Global Methyl Isobutyl Ketone Market Anticipated to Reach US$ 1,572.3 Million by 2024 | TMR

Transparency Market Research has released a new market report titled “Methyl Isobutyl Ketone Market by Application (Solvent, Rubber Processing Chemicals, Surfactants, Insecticides, and Others) for Marine, Building & Construction, Automotive, Crop Protection, and Other End Users – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.” According to the report, the global methyl isobutyl ketone market was valued at US$ 827.4 Mn in 2015 and is estimated to reach US$ 1,572.3 Mn by 2024, expanding at a CAGR of 7.5% between 2016 and 2024.

Methyl Isobutyl Ketone (MIBK) is one of the excellent solvent. It is a solvent used for many synthetic resins including vinyl copolymers, cellulosics, acrylics, polyesters, epoxies and alkyds. It is widely used in solids surface coatings, as it is a mixture of high solvent activity. MIBK is used as a solvent for coatings, adhesives, and inks. It is also used in the manufacture of fungicides, pharmaceuticals, germicides, and electroplating solutions. Growth in the automotive industry at the global level has led to increase in the consumption of solvents for surface coatings and rubber processing chemicals. Increasing demand for MIBK in the automotive industry worldwide is expected to fuel the MIBK market during the forecast period. Environmental and health hazards are inhibiting the growth of the market for MIBK. As MIBK can form explosive peroxides upon exposure to air, while spilling during transport and storage. This can cause environment related issues.

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Currently, Asia Pacific leads the global MIBK market. It is followed by North America and Europe. Increasing consumption of MIBK in automotive and crop-protection industries in China, India, and ASEAN is expected to drive the demand for MIBK-based applications in Asia Pacific during the forecast period. China is the leading consumer of MIBK in Asia Pacific, especially in the antiozonants application. MIBK production and demand would continue to increase in Asia Pacific region during forecast period In terms of volume, Asia Pacific was the dominant region in the Methyl Isobutyl Ketone market; it accounted for more than 27% share in 2015. North America consists of developed countries and mature markets. Therefore, the MIBK market in the region is expected to expand at a moderate pace during the forecast period. Middle East & Africa is estimated to provide lucrative opportunities for the MIBK market owing to the rise in commercial infrastructure development activities.

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Key players operating in the methyl isobutyl ketone market include The Dow Chemical Company, Royal Dutch Shell Plc, Kumho P&B, Lee Chang Yung Chemical, Celanese Corporation, Eastman Chemical Company, Mitsubishi Chemical Holdings Corporation, Mitsui Chemicals, Inc., and Others.

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