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Methyl Ethyl Ketone Market - Forecast(2024 - 2030)
Overview
Methyl Ethyl Ketone Market size is forecast to reach $2,437.5million by 2025, after growing at a CAGR of 5.3% during 2020-2025. The demand for methyl ethyl ketone (MEK) is increased due to its excellent properties such as good solubility, stable performance, versatility, good drying speed, and more is widely used in the automobile and construction industry as a coating material. Also, increasing demand for methyl ethyl ketonein pharmaceutical and personal care industries wherein the manufacturing of antiseptics, anesthetics, lotions, and drugs will drive the growth of the methyl ethyl ketone industry over the forecast period.
Report Coverage
The report “Methyl Ethyl Ketone Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Methyl Ethyl Ketone Market.
By Application: Paints & Coatings, Tapes & Adhesives, Printing Inks, Resins, Rubber-based Industrial Cements, Lubricating Oil, and Others
By End Use: Automotive (Passenger Cars and Commercial Vehicles), Electrical & Electronics, Furniture Industry, Construction Industry (Residential and Commercial), Textile Industry, Agrochemicals, and Others
By Geography: North America, South America, Europe, Asia Pacific, and Rest of World.
Key Takeaways
- Methyl ethyl ketone (MEK) acts as an excellent solvent, specifically in the paints and coatings sector. In addition, methyl ethyl ketone possesses higher boiling point and a slower evaporation rate owing to which it is widely used in the construction sector.
- 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 methyl ethyl ketone, 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 methyl ethyl ketone market during forecast period.
- Moreover, the COVID-19 pandemic and nationwide lockdown has deteriorated the industry due to pause in construction activities that have affected the Methyl Ethyl Ketone market.
Application- Segment Analysis
Paints & Coatings held the largest share in the methyl ethyl ketone market in 2019. It is a high-quality solvent with key properties that make it well-suited for paints, coatings and other applications. Methyl ethyl ketone chemicals have been used in the U.S. for decades. In the chemical family of solvents, MEK stands out as a one of the stronger options. Its slow evaporation rate also makes it an excellent option in terms of safe air quality. Most commonly used in the paints and coatings industry, it is also used in a wide range of other sectors. Methyl ethyl ketone is widely used as solvent in paints & coating applications owing to properties such as low viscosity, strong solvency and high evaporation rate. It is mainly used with polyurethane, epoxy, acrylic and polyester coatings due to miscibility with hydrocarbons without any effect on its characteristics. Due to lockdown in many countries, the demand for paints & coatings industry has been adversely hit.
End Use- Segment Analysis
Construction Sector held the largest share in the methyl ethyl ketone market in 2019 and is estimated to rise at a CAGR of 4.3% in terms of revenue during the forecast period from 2020-2025. The rising utilization of coating in the protection of buildings & infrastructures from corrosion will bolster the healthy growth of the market. Furthermore, the rise in construction activities will uplift the market potential during the forecast period. The increasing government investments in infrastructure development will spur the demand of the market. The enormous investment in residential and commercial building spaces will have a tremendous impact on the methyl ethyl ketone market. Government rules and regulations are expected to encourage the utilization of methyl ethyl ketone coatings in construction industry. In emerging economies such as India, increased foreign direct investments are anticipated to enhance methyl ethyl ketone market growth. Therefore, with the rising construction sector, the growth for methyl ethyl ketone market is anticipated to rise in the forecast period.
Geography- Segment Analysis
APAC dominated the methyl ethyl ketone market in terms of revenue with a share of 66.9% in 2019 and is projected to dominate the market during the forecast period (2020-2025). China is the largest producer of methyl ethyl ketone and acquired the share of 27.5% in the world export. With the gradual improvement in the Covid-19 situation in China, eight cities and provinces announced their investment budgets, which in total amounts to 33.83 trillion Yuan (US$4.8 trillion). These investments will led to massive construction projects and with the increase in construction projects the paints demand will also increase and hence methyl ethyl ketone market will grow.According to Trade map (ITC), Japan is the 2nd largest producer of methyl ethyl ketone and shares 23.3 % in the world export in the year 2019.Also, increasing use of paints in rising automotive, construction and manufacturing industries in India will drive the market growth for methyl ethyl ketone market. Thus, growing development in various end use industries in this region will further drive the market for methyl ethyl ketone in the forecast period.
