Global Methyl Isobutyl Ketone Market: Overview
Owing to its use in a large number of end-us industries such as rubber, paints, machinery and chemicals, methyl isobutyl ketone is set to chart growth between 2016 and 2024. Besides, owing to a flourishing global automotive industry, demand for solvents is increasing. And, this paves the way for methyl isobutyl ketone market charting a high CAGR (Compound Annual Growth Rate) of 7.5% over the forecast period, as per a Transparency Market Research report.
The market landscape of Methyl Isobutyl Ketone is highly consolidated – top five players account for the biggest share of the market growth. Prominent names include Mitsui Chemicals, Lee Chang Yung Chemical, Celanese Corporation, the Dow Chemical Company, Mitsubishi Chemical Holdings Corporation, Royal Dutch Shell Plc., Kumho P&B and Eastman Chemical Company, among others.
Use as Solvent to Contribute Heavily to the Growth of Global Methyl Isobutyl Ketone Market
It actually comes as little surprise that the fact that methyl isobutyl ketone is a great solvent for resins will hugely add to its popularity, creating demand in the market landscape. As of now, it is of some interest to note that the methyl isobutyl ketone is used in over 40 industrial applications, across verticals. Besides, this accounted for some 54% of the overall market. And, the trend will continue into and through the forecast period, demonstrating a notable CAGR.
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Asia Pacific (APAC) to Hold a Significant Share of the Global Methyl Isobutyl Ketone Market
Region-wise APAC leads the global market, followed by North America and Europe. Major factors leading to this dominance include rising consumption of methyl isobutyl ketone in industries such as crop protection and automotive, creating lucrative growth opportunities for players. Other region that will generate untapped opportunities for market players to make the most of is Middle East and Africa. The growth here is attributable to a massive undertaking of development of commercial infrastructure.
On the other hand, North America, which is a mature market would also chart a significant but moderate CAGR.
Adverse Environmental Impact to Hamper Growth of the Global Methyl Isobutyl Ketone Market
it is worth noting here that concerns of impact of these chemicals is acting as a constraint for the global methane isobutyl ketone market from reaching its full potential. However, the shift to bio-based chemicals will resolve the challenge over time. It will in fact create more opportunities for players operating in the market landscape.
The details have been extracted from a Transparency Market Research (TMR) report titled, “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”.
The report has been segmented as presented below:
- Rubber Processing Chemicals
- Surfactants, and Insecticides
By End User
- Building and Construction
- Crop Protection
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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