The global methyl ethyl ketone (MEK) market is expected to reach USD 4.01 billion by 2024, according to a new report by Grand View Research, Inc. Urbanization and industrialization in emerging economies of Asia Pacific and the Middle East have driven the need for better infrastructure.
Increasing construction spending by governments particularly in China and India to meet the rising infrastructure needs has been driving the construction industry growth which in turn is anticipated to drive demand for adhesives, printing inks, plastics, paints, and coatings demand.
Expanding product penetration in pharmaceuticals can be attributed to its ability to breakdown quaternary proteins structure and increase drug penetration. Growing pharmaceutical industry globally is expected to offer growth opportunities in denaturing applications.
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Increasing chronic and terminal ailments prevalence is further driving the specialty drugs demand which in turn is anticipated to significantly impact product volumes over the forecast period. Volatile raw material prices and potential substitution by green solvents across various end-use industries are anticipated to remain key challenges for participants over the forecast period.
Further key findings from the report suggest:
The global MEK market demand was 1.42 million tons and is expected to reach 2.11 million tons by 2024, growing at a CAGR of 4.5% from 2016 to 2024.
Paints & coatings emerged as the leading application segment with demand share estimated at 55% in 2015. Increasing infrastructure spending in the booming Asian market is expected to drive this segment over the forecast period.
Printing inks segment is anticipated to growth at a CAGR of 4.9% from 2016 to 2024. MEK is widely used in inkjet inks owing to its quick evaporation rate and solvency which is expected to enhance overall volumes in the near future.
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Asia Pacific dominated the global MEK industry and accounted for 56.3% of total market volume in 2015. Increasing construction spending in emerging economies of China and India coupled with government support to increase manufacturing in these countries are expected to drive the regional market. Asia Pacific is also expected to witness the fastest growth of 4.9% over the forecast period.
The global market is concentrated with top four companies ExxonMobil, Maruzen, Zibo, and Sasol accounting for a majority of share. Other players include Shell Chemicals, Ineos Solvents, SK Energy Co. Ltd, Lanzhou Petrochemicals, Idemitsu Kosan Co Ltd, Tasco Chemicals, Tonen Chemicals and Fushun Petrochemical Company.
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