Increasing demand for methyl ethyl ketone in the online retailing business, coupled with high investment in R&D of methyl ethyl ketone, is fueling the market growth.
Market Size – USD 3.07 Billion in 2018, Market Growth – CAGR of 5.3%, Market trends – Increase in demand for methyl ethyl ketone in the paints & coatings applications.
Methyl Ethyl Ketone, also known as MEK is a pale yellow or colourless chemical that is highly water soluble, flammable, and used for commercial and industrial applications. It is mainly used in surface coating applications as a solvent. Some of its chemical applications are paints, synthetic resins, inks, surface coating, denaturant and varnishes. It is used as an extracting agent in the deoiling and dewaxing of the petroleum products. The global methyl ethyl ketone market is estimated to reach USD 4.93 Billion at a CAGR of 5.3% over 2017-2027.
Key participants include 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.
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Globally the market is expected to grow due to the growing demand for this chemical in commercial and industrial applications. The increasing product usage in the manufacturing of inks, paints & coatings, adhesives, varnishes, food packaging products, and food flavouring may supplement methyl ethyl ketone market share over the forecast period. The paints and coatings application segment accounts for the largest market share of 36.4% and will continue to expand at the CAGR of 5.9% during the forecast period.
End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
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The regional share is distributed amongst regions such as Middle East and Africa, Asia Pacific, Latin America, Europe and North America. Asia Pacific accounted for the largest share of nearly 37.3% in 2019 and is estimated to experience a growth rate of about 6.3% during the forecast period. China and India are the key contributors to the regional industry growth.
Key Coverage of the Methyl Ethyl Ketone Market:
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Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
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