Methyl Isobutyl Ketone Market Overview to 2023:
Market Research Future (MRFR)
proclaims that the global methyl isobutyl ketone market is predicted to garner
a stellar CAGR during the forecast period (2016-2023). The surging demand for
adhesives is highly encouraging the market growth across the globe. Also termed
as mono-isobutyl ketone, methyl isobutyl ketone (MIBK) is a clear, stable, and
colorless liquid possessing a pleasant odor. It is naturally found in vinegar,
orange and lemon juice, baked potatoes, papaya, ginger, grapes, milk, cheese,
mushrooms, plum, and others and is compatible with other organic materials,
thus making it a superior industrial solvent. MIBK finds application as an
solvent, extracting agent, chemical intermediate, and a denaturant in various
end use industries like agrochemicals, pharmaceuticals, automotive, and paints
& coatings.
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Market Potential and Pitfalls
The market’s growth is chiefly
directed by the surging demand for MIBK solvent in the electronics and
automobile industry. The demand for MIBK has increased in paints and coatings
as well as in adhesives due to rising spending on construction which fuels the
market growth across the globe. To meet a diverse set of needs owing to the
extensive demand for agrochemical sector, the MIBK market is likely to gain an
impetus in the foreseeable years. Methyl isobutyl ketone is extensively used in
the manufacturing of personal care products and cosmetics, which has fostered
its consumption across the globe.
Methyl isobutyl ketone is
considered one of the outstanding solvents used for resins in several surface
coatings. It is extensively used in rubber chemicals for producing tires, insecticides,
and surfactants. Moreover, with the augmenting automotive industry, the
production of tires has increased which has further provided a boost to the
overall market throughout the appraisal period. Methyl isobutyl ketone is also
extensively used solvent in the production of machineries, rubber products,
chemicals, and paints, thereby triggering its demand across the globe.
On the contrary, regulatory
bodies in the developed countries have imposed strict mandates on the
manufacturers of methyl isobutyl ketone due to its toxicity level. This has
imposed a threat on its production on a global level. On the brighter note, the
growing concerns regarding its negative impact on the human health and
environment has resulted in an increased adoption for petroleum and
synthetic-based MIBK. The synthetic-based MIBK is likely to be replaced by
bio-based MIBK for several major applications. This is expected to provide
lucrative growth opportunities for major companies.
Competitive Dashboard
The prominent players operating
the global methyl isobutyl ketone (MIBK) market comprises Zhejiang Xinhua
Chemical Co., Ltd. (China), Sasol (South Africa), NINGBO OCEANKING CHEMICAL
DEVELOPING CORPORATION (China), Mitsui Chemicals Inc (Japan), The Dow Chemical
Company (U.S.), Celanese Corporation (U.S.), LCY GROUP.(Taiwan), Kumho P&B
Chemicals Inc.(Korea), Arkema Group (France), Eastman Chemical Company (U.S.),
and Shell Chemicals (the Netherlands).
Global Methyl Isobutyl Ketone (MIBK) Market: Segmental Analysis
The global methyl isobutyl ketone
(MIBK) market has been segmented on the basis of application and end-use
industries.
By mode of application, the
global methyl isobutyl ketone (MIBK) market has been segmented into chemical
intermediate, solvent, denaturant, extracting agent, and others.
By mode of end-use industries,
the global methyl isobutyl ketone (MIBK) market has been segmented into
pharmaceuticals, paints & coatings, automotive, agrochemical, and others.
Among these, the automotive sector is likely to gain prominence in the coming
years. With the surging demand for solvents in the production of tires, the
automotive sector is estimated to foster.
Regional Insights
Geographically, the methyl
isobutyl ketone (MIBK) market span across regions namely, Europe, Asia Pacific,
North America, Latin America, and the Middle East & Africa.
Considering the global scenario,
the Asia Pacific region has emerged to be the fastest growing region due to the
surging demand from the end-user industries like agrochemicals, automobiles,
and construction. The demand for MIBK is anticipated to rise in the developing
nation of the regions namely, Malaysia, China, and India owing to the growing
sales and production of automotive. Due to the cheap labor cost, easy
availability of raw materials, and integration of development strategies to fulfil
the demand for MIBK in several applications, the market is predicted to foster
in this region.
The North American region is
considered to witness a steady growth owing to the rising usage in the
packaging and pharmaceutical sector. Countries like Canada and the U.S. are
some of the majpor contributors in this region.
Industry Updates
January 22, 2019: China’s
Ministry of Commerce has recently planned to impose anti-dumping duties on
ortho dichlorobenzene which has been imported from India and Japan. The
domestic sector has been subjected to damages owing to the dumping of such
products.
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