New York, May 02, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the methyl ethyl ketone market is poised for strong expansion and is expected to reach USD 14.80 Billion by 2030. The market, which was valued at USD 10.71 billion in 2022, is predicted to grow at a compound annual growth rate of 3.6% during the period 2023-2030. The report highlights the increasing adoption of methyl ethyl ketone in construction activities, which is proliferating the global market growth. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the methyl ethyl ketone market.
Global Methyl Ethyl Ketone Market Size, Share & Trends Analysis, By Grade (Regular Grade, Urethane Grade, and Others), Application (Solvent, Synthetic Rubber, Paraffin Wax, Lacquer and Varnishes, Paint Remover, Glues, Catalyst Production, Intermediate, and Others), End-Use (Rubber Industry, Industrial & Institutional Cleaning, Paint and Coatings, Pharmaceutical, and Others), and By Region, Forecast Period 2023 – 2030.
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Methyl ethyl ketone is widely used as an industrial cleaning agent due to its corrosive nature. Methyl ethyl ketone is used to remove adhesives, and other types of coatings, namely dirt, glue, paint, and others. Further, methyl ethyl ketone is often used to prepare surfaces before new paint is applied, such as in aerospace assemblies, automotive, and marine applications.
Methyl ethyl ketone is commonly used as a curing agent for the manufacturing of fiberglass plastics and unsaturated polyester resins. In this process, methyl ethyl ketone is used as a catalyst for the production of both vinyl and polyester resins. Furthermore, the natural properties including solvent and exceptional properties as an organic compound make methyl ethyl ketone ideal for manufacturing useful compounds including plastics, liquids, chemical intermediates, and textiles.
For instance, in the paint and coating industry methyl ethyl ketone is widely used in the production of lacquer, varnishes, adhesives, printing inks, and others. Further, methyl ethyl ketone is a useful component in products like dry-erase markers due to its slow evaporating property and is commonly used as a solvent to ensure the efficient flow of ink.
Moreover, methyl ethyl ketone is also used in the manufacturing of antiseptics, anesthetics, lotions, and drugs in the pharmaceutical and personal care industries. Thus, the rapid growth of the pharmaceutical industry on account of increasing healthcare expenditure is expected to contribute to the growth of the market in the coming years.
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| Report Attributes | Report Details | ||
| Market Size By 2030 | USD 14.80 Billion | ||
| Forecast Period | 2023-2030 | ||
| CAGR (2023-2030) | 3.6% | ||
| Base Year | 2022 | ||
| Study Timeline | 2017-2030 | ||
| Key Players | Exxon Mobil Corporation, Maruzen Petrochemical, Sasol Limited, Merck KGaA, Zibo Qixiangtengda chemical Co., Ltd., Nouryon Chemicals Holding B.V., ENEOS Group, Solventis, INEOS Solvents, and TASCO Group | ||
| By Grade | Regular Grade, Urethane Grade, and Others | ||
| By Application | Solvent, Synthetic Rubber, Paraffin Wax, Lacquer and Varnishes, Paint Remover, Glues, Catalyst Production, Intermediate, and Others | ||
| By End-Use Industry | Rubber Industry, Industrial & Institutional Cleaning, Paint and Coatings, Pharmaceutical, and Others | ||
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. | ||
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa | ||
Key Market Takeaways
- The global methyl ethyl ketone market size is estimated to exceed USD 14.80 billion by 2030 with an astonishing CAGR of 3.6% during the forecast period (2023-2030).
- Based on grade, the regular grade segment accounted for the highest share contribution to the methyl ethyl ketone market statistics in 2022.
- In the context of application, the synthetic rubber segment is expected to contribute significant shares to the growth of methyl ethyl ketone market statistics during the forecast period.
- By end-use industry, the rubber industry segment is anticipated to contribute the largest shares to the market growth in 2022.
- North America will create favorable circumstances for market growth in terms of value and volume due to growing automobile industry particularly in the U.S.
Global Methyl Ethyl Ketone Market Segmentation Details:
Based on Grade, the regular grade segment contributed the highest market shares in 2022. Regular grade methyl ethyl ketone exists in the liquid state at room temperature and has sweet odour. Moreover, methyl ethyl ketone is widely used as a plastic welding agent due to its ability to dissolve polystyrene and various other plastics.
