Methyl Isobutyl Ketone Market by Regional Analysis, Key Players and Forecast 2024
Methyl
isobutyl ketone (MIBK) is one of the excellent solvents for resins
used in various surface coatings. It is also widely used in rubber
chemicals for the production of tires, followed by surfactants, and
insecticides. MIBK is used as a solvent in industries that produce
rubber products, paints, machineries, and chemicals. Rising demand
for solvents and rubber processing chemicals, chiefly owing to the
flourishing growth of the global automotive industry, is expected to
fuel to the overall global demand for MIBK in the next few years.
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However,
concerns regarding the harsh impact of the material on the
environment and human health are leading to an increased aversion for
synthetic, petroleum-based MIBK across a vast number of industries.
Analysts estimate that synthetic MIBK will gradually be replaced by
bio-based MIBK across major applications in the next few years. This
factor can emerge as one of the most lucrative growth opportunities
for companies in the market in the near future, allowing significant
traction to businesses and providing sustainable growth
opportunities.
Transparency
Market Research estimates that the global methyl isobutyl ketone
market, which valued at US$827.4 mn in 2015, will exhibit a CAGR of
7.5% between 2016 and 2024 and reach US$1,572.3 mn by 2024.
MIBK’s
Use as Solvent to Remain Market’s Most Promising Application
Segment
MIBK
is known to be one of the best solvents for resins used in the
production of surface coatings. Moreover, MIBK is also used as a
solvent for more than 40 applications across a number of industries.
As a result, the use of MIBK as a solvent is one of the most
lucrative application segments of the global MIBK market, accounting
for over 54% of the overall market in 2015. The segment is expected
to retain its dominant stance over the forecast period as well,
exhibiting a promising 7.7% CAGR in terms of value over the period
between 2016 and 2024.
However,
the segment is expected to lose prominence to the rubber chemicals
segment in terms of rate of growth over the said period, chiefly
owing to the rising demand for rubber across a number of industries
and applications. The segment of rubber chemicals is expected to
expand at an 8.4% CAGR in terms of value from 2016 through 2024.
Owing to this, the share of the segment in the global market is
expected to rise from nearly 15% in 2015 to 16.3% by 2024.
Asia
Pacific to Continue to Command Prominent Position in Global Market
In
terms of geography, Asia Pacific presently leads the global MIBK
market. It is followed by North America and Europe. Increasing
consumption of MIBK in automotive and crop-protection industries in
China, India, and ASEAN countries is expected to drive the demand for
MIBK-based applications in Asia Pacific during the forecast period.
China is the leading consumer of MIBK in Asia Pacific, especially in
the antiozonants application. Production and demand of MIBK is
expected to continue to rise in Asia Pacific during forecast period
as well, granting the region a commanding position in the global
market in the near future. In terms of revenue contribution to the
global market, Asia Pacific accounted for a dominant share of more
than 42% in 2015.
North
America chiefly consists of developed countries and mature markets.
Therefore, the MIBK market in the region is expected to expand at a
moderate pace during the forecast period. Countries in Middle East
and Africa are estimated to provide lucrative opportunities for the
MIBK market owing to the rise in commercial infrastructure
development activities.
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The
global MIBK market features a largely consolidated competitive
landscape, with the top five companies cumulatively accounting for a
lion’s share in the market’s overall valuation. Some of the key
companies in the market are The Dow Chemical Company, Royal Dutch
Shell Plc, Kumho P&B, Lee Chang Yung Chemical, Celanese
Corporation, Eastman Chemical Company, Mitsubishi Chemical Holdings
Corporation, and Mitsui Chemicals, Inc.
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