Global Methyl Ethyl Ketone (MEK) Market Forecast
Methyl Ethyl Ketone (MEK) is a volatile and highly flammable liquid with a sweet odor and the molecular formula (C4H8O). It is naturally produced by some trees, bacteria & seaweeds. MEK is an organic compound produced from the dehydration of secondary butanol. It is majorly used in the paint & coating industry as a solvent and also utilized in resin manufacturing. Moreover, MEK finds application in pharmaceutical, chemical, coating and electronics along with other industries as a chemical intermediate, cleaner and solvent.
Moreover, MEK is also used in numerous household products, paints, coatings, degreasing metals, manufacturing magnetic tapes, varnishes and glues. Numerous end-users prefer MEK as an effective solution for different pharmaceutical and chemical applications. High flammability and the subsequent need for high efforts in the safe production and handling of this chemicals may prove to be a challenge as it deters the adoption of MEK in certain end uses. The incremental $ opportunity created by the MEK market during the forecast period is pegged at nearly US$ 255.4 Mn. The MEK market is expected to expand at a CAGR of 3.6% during the forecast period.
Increasing Acceptance in End-user Industries to Augment the Global MEK Market
With properties such as faster evaporation rate and better solubility, MEK is increasingly being accepted among end-user industries. MEK is widely used in printing inks, agrochemicals, paints & coating, magnetic tapes and other applications. Attributing to its effectiveness as a solvent, MEK is also used in pesticides, chemical intermediates, pharmaceutical detergents and many more applications. Therefore, the increasing application and acceptance of methyl ethyl ether, among diverse end-user industries, is set to be among the key driving factors responsible for the growth of the market in the near future.
Key Developments in the MEK Market
Key players in the MEK market are focusing on collaborations, innovative product development, acquisitions and expansion. The manufacturers are primarily targeting high development areas and producing application-specific products to gain higher market attraction. For instance,
Global MEK Market Segmentation
The global MEK market can be segmented on the basis of application, end-use and region. On the basis of application, the global MEK market has been segmented into solvent, printing inks, chemical intermediate, lube oil dewaxing, magnetic tapes. On the basis of end-use, the global MEK market has been segmented into paints & coating, rubber, artificial rubber, packaging, chemical & pharmaceutical and agricultural. Geographically, the global MEK market can be segmented into seven key regions such as Middle East & Africa, China, North America, Europe, and Latin America, South East Asia & Pacific, Japan. The MEK market is a fragmented one, owing to the presence of a number of players. The leading players in the MEK market have medium to good presence across the globe.
Europe to Remain a Moderate Value – High Growth Region in the Global MEK Market over the Forecast Period
Generally, ethyl methyl ketone is used as solvents in the paint and costing industry. The paints and coatings market is estimated to expand at a strong rate during the forecast period, owing to the growth of construction activities mainly in Europe. This, in turn, is expected to drive the demand for MEK during the forecast period (2018-2026). Moreover, growth in the automotive sector and agrochemicals, which has recorded strong growth numbers in the MEK market. Increasing production of vehicles in the region is expected to result in an increase in the use of paints and coatings
A Brief Overview of the Research Methodology of the Global MEK Market Report
To understand the opportunities and trends, the global MEK market report has been segmented on the basis of two criteria, i.e. application and end-use industry. For market data analysis, we have considered 2017 as the base year. Firstly, the basic data related to MEK – collected from sources including product manufacturers, end-user procurement agencies, distributors and regional representatives was gathered. Moreover, public data sources such as industry association reports_bk_01_01_2020, government directives & press reports_bk_01_01_2020, reports_bk_01_01_2020 from financial rating and assignment agencies were also considered. Considering both supply side and demand side drivers and trends of the various regional markets. Historic data includes data for the period 2013-2017.
Key Players in the Global MEK Market
Some of the players reported in this study on the global MEK market are 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.