Drivers –Methyl Ethyl Ketone Market
Rapid growth across various end use industries
More than 50 per cent of the market for methyl ethyl ketone products comes from the paint and coating industry as a low viscosity solution can be obtained without affecting the product’s film properties. These lacquers are used in the automotive, electrical, and furniture market. As a surface-coating solvent it is so efficient that it has become almost critical for the production of high solid coatings that minimize external emissions. Methyl ethyl ketone is also used in the manufacture of plastics and textiles, in the manufacture of inks, adhesives, chemicals and also in industrial cements made from rubber. It is also used in the chemical industry as it is a precursor to methyl ethyl ketone peroxide which is itself used as a catalyst to facilitate polymerization of polyester resins used in reinforced fiberglass goods. In addition, the rigid demand for electronic cleaning industry is increasing, and the dosage of Methyl Ethyl Ketone solvent is expected to increase further. The growing usage of solvents for electronic PCB assembly effectively to dissolve a broad range of contaminants including solder paste and flux residues and is an attractive option due to its high evaporation rate, low toxicity, and non-corrosive properties, tends to increase the growth of methyl ethyl ketone. Thus, owing to an increasing demand from various end use industries the market for methyl ethyl ketone is anticipated to rise in the forecast period.
An increase in the construction activities
Construction is likely to be one of the most dynamic industrial sectors in the next fifteen years and is utterly crucial to the evolution of prosperous societies around the world. The growing construction activities across U.S, China, and India, lead the demand of Methyl Ethyl Ketone. According to recent research by World Bank, if construction productivity were to catch up with the total economy, the industry’s value added could rise by $1.6 trillion a year. That would meet about half of the world’s annual infrastructure needs or boost global GDP by 2 percent, specifically on those three regions which are U.S, China, and India. Also, the implementation of innovative paints and coatings, which includes advanced materials to manufacture them, also tends to increase the growth of methyl ethyl ketone. The growing demand of paints and coatings, as the construction is growing, tends to increase the demand of methyl ethyl ketone. The composition or formulation of methyl ethyl ketone in paints and coatings is more than 50 percent, which, as a result, leads the growth in upcoming years.
Challenges – Methyl Ethyl Ketone Market
Crude Oil price fluctuation
Currently, the fluctuation of crude oil prices tends to increase the methyl ethyl ketone prices around the globe. The COVID-19 pandemic has become the major factor that has created growth constraint of methyl ethyl ketone. In February and March of 2020, crude prices accelerated their decline in reaction to the corona virus pandemic and an expected sharp drop in demand for oil. Besides, major oil producers failed to come to an agreement on production cuts, exacerbating the problem. By mid-March 2020, the price of U.S. crude oil was fluctuating just around $30 per barrel. Also, the world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia. The sudden fall and rise of crude oil prices, as per its production tends to affect the price of methyl ethyl ketone, as crude oil is the main source. Owning to this, the growing price of methyl ethyl ketone tends to create hurdles in the growth of the market.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the methyl ethyl ketone. In 2019, the market of methyl ethyl ketone has been consolidated by the top five players accounting for 43% of the share. Major players in the methyl ethyl ketone market are Petrochina Company Limited, Tasco Chemical Corporation, Exxon Mobil Corporation, Maruzen Petrochemical Co., Ltd, Shell Chemicals, Sasol Limited, ENEOS Corporation, Idemitsu Kosan Co., Ltd, Taizhou Petrochemical Co. Ltd. (Sinopec)and Zibo Qixiangtengda chemical Co., Ltd among others.
