Methyl Ethyl Ketone Market to Hit US$ 5.9 Billion by 2033 | Fact.MR Report

Rockville , June 13, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global methyl ethyl ketone (MEK) market is expected to reach a valuation of US$ 3.8 billion in 2023 and is expected to grow at a CAGR of 4.7% during the forecast period of 2023–2033.

Methyl ethyl ketone finds extensive application across various industries, including paints, coatings, adhesives, and chemical processing. As these industries continue to grow and evolve, the need for MEK as a solvent becomes increasingly vital. For instance, the expanding construction industry requires paints and coatings, and for paints & coatings formulation MEK is required, which fuels the demand for methyl ethyl ketone.

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Methyl ethyl ketone plays a crucial role in the formulation of paints and coatings. As a solvent, methyl ethyl ketone helps dissolve various components of paint formulations, such as resins, pigments, and additives. It provides excellent solvency power, allowing for the efficient dispersion and mixing of these components, resulting in a homogeneous and well-balanced paint formulation. It also contributes to the viscosity control of the paint, ensuring the right consistency for easy application and proper film formation.

Other factors such as surging demand from rubber and adhesives manufacturing coupled with growing consumer spending on apparel and fragrances are likely to drive MEK market growth in coming years.

Key Takeaways from Market Study

• The global methyl ethyl ketone market is expected to reach US$ 5.9 billion by 2033 growing at a CAGR of 4.7% from 2023 to 2033
• On the basis of grade, the urethane segment holds a significant market share of 65.1% and is expected to grow at a CAGR of 5.0% between 2023 to 2033
• East Asia dominates the global methyl ethyl ketone market by holding the predominant share of 28.5% in 2023
• Paints & coatings formulation under methyl ethyl ketone application is estimated to grow at a CAGR of 5.0% reaching a valuation of US$ 2.8 billion by 2033
• The solvent segment is expected to grow at a CAGR of 4.8% during the forecast period
• Market players dominating the market include Cetex Petrochemicals Ltd, INEOS, Exxon Mobil Corporation, Maruzen Petrochemical, Sasol, Shanghai Douwin Chemical Co., Ltd., Shell, TASCO Group, Zibo Qixiang Tengda Chemical

“Surging Demand for Cleaning and Welding Agent is Likely to Create Immense Growth Opportunity for the MEK Market Players to Expand” says a Fact.MR analyst.

Key Companies Profiled in This Report 

• Cetex Petrochemicals Ltd
• ENEOS Corporation
• Exxon Mobil Corporation
• Shanghai Douwin Chemical Co., Ltd.
• Shell
• TASCO Group

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Market Growth Stratagems

Prominent players in the methyl ethyl ketone industry are implementing strategies such as investment in research and development (R&D) and production capacity expansion. These strategies are crucial for companies to maintain a competitive edge, meet evolving customer demands, and capitalize on emerging opportunities.

A combination of research and development initiatives and production capacity expansion enables market players to drive market growth globally. R&D activities ensure continuous innovation and differentiation, enabling companies to offer high-quality MEK products with improved features. Production capacity expansion ensures a reliable supply chain and enables companies to capture new market opportunities.

Segmentation of Methyl Ethyl Ketone Industry Research Report

• By Grade :
  • Regular
  • Urethane
• By Function :
  • Solvent
  • Cleaning Agent
  • Hardener
  • Welding Agent
  • Precursor
• By Application :
  • Paint & Coatings Formulations
  • Fragrance Formulations
  • Rubber Manufacturing
  • Adhesives Formulation
  • Printing Inks Formulation
  • Textile Manufacturing
  • Others (Paraffin Wax Production, etc.)
• By Region :
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the methyl ethyl ketone market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.

The study reveals essential insights on the basis of the grade (regular and urethane), function (solvent, cleaning agent, hardener, welding agent, precursor), application (paints & coatings formulation, fragrance formulation, rubber manufacturing, adhesives formulation, printing inks formulation, textile manufacturing, others (paraffin wax production, etc.)), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).

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