The global methyl ethyl ketone market size is expected to reach USD 36 billion by 2030, expanding at a CAGR of 6.7% over the period, according to a new report by Grand View Research, Inc. Paints and coatings segment is the major consumer, where the product is widely used as a solvent. A positive demand outlook for adhesives, printing inks, paints, and coatings, on account of increasing construction spending, particularly in the Asia Pacific and Middle East regions, is expected to remain a key factor driving growth. It is also used in pharmaceutical and personal care industries wherein the manufacturing of antiseptics, anesthetics, lotions, and drugs. Thus, the rapid growth of the pharmaceutical industry on account of increasing healthcare expenditure in Asian countries is expected to fuel the demand. Although, fluctuating prices of crude oil and its downstream derivatives can also directly impact market profitability, as most of the commonly used solvents including MEK are downstream derivatives of crude oil.Get deeper insights, latest developments & key market drivers in the Global Methyl Ethyl Ketone (MEK) Market
By Application
Increasing spending on construction activities with the rapid growth of the automobile industry in emerging markets of the Asia Pacific and the Middle East has resulted in high demand for paints & coatings. The high demand for powder coatings in the automobile and electronics industries has significantly enhanced the product consumption in this application segment. Developments in end-user industries including pharmaceuticals, food processing, and cosmetics are expected to drive volumes in printing inks application over the next years.
Methyl Ethyl Ketone (MEK) Market Share Insights
The global is concentrated in nature and shows a high degree of integration across the value chain as manufacturers are either engaged in raw material production or consume the final product. This helps in achieving economies of scale and expanding their business to maximize profits. Major manufacturers include ExxonMobil, Maruzen Petrochemicals, Shell Chemicals, Arkema S.A, Sasol Solvents, and Petro China. Maruzen Petrochemicals installed a new distillation system called SUPERHIDIC in their manufacturing plant in Japan, to save around 40% of the energy consumption and produce the economic products.
Major manufacturers either distribute the final products through their own distribution channels or outsource them to independent suppliers. Some of the major suppliers in the value chain include Xilan Chemicals, Sigma-Aldrich, Sherwin-Williams, Wicks Aircraft Supply, and LP Chemicals. The market is price-sensitive; thus, product differentiation is anticipated to be the key business strategy to negate the competition and gain a competitive advantage.
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Key questions answered in this report
• How big is the market?
• What is the market growth?
• Which segment accounted for the largest market share?
• Who are the key players in the market?
• What are the factors driving the market?