Methyl Isobutyl Ketone Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, UK, Germany, France, Italy, China, India, Japan, Indonesia, South Korea, South Africa, Brazil), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2561
Methyl Isobutyl Ketone Market size is likely to expand at a prominent CAGR of close to 7% in the forecast timespan of 2018-2024. Methyl isobutyl ketone has excellent solvency property and is primarily used as solvent in various industries such as coatings and rubber.
The booming global automotive industry has led to increase in consumption level of solvents for rubber processing chemicals and surface coatings, which has propelled the methyl isobutyl ketone demand in automobile industry. Steadily growing construction industry and automotive & marine vessels industry will drive the rubber and coatings industry directly, which will have a positive impact on the methyl isobutyl ketone market for the forecast period owing to its vivid applications in rubber industry for antioxidants, accelerators, peptisers and retarders. In the coming years, the product use, particularly in automobile applications, due to shift in manufacturing facilities from developed to developing nations, is going to drive the global methyl isobutyl ketone market size. The product is widely used in manufacturing of insecticides, which are used in commercial agriculture sector on a large scale. Agriculture based economies such as India, are investing heavily in improving agricultural production output by majorly focusing on fertilizers and insecticides, which in turn, will positively influence the product market growth.
Petroleum based methyl isobutyl ketone is considered harmful for human health and environment as well, due to the formation of explosive peroxides upon exposure to air, if spilled during storage or transport. Even low level exposure to the product can have side effects on human health. Thus, there’s a growing concern regarding its usage in industries globally and will hinder the product market growth in future.
Many companies are welcoming bio-based methyl isobutyl ketone in place of petroleum based methyl isobutyl ketone. The production process of bio-based methyl isobutyl ketone is simple and the product is also environment friendly and cost effective compared to petroleum based methyl isobutyl ketone. The demand for bio based methyl isobutyl ketone in various industries will drive the overall product market size.
Based on application, the product market is divided into insecticides, solvents, surfactants and rubber chemicals. Solvents is again divided into marine & automotive coating, wood coatings and construction coatings. The product, being a mixture of high solvent activity, is widely used in solid surface coating. It is used as a solvent for inks, coatings and adhesives. Also, it is used in manufacturing of pharmaceuticals, electroplating solutions, germicides and fungicides. Solvents was the leading application segment in the global product demand in 2015.
The global product market, as per end-users, can be segmented into marine, building & construction, crop-protection and automobile industry. Marine industry utilizes paints and anti-corrosion coatings on a vast scale, which ultimately augments the product demand globally. Similarly, in building and construction industry, paints, coatings and adhesives are widely used for finishing, polishing and strengthening frameworks and structure. This influences the product demand directly. Crop protection industry runs basically on insecticides and other crop protection chemicals, which have methyl isobutyl ketone as an integral ingredient, thus propelling the overall product demand. Automotive industry utilizes rubber extensively, hence the usage of the product also increases in rubber industry, and thereby increases the methyl isobutyl ketone market size.
In 2015, Asia Pacific led the global product market followed by North America and Europe. China is a chief consumer of methyl isobutyl ketone in Asia Pacific region, especially in the anti-ozonants application. Increasing consumption of the product in crop-protection and automobile industries in India, China and South East-Asian nations is anticipated to drive the regional product market of Asia Pacific. The methyl isobutyl ketone market will register a moderate pace growth in the forecast period in North America and Europe as these are mature markets. There are lucrative opportunities for the product market to grow in Middle East and Africa owing to the rise in infrastructure development activities in both commercial and residential segment.
The product market has few major players, namely, The Dow Chemical Company, Lee Chang Yung Chemical, Kumho P&B, Royal Dutch Shell Plc, Mitsubishi Chemical Holding Corporation, Eastman Chemical Company, Mitsui Chemicals and Celanese Corporation.
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