Methyl Isobutyl Ketone Market
Methyl Isobutyl Ketone Market (Application - Solvent, Rubber Processing Chemicals, Surfactants, and Insecticides; End User - Marine, Building and Construction, Automotive, and Crop Protection) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Press Release :
Global Methyl Isobutyl Ketone Market: Snapshot
Methyl isobutyl ketone (MIBK) is one of the excellent solvents for resins used in various surface coatings. It is also widely used in rubber chemicals for the production of tires, followed by surfactants, and insecticides. MIBK is used as a solvent in industries that produce rubber products, paints, machineries, and chemicals. Rising demand for solvents and rubber processing chemicals, chiefly owing to the flourishing growth of the global automotive industry, is expected to fuel to the overall global demand for methyl isobutyl ketone market in the next few years.
However, concerns regarding the harsh impact of the material on the environment and human health are leading to an increased aversion for synthetic, petroleum-based MIBK across a vast number of industries. Analysts estimate that synthetic MIBK will gradually be replaced by bio-based MIBK across major applications in the next few years. This factor can emerge as one of the most lucrative growth opportunities for companies in the market in the near future, allowing significant traction to businesses and providing sustainable growth opportunities.
Transparency Market Research estimates that the global methyl isobutyl ketone market, which valued at US$827.4 mn in 2015, will exhibit a CAGR of 7.5% between 2016 and 2024 and reach US$1,572.3 mn by 2024.
MIBK’s Use as Solvent to Remain Market’s Most Promising Application Segment
MIBK is known to be one of the best solvents for resins used in the production of surface coatings. Moreover, MIBK is also used as a solvent for more than 40 applications across a number of industries. As a result, the use of MIBK as a solvent is one of the most lucrative application segments of the global methyl isobutyl ketone market, accounting for over 54% of the overall market in 2015. The segment is expected to retain its dominant stance over the forecast period as well, exhibiting a promising 7.7% CAGR in terms of value over the period between 2016 and 2024.
However, the segment is expected to lose prominence to the rubber chemicals segment in terms of rate of growth over the said period, chiefly owing to the rising demand for rubber across a number of industries and applications. The segment of rubber chemicals is expected to expand at an 8.4% CAGR in terms of value from 2016 through 2024. Owing to this, the share of the segment in the global methyl isobutyl ketone market is expected to rise from nearly 15% in 2015 to 16.3% by 2024.
Asia Pacific to Continue to Command Prominent Position in Global Methyl Isobutyl Ketone Market
In terms of geography, Asia Pacific presently leads the global methyl isobutyl ketone market. It is followed by North America and Europe. Increasing consumption of MIBK in automotive and crop-protection industries in China, India, and ASEAN countries 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. Production and demand of MIBK is expected to continue to rise in Asia Pacific during forecast period as well, granting the region a commanding position in the global market in the near future. In terms of revenue contribution to the global market, Asia Pacific accounted for a dominant share of more than 42% in 2015.
North America chiefly consists of developed countries and mature markets. Therefore, the methyl isobutyl ketone market in the region is expected to expand at a moderate pace during the forecast period. Countries in Middle East and Africa are estimated to provide lucrative opportunities for the methyl isobutyl ketone market owing to the rise in commercial infrastructure development activities.
The global methyl isobutyl ketone market features a largely consolidated competitive landscape, with the top five companies cumulatively accounting for a lion’s share in the market’s overall valuation. Some of the key companies in the market are The Dow Chemical Company, Royal Dutch Shell Plc, Kumho P&B, Lee Chang Yung Chemical, Celanese Corporation, Eastman Chemical Company, Mitsubishi Chemical Holdings Corporation, and Mitsui Chemicals, Inc.