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1. Methyl Ethyl Ketone Market - Market Overview
1.1 Definitions and Scope
2. Methyl Ethyl Ketone Market - Executive Summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by Application
2.3 Key Trends by End-Use Industry
2.4 Key Trends by Geography
3. Methyl Ethyl Ketone Market - Landscape
3.1 Comparative analysis
3.1.1 Market Share Analysis- Top Companies
3.1.2 Product Benchmarking- Top Companies
3.1.3 Top 5 Financials Analysis
3.1.4 Patent Analysis- Top Companies
3.1.5 Pricing Analysis
4. Methyl Ethyl Ketone Market - Startup companies Scenario Premium (Premium)
4.1 Top startup company Analysis by
4.1.1 Investment
4.1.2 Revenue
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Methyl Ethyl Ketone Market – Industry Market Entry Scenario Premium (Premium)
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top companies
6. Methyl Ethyl Ketone Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Market Opportunities
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Methyl Ethyl Ketone Market -Strategic Analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Market life cycle
7.4 Suppliers and distributors Analysis
8. Methyl Ethyl Ketone Market -By Application (Market Size -$Million)
8.1 Paints & Coatings
8.2 Tapes & Adhesives
8.3 Printing Inks
8.4 Resins
8.5 Rubber-based Industrial Cements
8.6 Lubricating Oil
8.7 Others
9. Methyl Ethyl Ketone Market - By End-Use Industry (Market Size -$Million)
9.1 Automotive
9.1.1 Passenger Cars
9.1.2 Commercial Vehicles
9.2 Electrical & Electronics
9.3 Furniture Industry
9.4Construction Industry
9.4.1 Residential
9.4.2 Commercial
9.5 Textile Industry
9.6 Agrochemicals
9.7 Others
10. Methyl Ethyl Ketone Market - By Geography (Market Size -$Million)
10.1 North America
10.1.1 US
10.1.2 Canada
10.1.3 Mexico
10.2 South America
10.2.1 Brazil
10.2.2 Argentina
10.2.3 Colombia
10.2.4 Peru
10.2.5 Rest of South America
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 Netherlands
10.3.7 Belgium
10.3.8 Denmark
10.3.9 Rest of Europe
10.4 Asia- Pacific
10.4.1 China
10.4.2 Japan
10.4.3 South Korea
10.4.4 India
11.4.5 Australia
11.4.6 Taiwan
10.4.7 Malaysia
10.4.8 Rest of APAC
10.5 Rest of World
10.5.1 Middle East
10.5.2 Africa
11. Methyl Ethyl Ketone Market - Entropy
11.1 New Product Launches
11.2 M&A’s, Collaborations, JVs and Partnerships
12. Market Share Analysis (Premium)
12.1 Market Share by Country- Top companies
12.2 Market Share by Region- Top companies
12.3 Market Share by type of Product / Product category- Top companies
12.4 Market Share at global level- Top companies
12.5 Best Practices for companies
13. Methyl Ethyl Ketone Market - List of Key Companies by Country (Premium)
14. Methyl Ethyl Ketone Market - Company Analysis
14.1 Market Share, Company Revenue, Products, M&A, Developments
14.2 Company 1
14.3 Company 2
14.4 Company 3
14.5 Company 4
14.6 Company 5
14.7 Company 6
14.8 Company 7
14.9 Company 8
14.10 Company 9
14.11 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES
1.Global MARKET SEGMENTATION Market 2023-2030 ($M)1.1 Solvent Market 2023-2030 ($M) - Global Industry Research
1.2 Resin Market 2023-2030 ($M) - Global Industry Research
1.3 Printing Ink Market 2023-2030 ($M) - Global Industry Research
1.4 Adhesive Market 2023-2030 ($M) - Global Industry Research
1.5 End-user Industry Market 2023-2030 ($M) - Global Industry Research
1.5.1 Paints Coatings Market 2023-2030 ($M)
1.5.2 Rubber Market 2023-2030 ($M)
1.5.3 Construction Market 2023-2030 ($M)
1.5.4 Packaging Publishing Market 2023-2030 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
2.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Global Industry Research
3.Global MARKET SEGMENTATION Market 2023-2030 (Volume/Units)
3.1 Solvent Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Resin Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Printing Ink Market 2023-2030 (Volume/Units) - Global Industry Research
3.4 Adhesive Market 2023-2030 (Volume/Units) - Global Industry Research
3.5 End-user Industry Market 2023-2030 (Volume/Units) - Global Industry Research
3.5.1 Paints Coatings Market 2023-2030 (Volume/Units)
3.5.2 Rubber Market 2023-2030 (Volume/Units)
3.5.3 Construction Market 2023-2030 (Volume/Units)
3.5.4 Packaging Publishing Market 2023-2030 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2023-2030 (Volume/Units)
4.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America MARKET SEGMENTATION Market 2023-2030 ($M)
5.1 Solvent Market 2023-2030 ($M) - Regional Industry Research
