The global Methyl Ethyl Ketone market value is expected to exceed USD 3.26 million by 2024 growing at an estimated CAGR of over 4.6% from 2016 to 2024. The increasing demand for coatings and paints in automotive, infrastructure and home furnishing has been driving the industry MEK market growth.
Owing to its growing demand in end-use industries such as automotive and construction, mainly from emerging economies as Asia Pacific and Latin America, is projected to increase further fuel growth.
MEK is used as a solvent in many applications owing to its chemical characteristics like high viscosity, high solvency, high evaporation rate and low boiling point coupled with its sweet smell suggestive of butterscotch and acetone, also estimated to penetrate the fuel in the market.
MEK is used as a solvent in procedures involved in gums cellulose acetate, cellulose nitrate, and resins and it is soluble in water which used as an industrial solvent. Another usage area of MEK is in the synthetic rubber industry and in domestic products includes lacquer and varnishes, paint remover and the creation of paraffin wax and glues.
Methyl ethyl Ketone is highly efficient and versatile for surface coatings used to reduce emissions and it is used as a solvent in chemical intermediates, adhesives, lube oil dewaxing processes, printing inks and magnetic tapes which increase its usage rate in chemical manufacturing drives the industry growth over the forecast period.
Various intermediates and feedstock chemical applications in the industrial sector are expected to be the drivers for MEK market in overcoming years which include an additive in furniture polishes, rubber based cement, pharmaceutical applications and PVC piping.
MEK has used in surgical instruments sterilization and vegetable oil extraction and also used a natural component in a variety of cheeses, beans, chicken, apple juice and honey. Methyl ethyl Ketone is found in drinking and surface water at various sites.
The contact to MEK might occur through contact with the presence of chemicals in household products or at the workplace affects the health of a person and can cause irritation, headache, and damage to nervous system and skin.
The primary issue related to the growth of the industry is related to strict government regulations owing to the presence of MEK in toxic substance control act being stated by EPA. The secondary challenge for the industry includes raw material substitution and price fluctuations by other compounds such as Toluene and Trichloroethylene.
Most of the manufacturers in China are dominating the global market. In spite of MEK demand is estimated to be low in the feature, its global supply will increase significantly owing to the reopening of Asia’s leading facility situated in China that had shut down during 2011 earthquake damage.
Printing paintings & inks and coatings are to be the major application segments of MEK owing to their widespread functions as a usage of solvent. It also used in other applications include plastics, PVC piping, chemical intermediaries, rubber-based industrial cement, cleaning agents, and textiles.
Thinners and resins are applied as lacquers and solvents in pharmaceutical industry. MEK peroxide is used as a catalyst in the polymerization of the polyester resin. Coatings and paints from furniture, infrastructure and automobile industries increase the majority of MEK’s global demand in future.
The global Methyl ethyl Ketone market is segmented into four regions namely, Asia pacific, Europe, North America and Row. Asia Pacific is the leading marketer for the industry and it is driven by increasing growth in paints and coating market owing to its large consumption in emerging manufacturing and construction industries.
Owing to rising infrastructure expenditure coupled with increasing technologies in the regional automotive industry mainly in developing economies like India and China are anticipated to raise the fuel demand from 2016 to 2024.
The European market is estimated to have uniform growth owing to stringent policies and increasing health concerns, which are restraining the usage rate of MEK in these markets.
The U.S. market is anticipated to have a stable growth in demand and decrease in prices is estimated to further raise its demand over the forecast period.
Key players of the methyl ethyl ketone market include Sasol Solvents, Petro China, Exxon Mobil, Shell Chemicals, Maruzen Petrochemical Co Ltd., Idemitsu Kosan Co. Ltd., Lanzhou Petrochemicals and Arkema S.A.
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