Methyl Isobutyl Ketone Market Overview to
2023:
Methyl Isobutyl Ketone (MIBK) is
also known as mono-isobutyl ketone. It is a stable, clear, and colorless liquid
with a pleasant odor. Around 60% of the MIBK is manufactured by aldol
condensation of acetone and its derivative intermediates, mesityl oxide, and
diacetone alcohol. Methyl Isobutyl Ketone are found naturally in orange and
lemon juice, vinegar, papaya, baked potatoes, grapes, ginger, cheese, milk,
plum, mushrooms, and others. MIBK is compatible with many organic materials,
which makes it a superior industrial solvent. It is widely used as a chemical
intermediate, extracting agent, solvent, and denaturant in numerous end use
industries such as pharmaceuticals, agrochemicals, paints & coatings, and
automotive among others. Other industries include packaging, rubber
manufacturing, and cosmetics.
As per our analysis, some of the
prominent market factors and trends identified in the global methyl isobutyl
ketone market include rising demand for MIBK solvent for coatings in automobile
and electronics industry, increasing demand for adhesives, paints, and coatings
on account of growing construction spending. Additionally, rapid
industrialization coupled with rising per capita disposable income is expected
to drive the market growth during the review period. Moreover, to meet a
diverse set of needs resulted due to huge demand from agrochemical industry is
predicted to boost the market growth during the given period. These are widely
used in the manufacturing of cosmetics and personal care products, thus, the
consumption of MIBK in recent years is set to increase and is likely to fuel
the market growth. Regulatory bodies, specifically in developed countries, have
imposed stringent regulations on MIBK manufacturers regarding its toxicity
level, which is estimated to hamper the market growth over the assessment
period.
Global Key Players:
· Eastman Chemical Company
· The Dow Chemical Company
· Shell Chemicals
· Arkema Group
· Kumho P&B Chemicals Inc.
· LCY GROUP.
· Celanese Corporation
· Mitsui Chemicals, Inc
· NINGBO OCEANKING CHEMICAL
DEVELOPING CORPORATION
· Zhejiang Xinhua Chemical Co.,Ltd.
· Sasol
Regional Analysis:
The global methyl isobutyl ketone
market is segmented into five regions: Asia Pacific, Europe, Latin America,
North America, and the Middle East & Africa. Asia Pacific is estimated to
grow at the fastest CAGR during the review period on account of increasing
demand from end use industries such as automobiles, agrochemicals, and
construction among others. The demand for methyl isobutyl ketone is projected
to surge in developing countries such as India, China, and Malaysia due to
increasing automobile production and sales. Moreover, ease in availability of
raw material, relatively cheap labor cost, and implementation of new
development strategies to fulfil the demand for methyl isobutyl ketone in the
increasing applications are the prominent factors for the regional market
growth.
Asia Pacific has emerged as the
largest market for methyl isobutyl ketone followed by North America and Europe.
North America is expected to witness a steady growth in MIBK market due to the
increased usage in pharmaceutical and packaging industries. North American
countries such as the U.S. and Canada are among the key contributors in the
regional market growth and are expected to witness regional market growth in
the upcoming years. Countries in Europe such as Spain, Germany, and the UK have
emerged as the regional consumer markets due to developed end use industries
and rising consumer spending on personal care products. Additionally, the
Middle East & Africa is expected to witness a moderate growth over the forecast
period. Rising construction spending in commercial as well as institutional
sector, especially, in Qatar, Saudi Arabia, and the United Arab Emirates (UAE)
is projected to positively influence methyl isobutyl ketone business during the
assessment period.
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for More Detail@ https://www.marketresearchfuture.com/reports/methyl-isobutyl-ketone-market-4254
Segmentation:
The global methyl isobutyl ketone market
is segmented based on application, end use industries, and regions. On the
basis of application, the market is segmented into solvent, chemical
intermediate, extracting agent, denaturant, and others.
On the basis of end use industries, the market is categorized into paints &
coatings, pharmaceuticals, agrochemical, automotive, and others.
On the basis of regions, the market is segmented into Asia Pacific, Europe,
Latin America, North America, and the Middle East & Africa.
Geographical
Analysis:
The report covers brief analysis of
geographical regions such as North America, Latin America, Europe, Asia
Pacific, and the Middle East & Africa.
Intended Audience
- Methyl Isobutyl Ketone
manufacturers
- Traders and Distributors of methyl
isobutyl ketone
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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