The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Recently published market study by Persistence Market Research titled “Methyl Ethyl Ketone Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026” studies the MEK market and offers key data pertaining to the market for the next coming eight years. As per the PMR analysis, the paints and coating segment of the MEK market, by end-use, is estimated to hold significant position in the MEK market and account for more than 63.5% share in the global MEK market value by 2026 end while expanding at a healthy CAGR of 3.8% throughout the forecast period. The expected value of the global MEK market is expected to be US$ 800.2 Mn in 2018 and the market is estimated to reach US$ 1,055.6 Mn by the end of forecast period.
Global MEK Market: Dynamics
The global healthcare landscape is changing rapidly and people are spending more on their health-related needs. Factors, such as changing lifestyle, changing food habits and sleeping habits, etc., are contributing to this change. With people getting more health conscious, the demand for pharmaceuticals is increasing across the globe, in turn, leading to high consumption of solvents, such as MEK, which are prominently used in the pharmaceutical and healthcare industry. Swift growth of the electronics Industry and rising use of automobile electronics will boost the MEK market during forecast period. Moreover, increasing acceptance among end-user industries will further augment MEK market growth between 2018 & 2026
MEK offers better viscosity reduction compared to heavier molecular weight chemicals i.e. glycol ethers. MEK finds a wide range of applications in agrochemicals, paints & coating, chemicals, pharmaceuticals, rubber, packaging and lube oil dewaxing applications. Owing to its effectiveness as a solvent, MEK is also being used in agrochemicals, printing inks, pigments, rubber, magnetic tapes, pharmaceuticals detergents and many more applications. Rising applications and acceptance of MEK will boost the growth of the market by the end of 2026. However, high flammability and acute hazards pertaining to MEK are expected to slightly hamper the MEK market growth in the next eight years. Further, the price pressure might bulwark extra baggage on companies, which could hamper the market in the near term.
Global MEK Market: Segmentation Analysis
The global MEK market is dominated by the paints & coating segment, which will segment will expand at healthy CAGR over the forecast period. Rising infrastructural activities across the globe will boost the demand for MEK, consequently contributing to its market growth. Ever increasing demand for solvents from chemical as well as pharmaceutical industries is estimated to drive the growth for MEK market at a global level. Among applications, the solvent segment is expected to dominate the global MEK market throughout the forecast period.
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Global MEK Market: Regional Market Projections
Geographically, the global MEK market can be segmented into seven key regions: North America, Latin America, Europe, South East Asia Pacific, China, Middle East& Africa and Japan. Among these regions, Europe is expected to dominate the global MEK market during the forecast period i.e. 2018-2028. The Europe MEK market is anticipated to grow at a significant CAGR of 3.4% throughout the forecast period. Further, South East & Asia Pacific is expected to be the second largest MEK market followed by Europe MEK market by the end of 2026. These two regions and China are expected to witness healthy growth rate in the global MEK market throughout the forecast period.
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