Press release
Methyl Isobutyl Ketone Market by Top Key Participant: Lee Chang Yung Chemical, Kumho P&B, Royal Dutch Shell Plc, Mitsubishi Chemical Holding Corporation, Eastman Chemical Company, Mitsui Chemicals and Celanese Corporation
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Methyl Isobutyl Ketone Market size is likely to expand at a prominent CAGR of close to 7% in the forecast timespan of 2018-2024. Methyl isobutyl ketone has excellent solvency property and is primarily used as solvent in various industries such as coatings and rubber.
Petroleum based methyl isobutyl ketone is considered harmful for human health and environment as well, due to the formation of explosive peroxides upon exposure to air, if spilled during storage or transport. Even low level exposure to the product can have side effects on human health. Thus, there’s a growing concern regarding its usage in industries globally and will hinder the product market growth in future.
Many companies are welcoming bio-based methyl isobutyl ketone in place of petroleum based methyl isobutyl ketone. The production process of bio-based methyl isobutyl ketone is simple and the product is also environment friendly and cost effective compared to petroleum based methyl isobutyl ketone. The demand for bio based methyl isobutyl ketone in various industries will drive the overall product market size.
Based on application, the product market is divided into insecticides, solvents, surfactants and rubber chemicals. Solvents is again divided into marine & automotive coating, wood coatings and construction coatings. The product, being a mixture of high solvent activity, is widely used in solid surface coating. It is used as a solvent for inks, coatings and adhesives. Also, it is used in manufacturing of pharmaceuticals, electroplating solutions, germicides and fungicides. Solvents was the leading application segment in the global product demand in 2015.
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Top key players:
The product market has few major players, namely, The Dow Chemical Company, Lee Chang Yung Chemical, Kumho P&B, Royal Dutch Shell Plc, Mitsubishi Chemical Holding Corporation, Eastman Chemical Company, Mitsui Chemicals and Celanese Corporation.
Market share calculation in this report is not done based on companies covered in it. The calculation of methyl isobutyl ketone in market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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