High Demand from the Paints and Coatings Industry to Bolster Growth of the Methyl Isobutyl Ketone Market
The booming global automotive industry is likely to drive up the demand for surface coatings chemicals and solvents in rubber manufacturing, which is estimated to bolster expansion of the global methyl isobutyl ketone market in the years to come. Likewise, augmented construction spending has expanded the utilization of methyl isobutyl ketone in paints and coatings as solvents and extraction solvents. Furthermore, the rising demand for the product in the maritime and pharmaceutical sectors is likely to result in a positive effect on the global methyl isobutyl ketone market in the years to come. In addition to that, the chemical is extensively utilized in the making of insecticides, which are frequently used in the commercial agriculture sector. This is driving agriculture-driven economies like India to invest heavily in optimizing their agricultural production by concentrating on fertilizers and insecticides. This factor is likely to exert positive influence on global methyl isobutyl ketone market in the forthcoming years.
Demand for MIK to Ride on the Back of Growing Concern for the Environment
Since methyl isobutyl ketone is organic in nature, it is extensively used in the manufacture of agrochemicals and cosmetics, leading to its widespread use. In addition, the chemical is one of the most effective solvents for varnishes, paints, resin gums, and other similar materials. It's widely used as a denaturant in ethanol formulations and in the form of an extractive agent in de-waxing and rubber de-oiling. In addition to that, synthetic methyl isobutyl ketone exposure could possibly cause a negative effect on the environment, resulting in a rising demand for bio-based methyl isobutyl ketone, which is less expensive to produce than other petroleum-based methods.
Furthermore, when petroleum-based methyl isobutyl ketone is exposed to sunlight, it forms volatile peroxides, which may be toxic even if spilled during transportation, shipping, and handling. As a result, using bio-based methyl isobutyl ketone would be a cost-effective and environmentally friendly solution for a wide range of industries, fueling growth of the global methyl isobutyl ketone market in the coming years. Because of its high toxicity, many regulatory bodies around the world have imposed strict restrictions and recommendations on the production of methyl isobutyl ketone. However, because of its toxic effects on the ecosystem and human wellbeing, bio-based methyl isobutyl ketone is being used more often.
Global Methyl Isobutyl Ketone Market: Scope of the Report
This report analyzes and forecasts the market for Methyl Isobutyl Ketone at the global and regional level. The market has been forecast based on volume (tons) and revenue (US$ Mn) from 2016 to 2024. The study includes drivers and restraints of the global Methyl Isobutyl Ketone market. It also covers the impact of these drivers and restraints on demand for Methyl Isobutyl Ketone during the forecast period. The report also highlights opportunities in the Methyl Isobutyl Ketone market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global Methyl Isobutyl Ketone market. Porter’s Five Forces model for the Methyl Isobutyl Ketone market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Methyl Isobutyl Ketone Market: Segmentation
The study provides a decisive view of the global Methyl Isobutyl Ketone market by segmenting it in terms of application, and end user. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for Methyl Isobutyl Ketone in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual end-user segments in all the regions.
The study includes profiles of major companies operating in the global Methyl Isobutyl Ketone market. 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. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis.
Global Methyl Isobutyl Ketone Market: Research Methodology
The report provides the estimated market size of Methyl Isobutyl Ketone for 2015 and forecast for the next nine years. The global market size of Methyl Isobutyl Ketone has been provided in terms of volume and revenue. Market numbers have been estimated based on key application, and end-user segments of MIBK. Market size and forecast for each major application, and end-user have been provided in terms of global and regional markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, ICIS, United State Environmental Protection Agency (EPA), INTERNATIONAL PROGRAMME ON CHEMICAL SAFETY, IARC Monographs, Company Annual Reports, International Conference on Harmonization.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The report segments the global Methyl Isobutyl Ketone market as:
Methyl Isobutyl Ketone Market: Application Analysis
- Automotive & Marine Coatings
- Construction Coatings
- Wood Coatings
- Rubber Chemicals
Methyl Isobutyl Ketone Market: End-User Analysis
- Building & Construction
- Crop Protection
Methyl Isobutyl Ketone Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA