Global Methyl Isobutyl Ketone Market - Segmented by Application, End-user Industry, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global methyl isobutyl ketone market is expected to register a CAGR of 6.25% during the forecast period. Methyl Isobutyl ketone (MIBK) is an active solvent for many synthetic resins, including cellulosic, vinyl copolymers, acrylics, alkyds, polyesters, and epoxies. It is used for manufacturing paints, industrial coatings, pharmaceuticals, rubbers, and others.
Growing Demand for Solvents in Rubber Processing and Tire Production Industry
The wide use of MIBK as a solvent in nearly 40 industrial applications is expected to sustain the market growth during the forecast period. It is used as a denaturant in many ethanol formulations and extractive agent in de-waxing and de-oiling of rubber products. The increasing demand for surface coatings, with increasing construction activities in developing economies, is likely to aid the market growth. The thriving global automotive industry has led to an increased consumption of solvents for surface coatings and rubber processing chemicals, which in turn, has increased the consumption of MIBK in the automotive industry. With higher adoption rate of energy efficient tires, the use of MIBK as an intermediate in synthesis of rubber and anti-ozonant additive in tires is expected to boost the market in the future.
Bio-based MIBK is expected to have the Highest Growth
Exposure to synthetic MIBK can have harsh impact on the environment and inhabitants in close proximity of the substance. This factor is expected to fuel the global demand for bio-based MIBK during the forecast period. Cost of the bio-based MIBK processing method is less, in comparison to the petroleum-based method. Petroleum-based MIBK can also form explosive peroxides upon exposure to air, in case of spillage during transport and storage. Thus, the adoption of bio-based MIBK is being considered an economical as well as an ecologically viable option for a number of industries. It is expected that the bio-based MIBK will gradually replace the petroleum-based MIBK to a large extent by 2024.
Asia-Pacific Dominates the Market
Geographically, Asia Pacific is estimated to grow with a fastest CAGR during the forecast period due to the increasing demand from end use industries, such as construction, automobiles, and agrochemicals amongst others. The demand for methyl isobutyl ketone is projected to increase in developing countries, such as China, India, and Malaysia, due to increasing automobile production and sales. Moreover, ease of availability of cheap labor cost, raw material, and implementation of new development strategies to fulfil the demand for methyl isobutyl ketone in the increasing applications are the major factors for the regional market growth.
Key Developments in the Market
November 2017: A South Korean chemical firm was hit with anti-dumping tariffs by China's Commerce Ministry, for its exports of methyl isobutyl ketone (MIBK).
August 2017: A fire and power outage at Europe’s largest refinery, Pernis in the Netherlands, has resulted in the shutdown of MIBK plant.
Major Players: Shell Chemicals, SASOL, DowDuPont, Celanese, Sigma-Aldrich, and Kumho P & B, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating application used in the market
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel)
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