (MEK) market price trend during forecast timeframe.
However, strict ecological norms related to health issues are predicted to inhibit the industry expansion. U.S environmental protection agency implemented 33/50 program which makes it mandatory for a firm to reduce emission of particular type of high priority toxic chemical like Methyl Ethyl Ketone.
The industry is segmented into two key areas of applications like paints & coatings and printing ink.
Paints & coatings application led the industry by contributing greater than $1.2 billion revenue for 2014. It is predicted to experience substantial gains during forecast timeframe. The segment includes solvent- borne technologies, powder coatings, specialty coatings and waterborne coatings. Growing demand for powder coatings from electronics as well as automobile sectors is predicted to promote the demand for Methyl Ethyl Ketone.
Printing inks application contributed more than 14% of total segment size for 2014 and is predicted to experience substantial expansion till end of forecast period. Methyl Ethyl Ketone is widely utilised in printing sector due to benefits like permitting specialized ink formulation, exceptional drying times and adhesion with substrates like metals, glass and plastics offered by it. Expansion of end use industries like cosmetics, food processing and pharmaceuticals are predicted to promote the demand for this application.
APAC Methyl Ethyl Ketone (MEK) market dominated the global industry for 2014 with China’s contribution being maximum to the industry growth in the region. It contributed about more than 35% of total deployed capacity. Expansion of end use industries like electronics, construction and automobiles is predicted to promote the demand in the region.
APAC construction segment was led by Indonesia, China and India. It was the biggest segment for 2014 and contributed about 40% of the total size during that year. This is predicted to be a key factor contributing to industry growth during forecast timeframe.
North American industry was led by U.S. Methyl Ethyl Ketone (MEK) market which contributed more than 18.1% of the industry share for 2014. North America is predicted to experience moderate growth during forecast timeframe due to factors like stringent ecological norms set up by respective governments and heavy emphasis by government on firms to use green solvents.
MEA contributed small industry share with nations like Bahrain, Saudi Arabia, UAE and Qatar Methyl Ethyl Ketone (MEK) industry size predicted to experience rise in demand from paints & coatings application due to expansion of construction sector.
Key industry players profiled in the report include Maruzen Petrochemicals Company Limited, Lanzhou Petrochemicals, Ineos Solvents, Tonen Chemicals, ExxonMobil, Sasol Limited, Zibo Qixiang, Shell Chemicals, SK Energy Company Limited, Idemitsu Kosan Company Limited, Tasco Chemicals, Fushun Petrochemical Company, Arkema and Petro China.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.