Methyl ethyl ketone (MEK) Market Global Industry Forecast over 2019 - 2029 | Sasol Limited, AkzoNobel N.V., Maruzen Petrochemicals

Methyl ethyl ketone (MEK) refers to an organic compound that is also known as butanone. A liquid solvent, methyl ethyl ketone, is utilized in lube oil de-waxing agents, printing inks, surface coatings, adhesives, and magnetic tapes. Methyl ethyl ketone also finds use as a medium of extraction for resins, waxes, oils, and fats. Such varied uses is likely to boost the global methyl ethyl ketone mek market in the years to come. It is a versatile and highly effective solvent for the purpose of surface coatings.

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Paints and coatings segment is estimated to be one of the prominent consumers of methyl ethyl ketone. It is an ideal solvent for use in the paints and coatings sector. Construction industry is one of the major consumers of paints and coatings.

Rising Demand fromthe Automobile Sector to Boost its Demand

Construction segment is likely to dominate the global methyl ethyl ketone mek market. Increasing commercial and residential construction activities across the globe is likely to influence the global methyl ethyl ketone mek market over the period of projection.

Methyl ethyl ketone is also utilized in the personal care and pharmaceutical industries. It is used in the process of making of drugs, lotions, anaesthetics, and antiseptics. As such, the stellar growth of the pharmaceutical industry due to rising healthcare expenses in the countries of Asia Pacific is likely to boost the global methyl ethyl ketone mek market.

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Paints and coatings segment has come up as one of the leading application segments in the global methyl ethyl ketone mek market over the timeframe of assessment. Augmented spending on the construction activities is forecasted to accentuate its demand over the tenure of assessment. In addition, astral growth of the automobile industry in countries of the Middle East and Asia Pacific has generated high demand for paints and coatings. Paints and coatings comprise solvent-borne, powder, waterborne, and specialty coatings. Automobile industry generates high demand for paints and coatings. Powder coatings are extensively used in the electronics and automobiles industries, which has considerably increased the consumption of methyl ethyl ketone mek in the application segment. It is estimated that the segments of printing inks and adhesives will also make substantial gains in the application sector over the assessment tenure.

Regulatory bodies, especially in the developed economies, have placed strict regulations on the manufacturers of methyl ethyl ketone mek in connection with the level of toxicity of the product. This factor is likely to hamper growth of the global methyl ethyl ketone mek market in the years to come. The prices of crude oil and its downstream derivatives are also likely to make an adverse impact on the profitability of the global methyl ethyl ketone mek market in the years to come.

Expansion of Construction Activities to Push the Asia Pacific Market

Increased investment in the commercial and residential construction in countries like Indonesia, Vietnam, Philippines, China, and India is likely to place Asia Pacific in the forefront of market growth.

Several ongoing airport construction projects in China are in the phase of either planning or development. These projects are estimated to bolster demand for methyl ethyl ketone mek in the years to come. In addition, several construction plans in China are likely to create more demand for methyl ethyl ketone mek in near future.

As such, all these planned projects and investments are likely to add fillip to the methyl ethyl ketone mek in Asia Pacific market over the period of review.

Top Players Likely to Hold Sizeable Chunk of the Market

The global methyl ethyl ketone market is regarded as a consolidated market. Few of the leading market players are estimated to account for large chunk of the market. These players are expected to expand their reach through innovation and product diversification.Some of the major players in the market include Sasol Limited, AkzoNobel N.V., Maruzen Petrochemicals, ExxonMobil Chemicals, Arkema Group, amd Royal Dutch Shell PLC amongst others.

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