Persistence Market Research (PMR) provides an exclusive analysis of the global Methyl Ethyl Ketone (MEK) market in its latest report titled ‘Methyl Ethyl Ketone Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026’. This report provides key insights pertaining to the global MEK market. For a better understanding of the global MEK market, the report comes with an analysis of factors, such as drivers, restraints, trends, production overview, Porter's analysis, pricing analysis, key regulations and application-wise analysis. This MEK market report offers a broad analysis of the global MEK market, in terms of volume (Kilo Tons) & value (US$ Mn) and year wise growth (Y-O-Y).
The report on the global MEK market starts with the executive summary and market introduction, taxonomy of MEK, which provide a broad view of the global MEK market. The next section of the report includes the market viewpoint, macroeconomic factors, parent market outlook and value chain analysis, forecast factors and impact analysis.
After this, the drivers, restrains, trends and opportunities in the MEK market impacting manufacturers have been assessed. The MEK market has been witnessing a steady increase in demand. The paints and coatings market is estimated to expand at a strong growth rate during the forecast period owing to the growth of construction activities across the globe. This, in turn, is projected to drive the demand for MEK during the forecast period.
The demand for agricultural products is on the rise owing to the continuous growth in population. However, the cultivable land across regions is reducing. Amidst the current scenario of the widening demand-supply gap, the demand for agro-chemicals is gaining momentum. Agro-chemicals comprise fertilizers, pesticides, biocides and insecticides. MEK is used as a solvent in the formulation of agrochemicals, such as pesticides and others. Hence, the growing demand for agrochemicals is expected to augment the growth of the MEK market in the coming years. Although MEK (MEK) offers several advantages, it requires expert handling at every level and a tremendous amount of effort is expended in its safe production and handling. MEK is a highly flammable liquid with low flash point of 30 °C. Attributing to its high flammability, MEK is classified as hazardous for transport under transport regulations. Further, during transportation or storage, MEK must be kept away from sources of ignition and substances with oxidizing properties and contact should be avoided with copper and copper alloys, aluminum and aluminum alloys, butylene, Buna N and neoprene. The transportation of large quantities of MEK requires extreme precautions, to protect both the chemical and the personnel in contact with these chemical during transportation. Hence, flammability and acute hazards pertaining to MEK are expected to slightly hamper the market growth in the near future. Amidst the ongoing competition in the global MEK market, particularly in the European region, several manufacturers are strongly focusing on the enhancement of their production capacities. Surging demand for MEK, particularly from the growing electronics industry and solvent applications, is expected to drive the demand in the MEK market.
The next section of the global MEK market report includes patent analysis and regulations of MEK for seven key regions. The section that follows analyses the global MEK market on the basis of segments and presents a forecast for the period 2018-2026. The global MEK market has been segmented on the basis of application, end-use and regions, as mentioned below.
Segmentation of the global MEK market by application:
Segmentation of the global MEK market by end use:
Segmentation of the global MEK market by region:
The last section of the report includes a competitive dashboard, key developments, SWOT analysis and financial analysis, which includes market share analysis and provides information and analysis of major players based on the categories of manufacturers and service providers across the value chain and their presence in the global MEK market.
To understand the opportunities and trends, this global MEK market report has been segmented on the basis of two criteria, i.e. application and end-use industry. For market data analysis, we have considered 2017 as the base year. First, basic data related to MEK was collected from sources including product manufacturers, end-user procurement agencies, distributors and regional representatives. Moreover, public data sources, such as industry association reports_bk_01_01_2020, government directives & press reports_bk_01_01_2020, reports_bk_01_01_2020 from financial rating and assignment agencies, were also considered. After this, the collected data was distributed on the basis of different verticals, considering both supply-demand drivers and trends across numerous regional markets. Historic data includes data for the period 2013-2017. This base year information was further spilled across categories as mentioned in market taxonomy. After that data was validated where the market assessment was deduced from the hypothesis model.
This detailed level of information is important for identifying the various key trends governing the global MEK market. The report also analyses the MEK market based on incremental dollar opportunity & global absolute dollar opportunity. For the validation from the supply side, the market segments by tier, application and processing capability, the market structure and sales footprint of major vendors were assessed. Likewise, in pricing analysis, the weighted average price of the commercially-available grade was calculated & a forecast was derived through our proprietary forecast model. Numerous factors were taken into consideration while forecasting the price.