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)
Methyl Ethyl Ketone (MEK) is a versatile and widely-used chemical compound with the molecular formula C4H8O. It is primarily derived from the dehydration of secondary butanol and finds extensive applications across various industries due to its properties as a solvent and chemical intermediate. This report provides a comprehensive analysis of the global MEK market, including market trends, key developments, segmentation, and competitive landscape.
Overview of MEK: MEK is a volatile liquid with a sweet odor, naturally produced by certain trees, bacteria, and seaweeds. Its major applications include its use as a solvent in the paint and coating industry, resin manufacturing, pharmaceuticals, chemicals, electronics, and household products. Despite its effectiveness, challenges such as high flammability necessitate careful handling and production procedures.
Market Forecast: The global MEK market is forecasted to witness steady growth, with an incremental opportunity estimated at nearly US$ 255.4 million during the forecast period. It is projected to expand at a compound annual growth rate (CAGR) of 3.6%. Increasing acceptance among end-user industries, driven by properties like faster evaporation rate and better solubility, is expected to fuel market growth in the coming years.
Key Developments: Key players in the MEK market are focusing on collaborations, innovative product development, acquisitions, and expansion strategies. For example, Maruzen Petrochemical Co., Ltd expanded its MEK project in Japan to increase production capacity. Similarly, Cetex Petrochemicals was acquired to double MEK production capacity in the South East Asia Pacific region.
Market Segmentation: The global MEK market can be segmented based on application, end-use, and region. Applications include solvent, printing inks, chemical intermediate, lube oil dewaxing, and magnetic tapes. End-uses encompass paints & coatings, rubber, packaging, artificial leather, agricultural, and chemical & pharmaceutical sectors. Geographically, the market spans regions such as North America, Latin America, China, Japan, Europe, Middle East & Africa, and South East Asia & Pacific.
Europe Market Outlook: Europe is expected to remain a moderate value-high growth region in the global MEK market. The growth of the paints and coatings industry, driven by construction activities, is anticipated to boost MEK demand. Additionally, the automotive sector and agrochemicals industry are likely to contribute to market growth, supported by increasing production activities in the region.
Research Methodology: The global MEK market report employs a robust research methodology, considering as the base year for data analysis. Primary data was collected from product manufacturers, end-user procurement agencies, distributors, and regional representatives. Public data sources, including industry association reports, government directives, and financial reports, were also utilized.
Key Players: Major players in the global MEK market include 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.
Market Segmentation: The report further delves into patent analysis and regulations across seven key regions. It segments the global MEK market based on applications (solvent, printing inks, chemical intermediate, lube oil dewaxing, magnetic tapes), end-uses (paints & coatings, rubber, packaging, artificial leather, agricultural, chemical & pharmaceutical), and regions (North America, Latin America, China, Japan, Europe, Middle East & Africa, South East & Asia Pacific & Other APAC).
Table of Contents
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
4. North America Methyl Ethyl Ketone Market Outlook, 2018 - 2031
4.1. North America Methyl Ethyl Ketone Market Outlook, by Grade, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.1.1. Key Highlights
4.1.1.1. Regular
4.1.1.2. Urethane
4.2. North America Methyl Ethyl Ketone Market Outlook, by Function, Value (US$ Bn) and Volume (Tons), 2018 - 2031
4.2.1. Key Highlights
4.2.1.1. Solvent
4.2.1.2. Cleaning Agent Hardener
4.2.1.3. Welding Agent
4.2.1.4. Precursor
4.3. North America Methyl Ethyl Ketone Market Outlook, by Application , Value (US$ Bn) and Volume (Tons), 2018 - 2031