Methyl Ethyl Ketone Market
Report ID: SQMIG15A2260
Methyl Ethyl Ketone Market Size, Share, Growth Analysis, By Application(Solvent, printing inks, chemical intermediate, lube oil dewaxing), By End-use(Paints & coating, rubber, artificial rubber, packaging), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2260 |
Region:
Global |
Published Date: October, 2024
Pages:
260
|Tables:
68
|Figures:
75
Methyl Ethyl Ketone Market Insights
Methyl Ethyl Ketone Market size was valued at USD 3375 million in 2019 and is poised to grow from USD 3525.16 million in 2023 to USD 5066.45 million by 2031, growing at a CAGR of 4.62% in the forecast period (2024-2031).
Methyl ethyl ketone appears as colourless fairly volatile liquid with a pleasant pungent odour. It is naturally produced by some trees, bacteria & seaweeds. MEK is an organic compound produced from the dehydration of secondary butanol. It is used as a solvent, for making other chemicals, and for production of wax from petroleum. Numerous end-users prefer methyl ethyl ketone as an effective solution for different pharmaceutical and chemical applications. Methyl ethyl ketone is manufactured commonly by the dehydrogenation of 2-Butanol, catalysed by Copper, Zinc, or Bronze. Another method for MEK production is via direct oxidation of n-butane using Palladium or Cupric Chlorides as catalysts. Moreover, methyl ethyl ketone can also be isolated in the manufacturing process of butane-based acetic acid as a by-product.
Increasing printing inks demand from the packaging and publishing industries is a critical factor driving market growth, as is an increase in paints and coatings demand due to increased construction spending, particularly in Asia Pacific and the Middle East and Africa, an increase in vehicle sales over the past few years, rising expectations for increased production, rising demand growth from sectors such as coatings, textiles, and plastics, and rising demand for paints and coatings. Furthermore, increasing technological advancements and modernization in manufacturing techniques, as well as increased market research and development activities, will create new opportunities for the methyl ethyl ketone market.
US Methyl Ethyl Ketone Market is poised to grow at a sustainable CAGR for the next forecast year.
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Methyl Ethyl Ketone Market Segmental Analysis
Global methyl ethyl ketone market has been segmented based on application, end-use, and region. Based on application, global methyl ethyl ketone market segmented into solvent, printing inks, chemical intermediate, lube oil dewaxing, magnetic tapes. On the basis of end-use, global methyl ethyl ketone market is segmented into paints & coating, rubber, artificial rubber, packaging, chemical & pharmaceutical and agricultural.
Methyl Ethyl Ketone Market Analysis by End Use
Paints and coatings emerged as the leading application segment, with a CAGR of 4.4% expected by 2028. Increased construction spending, combined with rapid growth in the automobile industry in Asia Pacific and the Middle East, has resulted in high demand for paints and coatings. Specialty, waterborne, powder, and solvent-borne coatings are examples of paints and coatings. The high demand for powder coatings in the automotive and electronics industries has increased product consumption in this application segment significantly.
Methyl Ethyl Ketone Market Analysis by Application
Increasing printing inks demand from the packaging and publishing industry is expected to boost the methyl ethyl ketone market. The product is widely used and is a preferred solvent in the printing industry owing to its characteristics, such as quick-drying and better adhesion with substrates like metals, plastics, and glass.
Dewaxing is critical to enhancing edible oil stability as well as preventing crystal formation and cloudiness at low temperatures. As the dewaxing holds the largest share as the edible oils are significantly used in every house and for day to day cooking. Methyl ethyl ketone is produced biologically and has been identified as a product of microbial metabolism.
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Methyl Ethyl Ketone Market Regional Insights
Asia Pacific is expected to dominate the global methyl ethyl ketone owing to growing investments into residential and commercial construction in countries such as India, China, the Philippines, Vietnam, and Indonesia. China has numerous airport construction projects, which are either in the development or planning stage. The Civil Aviation Administration of China (CAAC) aims to construct 216 new airports by 2035 to meet the growing demands for air travel. Indonesian government planned to invest in the construction sector USD 450 billion by 2021, which is expected to provide a boost to residential construction in the country.
The market in Europe is expected to grow rapidly due to growing paints and coatings industry, which is driving construction activities. Furthermore, the methyl ethyl ketone market has seen significant growth in the automotive and agrochemical sectors. The region's increased vehicle production is expected to boost the consumption of methyl ethyl ketone in paints and coatings.
