Market Overview:
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.
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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.
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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Market 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.
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
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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