Methyl Ethyl Ketone Market: Global Industry Analysis, Trends, Market Size & Forecasts to 2023
NEW YORK, Nov. 17, 2017 /PRNewswire/ -- The global methyl ethyl ketone market size surpassed USD 2.55 billion in 2015 and it is projected to grow at a CAGR between 5.0% and 5.5% over the forecast period of 2017 - 2023. Methyl ethyl ketone, due to its evaporation rate, is conducive for industrial cements made from rubber, printing inks, and bonding agents at lower temperature. Methyl ethyl ketone has low boiling point and it find applications in acrylic, nitrocellulose and vinyl surface coatings. It is utilized for removing oil paint finish as well as contact cement. It finds application in dissolving adhesives and resins. Coatings and Paints industry account for more than 45% of the overall methyl ethyl ketone demand. Adhesives industry is the fastest growing sector in terms of demand for methyl ethyl ketone.
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The increasing demand from the paints and coatings for methyl ethyl ketone as a solvent is expected to drive the growth of the market during the forecast period. The ability of MEK to enhance the penetration of drugs and break down the structure of quaternary proteins is providing new opportunities to the market players to expand the presence in the pharmaceutical industry. The increased utilization catalysts based on MEK derivatives in the polyester resins polymerisation and its use as cleaning agents in paint remover and varnish are expected drive the growth of the market during the forecast period.
The increasing requirements for printing inks for newspapers, magazines and catalogues are driving the demand for methyl ethyl ketone from printing inks industry, as it possesses properties such as faster evaporation and solvency. The growth in demand from industries such as textiles and plastics is also expected to drive the growth of the market. Due to the fall in crude oil prices, the price of feed stocks for methyl ethyl ketone is expected to remain stable. Owing to the toxic and volatile nature of methyl ethyl ketone, there are health hazards associated with it upon exposure such as various skin allergies, tightness in chest and lungs, and irritation in nose and throat.
Moreover, it is not ideal for children to have any exposure to products that contain methyl ethyl ketone. Hence, the availability of alternative environmental friendly solvents is expected to pose major threat to players in the global methyl ethyl ketone market during the forecast period.
Segments Covered:
The report segments the global methyl ethyl ketone Market by application, and region. On the basis of application, the market is segmented into adhesives, paints and coatings, personal care products, pharmaceuticals, plastics, printing inks, textiles, and others.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific region is the largest and fastest growing methyl ethyl ketone market. The increasing demand for adhesives, painting and coatings and printing inks, due to the investments in construction and infrastructure sectors in China and India drives the Asia-Pacific methyl ethyl ketone market. North American region is expected have a slow growth due to the maturity of the market and more or less stagnant demand from industries such as paints and plastics. In Europe, the demand from Russia for paints and coatings due to the growth in construction sector is expected to drive the market.
However, the regulations from the European authorities regarding health and safety for MEK are expected to pose slight restraint for the growth of the European methyl ethyl ketone market. The steady growth in investments in construction sector is expected to provide high demand for paints and coatings and in turn boost the demand for MEK in Latin America. African region is expected to have a steady growth during the forecast period due to the investments in various sectors. Technological advancements in some industries are expected drive the demand for MEK and provide more opportunities for the major market players to expand.
Companies profiled:
The companies covered in the report include Arkema SA, ExxonMobil, Lanzhou Petrochemicals, Maruzen Petrochemicals, Petro China, Sasol Solvents, Shell Chemicals, SK Energy Company Ltd, Tasco Chemicals and Tonen Chemicals.
Report Highlights:
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of methyl ethyl ketone globally as well as regionally.
Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and value chain analysis of methyl ethyl ketone.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the methyl ethyl ketone market that will impact the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the methyl ethyl ketone market to understand the present and future trends in this market and formulate their strategies accordingly.
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