Increasing demand for methyl ethyl ketone in the online retailing business, coupled with high investment in R&D of methyl ethyl ketone, is fueling the market growth.
Methyl Acetone Market Size – USD 3.07 Billion in 2018, Market Growth - CAGR of 5.3%, Market trends – Increase in demand for methyl ethyl ketone in the paints & coatings applications.
The Global Methyl Acetone Market is forecast to reach USD 4.93 Billion by 2027, according to a new report by Reports and Data. The Methyl Ethyl Ketone (MEK) is an aliphatic ketone with a colorless or pale yellow shade, flammable, highly water-soluble industrial and commercial chemical with a strong, pungent odor. Methyl ethyl ketone is mostly used as a solvent in the manufacturing of surface coating applications and also widely utilized as an intermediate solvent chemical in the formulation of various chemical processing. Paints, inks, synthetic resin, varnishes, surface coating, and denaturant, food flavoring in many ethanol formulations are some of its chemical applications. Methyl ethyl ketone, for its combination of high solvent activity with low density, is very useful in developing high-solid coatings and highly demanded in the coating industry. The continuous expansion of the paint & coatings, varnishes, adhesives, inks, food flavoring agent, and food-contact packaging products are expected to drive the demand throughout the forecast period.
Key participants include LCY Chemical Corp., ExxonMobil, Royal Dutch Shell PLC, Maruzen Petrochemicals, Arkema S.A, Celanese Corporation, Eastman Chemical Company, Petro China, Sasol Limited, and ISU Chemical.
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Further key findings from the report suggest
Methyl ethyl ketone is a synthetic chemical compound used in the direct solvent and widely used in the direct chemical formulations. Specialty coating, powder coating, waterborne coatings, inks, varnishes, lacquers, direct extraction agent in the dewaxing & deoiling of the petroleum products are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2027 growing with a rate of 5.6% during the period 2019 – 2027.
Chemical intermediate segment is measured to grow at the CAGR of 5.2% in the forecast period. Methyl ethyl ketone is utilized as the active chemical & organic intermediate in plasticizer & plastics manufacturing.
Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 34.1% by 2027.
Europe would reach a market share of 20.5% by 2027 and would grow at a CAGR of 4.9% in the forecast period. Netherland and France have some of the valuable players in this region.
North America is forecasted to witness significant growth in the overall market, with 25.7% of market possession by 2027 and CAGR of 5.8% during the forecast period. US possesses the highest market share in this region and some of the vital player of the market.
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For the purpose of this report, Reports and Data have segmented the global Methyl Acetone Market on the basis of the end-use, sales channel, applications, and region:
End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
Paints & Coatings
Rubber & Adhesive
Chemical & Pharmaceuticals
Food Packaging & Flavoring
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Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)
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Sr. Research Analyst at Reports and Data