DUBLIN--(BUSINESS WIRE)--The "Methyl Ethyl Ketone Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The methyl ethyl ketone (MEK) market is expected to grow at a CAGR of around 5.4% during the forecast period of 2019-2024
The major factors driving the growth of market studied are the growing demand for paints and coatings, increasing demand for powder coatings in the automobile industry, and growing demand for resins as solvent in the pharmaceutical industry. On the flipside, the increasing awareness about toxic effects of MEK, and high price of feedstock are some of the factors that hampers the growth of the studied market.
- Construction segment dominated the market in 2018 and is likely to grow during the forecast period with the growing residential as well as commercial construction activities across the globe.
- Development of fresh distillation program SUPERHIDIC by Maruzen Petrochemicals is further likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, owing to the growing construction activities, rising automotive production, and growing pharmaceutical industry in the region.
Key Market Trends
Paints & Coatings Segment to Dominate the Market Demand
- Paints & coatings segment stands to be the largest consumer of MEK. MEK is an exceptional solvent for use in the paints & coatings sector. The paints & coatings major consumption is in the construction industry.
- The global construction industry grew by about 3.5% during 2018. Residential & commercial construction has been increasing significantly across the globe, which is further driving the demand for MEK for construction applications.
- Asia-Pacific and North America regions have been witnessing strong growth in the residential construction, which is further likely to increase the demand for MEK for residential application during the forecast period.
- Besides, regions like8 Asia-Pacific and Middle East & Africa are experiencing huge domestic as well as foreign investments for setting up an industrial unit, hospitals, malls, multiplexes, hospitality industry, and IT sector, which is further expected to add noticeably to the demand for MEK market.
- Hence, all such favorable trends in the construction industry are expected to increase the consumption of paints & coatings, which is further projected to drive the growth of MEK market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. With growing investments into the residential and commercial construction in the countries, such as India, China, Philippines, Vietnam, and Indonesia, the market for MEK is expected to increase in the coming years.
- China currently has numerous airport construction projects, such as, which are either in development or planning stage. These include - Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport, etc. Besides, the government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- In India, the government's investment target of USD 120.5 billion for developing 27 industrial clusters; this is expected to boost commercial construction in the country.
- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide boost to residential construction in the country.
- Hence, all such investments and planned projects in the Asia-Pacific countries is providing boost to construction activities in the region, which are further likely to drive the demand for MEK in the region during the forecast period.
- Besides, the region has also been witnessing significant investment into the automotive and pharmaceutical industries, owing to which the industrial output from such industries is expected to increase in the region in the coming years.
- With this, the demand for paints & coatings, adhesives, and resins in which MEK is used is also expected to increase, which is further projected to increase the consumption of MEK in the region during the next five years.
The methyl ethyl ketone market is a consolidated market, where few major players hold significant share of the market demand. Some of the major players in the market include Royal Dutch Shell PLC, Arkema Group, ExxonMobil Chemicals, AkzoNobel N.V., and Sasol, amongst others.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand for Paints and Coatings
4.1.2 Increasing Demand for Powder Coatings in the Automobile Industry
4.1.3 Growing Demand for Resins as Solvent in the Pharmaceutical Industry
4.2.1 Increasing Awareness about Toxic Effects of MEK
4.2.2 High Price of Feedstock
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Technological Snapshot
4.5.1 Production Process
220.127.116.11 Vapor Phase Dehydrogenation of 2-Butanol
18.104.22.168 Liquid Phase Oxidation of Butane
22.214.171.124 Direct oxidation of n-Butanes, Hoechst-Wacker process
126.96.36.199 Direct Oxidation N-Butenes, Maruzen Process
188.8.131.52 Technology licensing & Patent Analysis
4.6 Trade Analysis
4.7 Price Index
4.8 Regulatory Policy Analysis
5 MARKET SEGMENTATION
5.1.3 Printing Ink
5.2 End-user Industry
5.2.1 Paints & Coatings
5.2.4 Packaging & Publishing
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Arkema SA
6.4.2 ExxonMobil Chemical
6.4.3 Shell Chemicals
6.4.4 Maruzen Petrochemical Co. Ltd
6.4.5 Sasol Solvents
6.4.6 PetroChina Lanzhou Petrochemicals
6.4.7 Zibo Qixiang Petrochemical Industry Group Co. Ltd
6.4.8 Idemitsu Kosan Co. Ltd
6.4.9 SK Energy Co. Ltd
6.4.10 Cetex Petrochemicals
6.4.11 Ineos Solvents
6.4.12 Tasco Chemicals
6.4.13 Tonen Chemicals
6.4.14 Fushun Petrochemical Company
6.4.15 AkzoNobel N.V.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Fresh Distillation Program SUPERHIDIC by Maruzen Petrochemicals
For more information about this report visit https://www.researchandmarkets.com/r/vgyjf9