Global Methyl
Ethyl Ketone (MEK) Market strategic research study
offers company accounts, industry investors, and industry members with
consequential insights to enable them to make reliable strategic decisions
regarding the opportunities in the global market.
In this report, we
thoroughly examine and analyse the Global market for Methyl Ethyl Ketone (MEK)
so that market participants can improve their business strategy and ensure
long-term success. This report provides players with useful information and
suggests result-based ideas to give them a competitive advantage in the global Methyl
Ethyl Ketone (MEK) industry. It will show how other players compete in the
global Methyl Ethyl Ketone (MEK) Market and explain the strategies you use to
differentiate yourself from other participants.
This Research Report
Answers the Following Questions:
·
How Methyl
Ethyl Ketone (MEK) market
will grow in the coming year?
·
Will the COVID-19 pandemic surge the demand for such platforms?
·
How are key companies planning to promote benefits of Methyl Ethyl Ketone (MEK)?
·
What are the industry growth drivers, obstacles, and dynamics?
·
Which segment is expected to lead in the coming years?
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Industry Insights
The global methyl ethyl
ketone (MEK) market was valued at USD 2.56 billion in 2015 and is anticipated
to reach USD 4.01 billion by 2024. Methyl-ethyl-ketone (MEK) is a colourless
and a harsh smelling carbon-based compound. It is commonly identified as butanone.
It is characterized by outstanding chemical properties including high
viscosity, low boiling point, high solvency and high evaporation rate owing to
which it is used as a solvent across several applications. This liquid has a
sweet smell indicated the presence of acetone and butterscotch, hence is
produced on a large scale in the industries. Photo-oxidation of air pollutants
such as hydrocarbons and butane results in the form of MEK. It is widely used
in industrial applications as it is easily soluble in water. The primary usage
of MEK is as a solvent in processes involving gums cellulose acetate, resins
and cellulose nitrate. Other end use applications where MEK is used include
domestic products such as lacquer and varnishes, synthetic rubber, paraffin wax
and glues as well as paint remover.
MEK is a liquid solvent
used in chemical intermediates, adhesives, printing inks, magnetic tapes and
lube oil dewaxing processes. Solvent is suitable for surface coatings that help
in reducing emissions from its highly efficiency and versatility. It is used in
chemical manufacturing, particularly for drugs and cosmetics. Other uses of MEK
include surgical instruments sterilization and vegetable oil extraction. MEK
market is expected to be driven in the foreseeable future by its widespread use
in industrial sectors including feedstock and intermediate chemical
applications such as additives in furniture polishes, rubber based cement,
pharmaceuticals and PVC piping applications.
Application Insights
The compound is used as a
solvent in various applications and primarily in paints& coatings and
printing inks owing to its properties such as low boiling points and low
viscosity. Other applications include rubber-based industrial cement, textiles,
plastics, cleaning agents and PVC piping. In the pharmaceutical industry, MEK
is used in resins and thinners that are applied as lacquers/solvents. In
addition, MEK peroxides are used as a catalytic agent in the polymerization
process of polyester resins. Global demand for MEK is driven by the rising
demand for paints and coatings from furniture, automobile and infrastructural
industries.
The higher solvency and
lower density of ketones compared to the corresponding ester substitutes
contribute to reduced VOC content just by changing to ketone solvents such as
MEK. Owing to the dual functionality, MEK has slow evaporation rate, complete
solubility in water and high solvent strength which gives it a unique advantage
as a solvent in water-based coatings.
For achieving stable production
rates and minimizing operational challenges in the production system of MEK,
the primary areas requiring attention are Instrumentation and metallurgy in
process control parameters, scheduled maintenance and Inspection and acid
handling areas.
Regional Insights
The global market is
segmented into four regions: North America, Europe, Asia Pacific, and Row. Asia
Pacific is expected to dominate the MEK industry and emerge as the market
leader. This can be attributed to the steady growth in paints &coatings
market resulting from heavy consumption in manufacturing and construction
industries. The European market is anticipated to experience uniform growth
trends on account of stringent regulations and increasing concerns regarding
health and fitness which are restraining the use of methyl ethyl ketone in this
region. Market demand in the U.S is projected to be stable, and the declining
prices are expected to further increase its demand in the coming years.
Competitive Insights
Key participants of the methyl
ethyl ketone market include Arkema S.A., Shell Chemicals, Exxon Mobil, Sasol
Solvents, Maruzen Petrochemical Co Ltd., SK Energy Co Ltd., Petro China,
Lanzhou Petrochemicals and Idemitsu Kosan Co. Ltd.
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