Dublin, April 26, 2024 (GLOBE NEWSWIRE) -- The "Methyl Ethyl Ketone Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
Global MEK market is poised for steady growth, with a projected expansion at a CAGR of 3.6% during the forecast period, offering an incremental opportunity of nearly US$ 255.4 million.
Methyl Ethyl Ketone (MEK), with the molecular formula C4H8O, is a volatile and flammable liquid widely utilized across various industries. It is derived from the dehydration of secondary butanol and is renowned for its effectiveness as a solvent in the paint and coating industry, alongside its applications in resin manufacturing, pharmaceuticals, chemicals, electronics, and household products. Despite its benefits, challenges such as high flammability necessitate careful handling, which may impact its adoption in certain sectors.
Factors Driving Market Growth: The increasing acceptance of MEK among end-user industries is a significant driver for market growth. Its properties such as rapid evaporation rate and superior solubility make it a preferred choice in applications like printing inks, agrochemicals, paints & coatings, and magnetic tapes. Additionally, its efficacy as a solvent extends to areas like pesticides, chemical intermediates, and pharmaceutical detergents, fostering its adoption across diverse sectors. Key developments in the market, including expansions, acquisitions, and product innovations by major players like Maruzen Petrochemical Co., Ltd and Cetex Petrochemicals, further contribute to market expansion.
Market Segmentation: The global MEK market can be segmented based on application, end-use, and region. Application-wise segmentation includes solvents, printing inks, chemical intermediates, lube oil dewaxing, and magnetic tapes. End-use segmentation covers paints & coatings, rubber, packaging, artificial leather, agricultural, and chemical & pharmaceutical industries. Geographically, the market spans across seven key regions: Middle East & Africa, China, North America, Europe, Latin America, South East Asia & Pacific, and Japan.
Regional Outlook: Europe emerges as a moderate value-high growth region in the global MEK market, primarily driven by its extensive use in the paint and coating industry. The robust growth of construction activities in Europe fuels demand for paints and coatings, consequently boosting MEK consumption. Moreover, the automotive sector and agrochemical industry in the region exhibit substantial growth, further propelling the demand for MEK owing to its diverse applications.
Key Players: Several prominent players operate in the global MEK market, including Sasol, Cetex Petrochemicals, AkzoNobel N.V., Arkema S.A., ExxonMobil Chemical, Shell Chemicals, Ineos Solvents, PetroChina Lanzhou Petrochemicals, Idemitsu Kosan Co. Ltd, Tonen Chemicals, and SK Energy Co. Ltd.
These players engage in strategic initiatives such as collaborations, product development, acquisitions, and expansions to enhance their market presence and cater to evolving customer needs.
Competitive Landscape
- By Grade vs by Function Heat map
- Manufacturer vs by Function Heatmap
- Company Market Share Analysis, 2023
- Competitive Dashboard
Company Profiles
- Sasol
- Company Overview
- Product Portfolio
- Financial Overview
- Business Strategies and Development
- Cetex Petrochemicals
- AkzoNobel N.V.
- Arkema S.A.
- Exxonmobil Chemical
- Shell Plc.
- Ineos Solvents
- Pterochina Lanzhou Pterochemicals
- Idemitsu Kosan Co.Ltd.
- Tonen Chemicals
- SK Energy Co.Ltd
Key Topics Covered:
1. Executive Summary
1.1. Global Methyl Ethyl Ketone Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Global Methyl Ethyl Ketone Market Outlook, 2018 - 2031
3.1. Global Methyl Ethyl Ketone Market Outlook, by Grade, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.1.1. Key Highlights
3.1.1.1. Regular
3.1.1.2. Urethane
3.2. Global Methyl Ethyl Ketone Market Outlook, by Function, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.2.1. Key Highlights
3.2.1.1. Solvent
3.2.1.2. Cleaning Agent Hardener
3.2.1.3. Welding Agent
3.2.1.4. Precursor
3.3. Global Methyl Ethyl Ketone Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.3.1. Key Highlights
3.3.1.1. Paint & Coatings Formulations
3.3.1.2. Fragrance Formulations
3.3.1.3. Rubber Manufacturing
3.3.1.4. Adhesives Formulation
3.3.1.5. Printing Inks Formulation
3.3.1.6. Textile Manufacturing
3.3.1.7. Others (Paraffin Wax Production, etc.)
3.4. Global Methyl Ethyl Ketone Market Outlook, by Region, Value (US$ Bn) and Volume (Tons), 2018 - 2031
3.4.1. Key Highlights
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/ooevbh
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