Methyl Isobutyl Ketone (MIBK) Market Analysis

Methyl Isobutyl Ketone Market Analysis

Based on application type, the methyl isobutyl ketone market is segmented by solvents, extraction solvents, rubber processing chemicals, surfactants and other applications such as denaturant, insecticides etc. MIBK has wide-ranging application as a solvent in industries that produce machineries, rubber products, paints & chemicals. Owing to the low solubility in water MIBK is suitable for liquid-liquid extraction. The segment is likely to hold a major share in the future and accounted over 60% market share in 2018. Furthermore, growing automotive and construction sector in developing economies will certainly encourage the market demand in the near future.
 

The methyl isobutyl ketone market is further segmented considering the end-use industry industries, i.e. paints & coatings, pharmaceuticals, automotive, rubber, agrochemicals and some other end-use industries. The others segment consists of marine, building & construction etc. Paints & coatings industry is anticipated to grow with the CAGR of over 4% for the forecast period owing to the product demand. The industry held a share close to 25% in the market in 2018 and is expected to grow at moderate rate in the projected timespan.
 

Asia Pacific proved to be the fastest growing region in the methyl isobutyl ketone market and will continue to grow with the maximum CAGR over 5% in the expected timespan. This is due to increasing industrialization and construction activities in the region. Besides, the region also possesses high product demand form the other end-use industries such as agrochemicals, automobiles, rubber, etc. The demand for methyl isobutyl ketone is predicted to rise in the emerging economies of the region namely China, Korea and India due to growing production and sales of automotive products. This is mainly due to easy accessibility of raw materials and minimum labor cost to fulfil the product demand in various applications, that will enhance the regional market share in the coming years.
 

North America holds a fair share in the MIBK market and is considered to behold a firm growth due to the growing usage in the pharmaceutical sector. The segment is said to grow with a significant rate of over 3% in the projected timeframe.