Synopsis of Methyl Isobutyl Ketone
Market
Methyl Isobutyl Ketone (MIBK) is
also known as mono-isobutyl ketone. It is a stable, clear, and colorless liquid
with a pleasant odor. Around 60% of the MIBK is manufactured by aldol
condensation of acetone and its derivative intermediates, mesityl oxide, and
diacetone alcohol. Methyl Isobutyl Ketone are found naturally in orange and
lemon juice, vinegar, papaya, baked potatoes, grapes, ginger, cheese, milk,
plum, mushrooms, and others. MIBK is compatible with many organic materials,
which makes it a superior industrial solvent. It is widely used as a chemical
intermediate, extracting agent, solvent, and denaturant in numerous end use
industries such as pharmaceuticals, agrochemicals, paints & coatings, and
automotive among others. Other industries include packaging, rubber
manufacturing, and cosmetics.
As per our analysis, some of the
prominent market factors and trends identified in the global methyl isobutyl
ketone market include rising demand for MIBK solvent for coatings in automobile
and electronics industry, increasing demand for adhesives, paints, and coatings
on account of growing construction spending. Additionally, rapid industrialization
coupled with rising per capita disposable income is expected to drive the
market growth during the review period. Moreover, to meet a diverse set of
needs resulted due to huge demand from agrochemical industry is predicted to
boost the market growth during the given period. These are widely used in the
manufacturing of cosmetics and personal care products, thus, the consumption of
MIBK in recent years is set to increase and is likely to fuel the market
growth. Regulatory bodies, specifically in developed countries, have imposed
stringent regulations on MIBK manufacturers regarding its toxicity level, which
is estimated to hamper the market growth over the assessment period.
Regional Analysis
Regional Analysis
The global methyl isobutyl ketone
market is segmented into five regions: Asia Pacific, Europe, Latin America,
North America, and the Middle East & Africa. Asia Pacific is estimated to
grow at the fastest CAGR during the review period on account of increasing
demand from end use industries such as automobiles, agrochemicals, and
construction among others. The demand for methyl isobutyl ketone is projected
to surge in developing countries such as India, China, and Malaysia due to
increasing automobile production and sales. Moreover, ease in availability of
raw material, relatively cheap labor cost, and implementation of new
development strategies to fulfil the demand for methyl isobutyl ketone in the
increasing applications are the prominent factors for the regional market
growth.
Asia Pacific has emerged as the
largest market for methyl isobutyl ketone followed by North America and Europe.
North America is expected to witness a steady growth in MIBK market due to the
increased usage in pharmaceutical and packaging industries. North American
countries such as the U.S. and Canada are among the key contributors in the
regional market growth and are expected to witness regional market growth in
the upcoming years. Countries in Europe such as Spain, Germany, and the UK have
emerged as the regional consumer markets due to developed end use industries
and rising consumer spending on personal care products. Additionally, the
Middle East & Africa is expected to witness a moderate growth over the
forecast period. Rising construction spending in commercial as well as
institutional sector, especially, in Qatar, Saudi Arabia, and the United Arab
Emirates (UAE) is projected to positively influence methyl isobutyl ketone
business during the assessment period.
Industry Segmentation:
The global methyl isobutyl ketone
market is segmented based on application, end use industries, and regions. On
the basis of application, the market is segmented into solvent, chemical
intermediate, extracting agent, denaturant, and others.
On the basis of end use industries,
the market is categorized into paints & coatings, pharmaceuticals,
agrochemical, automotive, and others.
On the basis of regions, the market
is segmented into Asia Pacific, Europe, Latin America, North America, and the
Middle East & Africa.
Key Players
Some of the prominent players
operating in the global methyl isobutyl ketone market are Eastman Chemical
Company (U.S.), The Dow Chemical Company (U.S.), Shell Chemicals (the
Netherlands), Arkema Group (France), Kumho P&B Chemicals Inc.(Korea), LCY
GROUP.(Taiwan), Celanese Corporation (U.S.), Mitsui Chemicals, Inc (Japan),
NINGBO OCEANKING CHEMICAL DEVELOPING CORPORATION (China), Zhejiang Xinhua
Chemical Co.,Ltd. (China), and Sasol (South Africa)
Geographical
Analysis:
The report covers brief analysis of geographical regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Intended Audience
- Methyl Isobutyl Ketone manufacturers
- Traders and Distributors of methyl isobutyl ketone
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
Access for More Detail@ https://www.marketresearchfuture.com/reports/methyl-isobutyl-ketone-market-4254
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