Methyl Ethyl Ketone Market is experiencing a significant push with the escalation in construction spending globally. Increasing consumer preference for high quality paints and coatings especially across APAC and Middle East Africa’s construction sector is expected to be the main driver for the overall market. Low viscosity, high evaporation rate, and strong solvency are some of the attributing features that put them on a higher edge than other liquid solvents. Health care and pharmaceutical industries are also getting benefited by the increasing deployment of this solvent to manufacture various products such as antiseptics, anesthetics, medical drugs etc. An estimation by Global Market Insights, Inc. depicts that Methyl ethyl ketone market is slated to cross over a revenue of USD 3 billion by 2022, with a projected CAGR of 4.8 % over the period of 2016-2022.
Tremendous fluctuation in the crude oil pricing rate is leaving a direct impact on the MEK industry. Like most other liquid solvents, methyl ethyl ketone is also a downstream derivative of crude oil and the sheer global crude slump in recent past years is positively influencing the market profitability. An anticipation of soon recovery of the pricing trends may act as a challenge for the key market players. However, increasing demand for the product as a catalyst for the polymerization of polyester resins will further favor the growth prospect of methyl ethyl ketone market in the coming timeframe.
(Methyl Ethyl Ketone) MEK market size, by application, 2012-2022 (Kilo Tons)
Asia pacific is one of the major grounds enhancing the Methyl ethyl ketone market outlook. The enormous construction and infrastructure base across APAC belt is the prime factor catering the regional market demand. Asia pacific construction spending market is estimated to be the largest in 2014, with an industry coverage of 40% of the overall volume. MEK industry growth which is directly proportional to the construction spending industry is projected to widen its business space in the region over the coming five years. China, India, and Indonesia are projected to be the major revenue contributors for the regional market, grounded on the countries’ respective spending in the construction sector in 2014. China alone invested a huge amount of USD 1.78 trillion in 2014, followed by India and Indonesia with investments of USD 425 billion and USD 265 billion respectively in that particular year. In addition to this, the rapid expansion of other end use industries which include automobiles, electronics, etc. will also affect the growth curve of the APAC MEK market.
Paints and coatings was the leading the leading application segment of global MEK industry in 2014, with a revenue collection over USD 1.2 billion. Increasing demand for high-quality paints and coatings in construction and automobile sectors has significantly increased MEK consumption rate. This application is anticipated to continue to be one of the most attractive domains for the industry participants to invest on in the coming years. however, strict regulatory landscape related to VOC emission reduction via green solvents may bring the companies under pressure. Paints and coatings are further segmented into power coatings, solvent borne technologies, specialty coatings, waterborne coatings etc. A large-scale adoption of powder coatings in automobiles and electronics industries is also influencing overall MEK industry share.
Another prominent application segment that is consuming a considerable portion of MEK industry is printing inks. Excellent drying times, superb adhesiveness with substrates, and allowing formulation with specialized inks is allowing it to be the most preferred choice for the printing industry. Printing inks application is currently estimated to have a volume coverage of 200-kilo tons of the overall market. MEK market from printing inks is expected to record substantial growth in the coming years.
North America and Europe MEK market are also projected to have lucrative growth prospect over the coming period. North America industry share was 18% of the total volume, with U.S. as the prime revenue pocket. However, the regional market growth rate may get slightly hampered by the U.S. government’s strict imposition on MEK manufacturers in regard to its toxicity levels. Europe methyl ethyl ketone industry is slated to collect a revenue of more than USD 600 million by 2022.
Global MEK market is highly concentrated with top four companies accounting for almost half of the overall industry demand. Maruzen Petrochemical and ExxonMobil Chemical, the two leading names in the global MEK industry collectively covered 35% of the overall market in 2014. Other industry players include Zibo Qixiang, S K energy, and sasol solvents.