Global Methyl ethyl ketone (MEK) Market provides a brief and detailed knowledge about key players, market state and circumstances that are covered deeply in this report. The business chain supporting the Methyl ethyl ketone (MEK) market is analysed in detail covering accurate information about aspects such as the industrial chain, proficiency in utilization of the available capacity of manufacture, and industry strategies that affect the market.
Methyl ethyl ketone (MEK)
Market study offers an exhaustive summary of the vendor landscape, competitive
analysis, and key strategies to gain ruthless advantage. Methyl ethyl ketone
(MEK) Market Forecast provides sizing and growth opportunities. It provides
comprehensive insights on the latest industry trends, forecast, and growth
drivers in the market. it also includes a detailed analysis of growth drivers,
challenges, and investment opportunities and delivers a complete overview of
segments and the regional outlook of the market.
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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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