Additionally, methyl ethyl ketone is a volatile and colorless liquid that is used as an organic intermediate and solvent in the production of paints, plastics, and other chemicals. Methyl ethyl ketone is also used as a solvent in the production of pharmaceuticals and pesticides. Thus, all the above-mentioned factors are driving the growth of the segment.
Based on Application, the solvent segment accounted for the highest market share in the year 2022 due to the increasing use of methyl ethyl ketone as a solvent in various industries, such as paints and coatings, adhesives, printing inks, and chemical intermediates. In the paints and coatings industry, methyl ethyl ketone is used as a solvent for the production of various resins, such as nitrocellulose, acrylic, and epoxy resins. Methyl ethyl ketone is also a common ingredient in paint and paint products, including lacquer and other varnishes as well as paint remover and glue and in dyes to ensure efficient flow of the ink. Thus, the aforementioned factors are driving the demand for the market.
Based on End-Use Industry, the rubber industry segment is anticipated to offer substantial shares in the global methyl ethyl ketone market. Methyl ethyl ketone is increasingly used as a hardener for the manufacturing of synthetic rubber which is further used in conveyor belts, engine bearings, tires, clutches, industrial goods, and seals for drinking water. Thus, the increased production of synthetic rubber is driving the demand for methyl ethyl ketone, in turn, boosting the growth of the segment.
Based on region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The automotive industry is a major end-use for paints and coatings and the increased production of automobile particularly in countries such as China and India are driving the demand for methyl ethyl ketone for the production of paint and coatings.
For instance, as per the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total production of motor vehicles including cars and commercial vehicles in China is estimated to be 27,020,615 with a 3% growth from the previous year. Thus, the growing automotive industry is driving the demand of methyl ethyl ketone.
Competitive Landscape
As per the research Exxon Mobil Corporation, Sasol Limited, and Merck KGaA, among others are major market players that comprise the latest market circumstances. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. Further, the methyl ethyl ketone market is expected to grow steadily due to rising demand from construction industries especially in the Asia Pacific, North America, and Europe regions which are estimated to boost the market statistics in the coming years. Additionally, the development of bio-based MEK to meet the growing demand of suitable solutions in various end-use industries is anticipated to increase the competition in the market.
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Recent Developments
- In May 2021, Nouryon announces its intention to spin-out Nobian, its base chemicals business, strengthening focus on key growth end-markets.
- In June 2020, Nouryon has completed a project to double the capacity for organic peroxides at its plant in Itupeva, Brazil. The expansion will add capacity for products including methyl ethyl ketone peroxides (MEKP) as well as dibenzoyl peroxide (BPO) pastes and waxes.
List of Major Global Methyl Ethyl Ketone Market:
- Exxon Mobil Corporation
- Maruzen Petrochemical Co. Ltd.
- Sasol Limited
- Merck KGaA
- Zibo Qixiangtengda chemical Co., Ltd.
- Nouryon Chemicals Holding B.V.
- ENEOS Group
- Solventis
- INEOS Solvents
- TASCO Group
Global Methyl Ethyl Ketone Market Segmentation:
- By Grade
- Regular Grade
- Urethane Grade
- Others
- By Application
- Solvent
- Synthetic Rubber
- Paraffin Wax
- Lacquer and Varnishes
- Paint Remover
- Glues
- Catalyst Production
- Intermediate
- Others
- By End-Use Industry
- Rubber Industry
- Industrial & Institutional cleaning
- Paint and Coatings
- Pharmaceutical
- Others
Frequently Asked Questions in the Methyl Ethyl Ketone Market Report
What was the market size of the methyl ethyl ketone industry in 2020?
What will be the potential market valuation for the methyl ethyl ketone industry by 2030?
What are the key factors driving the growth of the methyl ethyl ketone market, as well as the opportunities that may impact the market’s future development?
What is the dominating segment in the methyl ethyl ketone market by grade?
Based on current market trends and future predictions, which geographical region will have the fastest impact on the methyl ethyl ketone market's growth in the coming years?
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