Methyl Isobutyl Ketone Market is forecast to reach $750.94 Million by 2025, after growing at a CAGR of 4.25% during 2020-2025. The thriving global automotive industry has increased demand for rubber manufacturing solvents and surface coatings chemicals that increased the industry’s consumer demand. Additionally, increasing construction expenditure has increased the use of methyl isobutyl ketone (MIBK) in the form of solvents and paint & coatings extraction solvents.
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Application – Segment Analysis
Rubber Processing Chemicals segment held the largest share in the Methyl Isobutyl Ketone Market is growing at a CAGR 5.07%. MIBK’s large use as a solvent in nearly 40 industrial applications is expected during the forecast period to support market growth. It is used in the de-waxing and de-oiling of rubber products as a denaturant in many ethanol formulations and as an extractive agent. With increased construction activities in developing economies, the increasing demand for surface coatings is likely to affect market growth. The booming global automotive industry has led to increased use of solvents for chemical surface coatings and rubber processing chemicals, resulting in increased use of MIBK in the automotive industry.
End-Use Industry – Segment Analysis
Paints and Coatings sector has been the primary market for Methyl Isobutyl Ketone for many years. It is used as chemical intermediate and as a solvent and is very efficient at dissolving resins and paints, other types of surface coatings.
Geography – Segment Analysis
APAC dominated the Methyl Isobutyl Ketone Market share with more than 23%, followed by North America and Europe. The growing demand from end-use industries, including construction, automobiles, and agrochemicals. Due to increased automotive production and sales, demand for methyl isobutyl ketone is projected to increase in developing countries such as China, India, and Malaysia. In addition, encouraging the availability of cheap labour costs, raw materials, and implementing new production strategies to meet the demand for methyl isobutyl ketone in the rising applications are key factors in regional market growth.
Drivers – Methyl Isobutyl Ketone Market
Bio-based MIBK is expected to have the Highest Growth
Exposure to synthetic MIBK in close proximity to the material can have a serious impact on the environment and inhabitants. This factor is anticipated during the forecast period to fuel the global demand for bio-based MIBK. Compared to the petroleum-based method, the cost of the bio-based MIBK processing method is less. In the case of spillage during transport and storage, petroleum-based MIBK may also form explosive peroxides when exposed to air. Therefore, for a number of industries, the adoption of bio-based MIBK is considered both an economic and an ecologically viable option. The bio-based MIBK is expected to gradually replace the MIBK based on petroleum by 2024 to a large extent.
Challenges – Methyl Isobutyl Ketone Market
Increasing Awareness about Toxic Effects of MIBK on Environment
Because of its high toxicity level, most regulatory bodies around the globe impose strict regulations and guidelines on MIBK production. Although its negative effects on the environment and human health, on the other hand, have resulted in increased adoption of bio-based methyl isobutyl ketone. MIBK was subject to further restrictions on 28 March 2014, when it was added to the Proposition 65 list of chemicals reported to the State of California by the Office of Environmental Health Hazard Assessment (OEHHA). MIBK’s listing in Proposition 65 had not yet had a significant impact on its use as of May 2018.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Methyl Isobutyl Ketone Market. In 2018, the market of Methyl Isobutyl Ketone has been consolidated by the top five players accounting for xx% of the share. Major players in the Methyl Isobutyl Ketone Market are Royal Dutch Shell, The Dow Chemical Company, Sasol, Kumho P&B Chemicals Inc., Mitsubishi Chemicals, Arkema Group, Sigma-Aldrich, Celanese Corporation, Mitsui Chemicals, Eastman Chemical Company, Lee Chang Yung Chemical, Jilin Chemicals, LCY Group, among others.
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