Increasing demand for methyl ethyl ketone in the online retailing business, coupled with high investment in RD of methyl ethyl ketone, is fueling the market growth.
Methyl Ethyl Ketone Market Size – USD 3,437.4 Million in 2020, Growth - CAGR of 5.20%, trends – Increase in demand for methyl ethyl ketone in the paints coatings applications.
The Global Methyl Ethyl Ketone Market is forecast to reach USD 5,165.2 Million by 2028, according to a new report by Reports and Data. The Methyl Ethyl Ketone (MEK) is an aliphatic ketone with a colorless or pale yellow shade, flammable, highly water-soluble industrial and commercial chemical with a strong, pungent odor. Methyl ethyl ketone is mostly used as a solvent in the manufacturing of surface coating applications and also widely utilized as an intermediate solvent chemical in the formulation of various chemical processing. Paints, inks, synthetic resin, varnishes, surface coating, and denaturant, food flavoring in many ethanol formulations are some of its chemical applications. Methyl ethyl ketone, for its combination of high solvent activity with low density, is very useful in developing high-solid coatings and highly demanded in the coating industry. The continuous expansion of the paint coatings, varnishes, adhesives, inks, food flavoring agent, and food-contact packaging products are expected to drive the demand throughout the forecast period.
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Top Companies: LCY Chemical Corp., ExxonMobil, Royal Dutch Shell PLC, Maruzen Petrochemicals, Arkema S.A, Celanese Corporation, Eastman Chemical Company, Petro China, Sasol Limited, and ISU Chemical.
Further Key Finding from the Report Suggestion:
- Methyl ethyl ketone is a synthetic chemical compound used in the direct solvent and widely used in the direct chemical formulations. Specialty coating, powder coating, waterborne coatings, inks, varnishes, lacquers, direct extraction agent in the dewaxing deoiling of the petroleum products are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2028 growing with a rate of 5.6% during the period 2019 – 2028.
- Chemical intermediate segment is measured to grow at the CAGR of 5.2% in the forecast period. Methyl ethyl ketone is utilized as the active chemical organic intermediate in plasticizer plastics manufacturing.
- Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 34.1% by 2028.
- Europe would reach a market share of 20.5% by 2028 and would grow at a CAGR of 4.9% in the forecast period. Netherland and France have some of the valuable players in this region.
- North America is forecasted to witness significant growth in the overall market, with 25.7% of market possession by 2028 and CAGR of 5.8% during the forecast period. US possesses the highest market share in this region and some of the vital player of the market.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Methyl Ethyl Ketone market is segmented into:
End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2020-2028)
- Direct Solvent
- Chemical Intermediate
- Chemical Reagents
- Others
Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2020-2028)
- Online Retailing
- Offline Retailing
Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2020-2028)
- Paints Coatings
- Rubber Adhesive
- Chemical Pharmaceuticals
- Food Packaging Flavoring
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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