Middle East & Africa is the expected to grow at a notable CAGR due to rising rapid growth of the construction industry in gulf countries including UAE, Saudi Arabia, Qatar, and others in this region.
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Methyl Ethyl Ketone Market Dynamics
Methyl Ethyl Ketone Market Drivers
- Increasing technological advancements and modernization in the production techniques and rising research and development activities in the market to create new opportunities for the global methyl ethyl ketone market.
- Increase in demand for methyl ethyl ketone from pharmaceutical and personal care industries expected to boost the global methyl ethyl ketone market over the forecast period. It is used in the manufacturing of antiseptics, lotions, anaesthetics, and drugs that will positively influence the market growth. Thus, growing pharmaceutical industry on account of increasing healthcare expenditure is expected to fuel the demand during this forecast period.
Methyl Ethyl Ketone Market Restraints
- MEK is related to environment and health hazards, therefore governments of several nations have imposed some stringent regulation on the consumption and transportation of MEK which may hinder its market growth in the forecast period.
- Increase in usage of green solvents as well as fluctuations in the raw material prices are the major restraints for market growth during this timeframe.
- Paint producers are facing an unprecedented crisis. For almost two years, the repeated lack of raw materials disrupts the production chain. At the same time, prices have increased, leading to a significant increase in production costs. These market tensions lead to cascading increases for all components. The manufacture of paint that uses petrochemicals on a large scale causes all oil derivatives to be affected by the increase in the price per barrel.
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Methyl Ethyl Ketone Market Competitive Landscape
Global methyl ethyl ketone market is a consolidated market, where few major players hold a significant share of the market demand. Every player is adopting its own unique way of marketing and trying to attract as much revenue as possible in order to maintain a significant position in the overall market competition. Some of the players are investing in research and development of better global methyl ethyl ketone market to help in improving the brand portfolio, while others are engaging in collaborations and joint ventures to collectively improve the CAGRs of their respective companies during the forecast period.
Top Players in the Global Methyl Ethyl Ketone Market
- Arkema S.A.
- Idemitsu Kosan Co. Ltd.
- ExxonMobil Chemical
- Sasol
- Shell Chemicals
- Maruzen Petrochemical
- PetroChina
- Tasco Chemical
- SK Energy
- Zibo Qixiang Petrochemical Group
- Domo Chemicals
- PTT Global Chemical
- Mitsui Chemicals
- LCY Chemical Corp.
- Hanwha Chemical
- Tasnee
- Tasco Chemical
- Eastman Chemical Company
- Celanese Corporation
- Solvay
Methyl Ethyl Ketone Market Recent Developments
- In June 2020, Nouryon completed the expansion to add capacity for products including methyl ethyl ketone peroxides and others at its plant in Itupeva of Brazil for further strengthening its business.
- In August 2022, Innovate Albama awarded more than $4.5 million in small scale grants. The goal of this grant is to develop and validate artificial intelligence to check methyl ethyl ketone (MEK), hexane and other noxious chemicals.
Methyl Ethyl Ketone Key Market Trends
- Rapid growth in pharmaceutical antiseptics and anesthetics liquids and creams is significantly harnessing the market. MEK is widely used as a surgical and medical instrument cleaning agent because it has the ability to effectively kill bacteria. MEK, an active cleaning chemical, is also used in the cleaning of electronics, fiberglass, and automotive care products.
Methyl Ethyl Ketone Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global methyl ethyl ketone market analysis, In the short term, rising demand for MEK in the construction industry for applications such as resins, paints, coatings, and others, as well as rising use of MEK as a solvent in the pharmaceutical industry, are expected to drive market growth. On the other hand, rising awareness of the toxic effects of MEK, as well as unfavorable conditions caused by the impact of COVID-19, are likely to stymie the market's growth. The Asia-Pacific region is expected to dominate the global methyl ethyl ketone market owing to growing investments into residential and commercial construction in countries such as India, China, the Philippines, Vietnam, and Indonesia.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3375 million |
| Market size value in 2031 | USD 5066.45 million |
| Growth Rate | 4.62% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Methyl Ethyl Ketone Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Methyl Ethyl Ketone Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Methyl Ethyl Ketone Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Methyl Ethyl Ketone Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Methyl Ethyl Ketone Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Methyl Ethyl Ketone Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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