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

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.