5.2 Resin Market 2023-2030 ($M) - Regional Industry Research
5.3 Printing Ink Market 2023-2030 ($M) - Regional Industry Research
5.4 Adhesive Market 2023-2030 ($M) - Regional Industry Research
5.5 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
5.5.1 Paints Coatings Market 2023-2030 ($M)
5.5.2 Rubber Market 2023-2030 ($M)
5.5.3 Construction Market 2023-2030 ($M)
5.5.4 Packaging Publishing Market 2023-2030 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
6.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
7.South America MARKET SEGMENTATION Market 2023-2030 ($M)
7.1 Solvent Market 2023-2030 ($M) - Regional Industry Research
7.2 Resin Market 2023-2030 ($M) - Regional Industry Research
7.3 Printing Ink Market 2023-2030 ($M) - Regional Industry Research
7.4 Adhesive Market 2023-2030 ($M) - Regional Industry Research
7.5 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
7.5.1 Paints Coatings Market 2023-2030 ($M)
7.5.2 Rubber Market 2023-2030 ($M)
7.5.3 Construction Market 2023-2030 ($M)
7.5.4 Packaging Publishing Market 2023-2030 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
8.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
9.Europe MARKET SEGMENTATION Market 2023-2030 ($M)
9.1 Solvent Market 2023-2030 ($M) - Regional Industry Research
9.2 Resin Market 2023-2030 ($M) - Regional Industry Research
9.3 Printing Ink Market 2023-2030 ($M) - Regional Industry Research
9.4 Adhesive Market 2023-2030 ($M) - Regional Industry Research
9.5 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
9.5.1 Paints Coatings Market 2023-2030 ($M)
9.5.2 Rubber Market 2023-2030 ($M)
9.5.3 Construction Market 2023-2030 ($M)
9.5.4 Packaging Publishing Market 2023-2030 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
10.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
11.APAC MARKET SEGMENTATION Market 2023-2030 ($M)
11.1 Solvent Market 2023-2030 ($M) - Regional Industry Research
11.2 Resin Market 2023-2030 ($M) - Regional Industry Research
11.3 Printing Ink Market 2023-2030 ($M) - Regional Industry Research
11.4 Adhesive Market 2023-2030 ($M) - Regional Industry Research
11.5 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
11.5.1 Paints Coatings Market 2023-2030 ($M)
11.5.2 Rubber Market 2023-2030 ($M)
11.5.3 Construction Market 2023-2030 ($M)
11.5.4 Packaging Publishing Market 2023-2030 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
12.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
13.MENA MARKET SEGMENTATION Market 2023-2030 ($M)
13.1 Solvent Market 2023-2030 ($M) - Regional Industry Research
13.2 Resin Market 2023-2030 ($M) - Regional Industry Research
13.3 Printing Ink Market 2023-2030 ($M) - Regional Industry Research
13.4 Adhesive Market 2023-2030 ($M) - Regional Industry Research
13.5 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
13.5.1 Paints Coatings Market 2023-2030 ($M)
13.5.2 Rubber Market 2023-2030 ($M)
13.5.3 Construction Market 2023-2030 ($M)
13.5.4 Packaging Publishing Market 2023-2030 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
14.1 Mergers Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)2.Canada Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
3.Mexico Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
4.Brazil Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
5.Argentina Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
6.Peru Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
7.Colombia Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
8.Chile Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
9.Rest of South America Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
10.UK Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
11.Germany Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
12.France Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
13.Italy Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
14.Spain Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
15.Rest of Europe Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
16.China Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
17.India Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
18.Japan Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
19.South Korea Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
20.South Africa Methyl Ethyl Ketone Market Revenue, 2023-2030 ($M)
21.North America Methyl Ethyl Ketone By Application
22.South America Methyl Ethyl Ketone By Application
23.Europe Methyl Ethyl Ketone By Application
24.APAC Methyl Ethyl Ketone By Application
25.MENA Methyl Ethyl Ketone By Application