Methyl Isobutyl Ketone (MIBK) Market Size

Methyl Isobutyl Ketone Market Size

Methyl Isobutyl Ketone Market size valued at USD 600 million in 2018 and will grow at a CAGR of over 4% from 2019 to 2025.

Thriving global automotive sector has increased the demand for solvents in rubber processing and surface coatings chemicals, that has pushed the product demand in the industry. Similarly, rising expenditure on construction industry has increased the use of methyl isobutyl ketone (MIBK) in form of solvents and extraction solvents for paints & coatings. Moreover, its growing demand in marine and pharmaceutical industries will boost the market, leaving an optimistic impact on the product market during the projected timeframe. Additionally, the product is widely used in production of insecticides, that are commonly used in commercial agriculture sector on a massive scale. This is fueling the agriculture driven economies such as India, that are spending heavily in improving their agricultural production output by focusing on insecticides and fertilizers, which in turn, will positively influence the methyl isobutyl ketone market growth in the forecast period.

Methyl isobutyl ketone, being organic, is widely used in the production of agrochemicals and cosmetics products, that has nurtured its utilization across the globe. Furthermore, the product is one of the remarkable solvents for resin gums, paints, varnishes, etc. It is extensively treated as a denaturant in various ethanol formulations & extractive agent in de-oiling and de-waxing of rubber products. Moreover, synthetic MIBK exposure can have severe impact on the ecosystem which will trigger the rising demand for bio-based MIBK globally; that costs less in comparison to other petroleum-based method for its processing method. In addition, petroleum based MIBK are explosive peroxides in nature when exposed to air, which could be hazardous just in case of spillage during storage, handling and transport. Hence, use of bio based MIBK will be economically and ecologically viable option for a number of industries and is likely to fuel the methyl isobutyl ketone market demand across the globe during the expected timeframe.

Many regulatory bodies around the globe are imposing stringent regulations and guidelines on the production of MIBK due to its high toxicity level. Although, on the other hand its negative impacts on the environment and human health has led to an increased implementation for bio-based methyl isobutyl ketone. The bio-based MIBK is expected to substitute the synthetic-based MIBK for numerous major applications to provide lucrative growth opportunities for major companies and will swell the product industry size by 2025.