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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