Global Methyl Ethyl Ketone Market size worth over USD 3.64 billion by 2022
Published Date: May 3, 2016 Authors: Kunal Ahuja, Sonal Singh
As per a new research report by Global Market Insights, Inc., the Methyl Ethyl Ketone (MEK) Market size is forecast to reach USD 3.64 billion by 2022. The latest MEK market report predicts over 50% of total demand to be from paints and coatings.
Positive demand outlook for paints and coatings, on account of growing construction spending, particularly in Latin America and Asia Pacific is expected to remain a key driving factor for methyl ethyl ketone market development.
Steady automotive demand, on account of recovery from economic downturn in North America and Asia will also positively impact on methyl ethyl ketone market growth. Pharmaceutical and personal care industrial applications include manufacturing antiseptics, anesthetics, lotions, and drugs.
Printing ink applications presently account for over 200 kilo tons of global methyl ethyl ketone market share. It is extensively used and preferred solvent in printing industry owing to advantages offered such as excellent drying times, adhesion with substrates such as plastics, metals & glass and allowing formulation of specialized inks.
Methyl ethyl ketone market price trend benefited from the global crude slump, however, expected recovery in 2017 along with regulatory pressure may challenge industry profitability. Growing importance for MEK peroxides as catalysts in polymerization of polyester resins and as a cleaning agent, varnish and paint remover will drive growth throughout the forecast timeframe.
Methyl Ethyl Ketone (MEK) market exhibits a high degree of integration by major manufacturers across the value chain, where most of the producers are involved in the raw material production or has their own captive consumption.
Browse key industry insights spread across 56 pages with 51 market data tables, figures & charts from the report, “Methyl Ethyl Ketone (MEK) Market Size By Application (Paints & Coatings, Adhesives, Printing Inks), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Landscape & Forecast, 2015 – 2022” in detail along with the table of contents:
Key insights from the report include:
- Global Methyl Ethyl Ketone (MEK) market size was USD 2.51 billion in 2014, with 4.8% CAGR growth expectations from 2015 to 2022.
- Paint & coating applications will remain to be very attractive demand outlets for industry participants. However, companies may be under pressure from regulatory changes as governing agencies look to reduce VOC emissions via green solvents. Key segments include powder coatings, waterborne coatings, solvent borne technologies and specialty coatings.
- MEK industry demand for adhesives is forecast to exceed 348 kilo tons by 2022.
APAC leads the regional demand, being the largest construction and infrastructure market in the world. The region is dominated by China and India methyl ethyl ketone market share, with total revenue of USD 1.35 billion in 2014.
U.S. MEK demand is primarily driven by its usage in paints & coatings, with emphasis concentrated on using sustainable technologies, green solvents that are expected to outpace methyl ethyl ketone demand in the region.
Europe Methyl Ethyl Ketone (MEK) market size is poised to exceed USD 600 million in revenue by 2022. The region is heavily regulated, with product registration guidelines being very strict and relatively expensive.
ExxonMobil Chemical and Maruzen Petrochemical were the leading companies in the global methyl ethyl ketone industry and accounted for over 35% of overall demand in 2014 collectively.