Westford,USA, July 13, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the revenue growth of the pharmaceutical antiseptics and anesthetics segment is propelled by rapid industry advancements in the methyl ethyl ketone market. MEK is crucial in this sector as it is widely used as a cleaning agent for surgical instruments and medical equipment. Its potent antibacterial properties make it an effective solution for sterilization, ensuring the elimination of harmful bacteria.
Browse in-depth TOC on "Methyl Ethyl Ketone Market"
- Pages - 260
- Tables - 68
- Figures – 75
Methyl ethyl ketone (MEK) is a colorless, volatile liquid with a distinct pungent odor. It occurs naturally in particular trees, bacteria, and seaweeds. However, the majority of MEK used in various industries is produced synthetically through the dehydration process of secondary butanol. MEK serves multiple purposes due to its chemical properties. It is widely employed as a solvent, finding applications in industries such as paints, coatings, adhesives, and printing inks.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 3525.16 Million |
| 2030 Value Projection | USD 5066.45 Million |
| CAGR | 4.62% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in Methyl Ethyl Ketone Market
- Arkema S.A.
- Idemitsu Kosan Co. Ltd.
- ExxonMobil Chemical
- Sasol
- Shell Chemicals
- Maruzen Petrochemical
- PetroChina
- Tasco Chemical
- SK Energy
- Zibo Qixiang Petrochemical Group
- Domo Chemicals
- PTT Global Chemical
- Mitsui Chemicals
- LCY Chemical Corp.
- Hanwha Chemical
- Tasnee
- Tasco Chemical
- Eastman Chemical Company
- Celanese Corporation
- Solvay
Paints and Coatings Segment is Expected to Grow the Market Due to Increased Construction Spending
The paints and coatings segment has emerged as the leading application segment, with a projected CAGR of 4.4%. This growth of the methyl ethyl ketone market can be attributed to several factors, including increased construction spending and the rapid expansion of the automobile industry, particularly in the Asia Pacific and the Middle East regions.
The markets in the North America experienced robust growth, driven by substantial investments in the methyl ethyl ketone market. As per the data provided by the US Census Bureau, in 2022, the estimated seasonally adjusted annual rate of construction spending in the United States was USD 1,809.9 billion. Although this figure was 0.4% lower than the revised November estimate of USD 1,817.3 billion, it still reflects healthy construction activity in the country.
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Packaging Segment is Expected to Dominate the Market Due to Increasing Demand for Packaged Food and Beverages
The packaging emerged as the leading segment, capturing the largest revenue share in the global methyl ethyl ketonemarket. This dominance can be attributed to the escalating demand for packaged food and beverages and the growing preference for flexible packaging solutions. Plastics, including various polymers, are extensively used in the food industry for packaging.
Regional markets in the Asia Pacific is projected to dominate the global methyl ethyl ketone market, primarily driven by significant investments in residential and commercial construction across countries like India, China, the Philippines, Vietnam, and Indonesia. These countries are experiencing rapid urbanization and infrastructure development, leading to increased construction activities.
A comprehensive analysis of the major players in the methyl ethyl ketone market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Methyl Ethyl Ketone Market
- Nouryon, a leading chemical company, recently completed an expansion project at its plant in Itupeva, Brazil. This expansion aimed to enhance the production capacity of various products, including methyl ethyl ketone peroxides. Nouryon positioned itself to meet the growing demand for these chemical products by strengthening its business through increased production capabilities.
- Innovate Alabama, an organization focused on promoting innovation and economic growth in the state, awarded over $4.5 million in small-scale grants in 2022. These grants were specifically designated for developing and validating artificial intelligence technology aimed at checking the presence of hazardous chemicals, such as methyl ethyl ketone (MEK) and hexane.
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Key Questions Answered in Methyl Ethyl Ketone Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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