Market Overview to 2023:
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.
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As per our analysis,
some of the prominent market factors and trends identified in the global Methyl
Isobutyl Ketone Market Size 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.
Global Key Players:
· Eastman Chemical Company
· The Dow Chemical Company
· Shell Chemicals
· Arkema Group
· Kumho P&B Chemicals Inc.
· LCY GROUP.
· Celanese Corporation
· Mitsui Chemicals, Inc
· NINGBO OCEANKING CHEMICAL DEVELOPING CORPORATION
· Zhejiang Xinhua Chemical Co.,Ltd.
· Sasol
Regional Analysis: The Methyl Isobutyl Ketone Market Size 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.
Segmentation: The global Methyl Isobutyl Ketone Market Size 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.
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
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