The vendor landscape of the global methyl isobutyl
ketone market is largely consolidated, with top five companies
accounting for more than 55% of the overall market, notes a recent
market study by Transparency Market Research. These are Shell
Chemicals, Celanese Corporation, LCY Chemical Corp., Kumho P&B
Chemicals Inc., and The Dow Chemical Company. With a strong
distribution and sales network, top companies in the market have been
able to reach out to customers globally resulting in a low to medium
degree of competition in the market. In a bid to strengthen their
position, production of bio-based methyl isobutyl ketone (MIBK) is
the focus of top companies and to expand their product portfolio as
well.
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The global methyl isobutyl ketone market is expected
to expand at a CAGR of 7.5% between 2016 and 2024 for the valuation
of the market to increase from US$827.4 to US$1,572.3 mn between 2015
and 2024.
Steady Demand from Automotive Industry for Rubber
Chemical and Solvent Applications Key to Growth
By application, the solvent segment held the leading
share of the methyl isobutyl ketone market in 2015 and is expected to
maintain its dominance throughout the forecast period. This is
because the high growth of the automotive industry has benefitted the
growth of MIBK market due to the increased demand for solvents for
rubber processing chemicals and surface coatings. Over the coming
years, the demand for MIBK across the automotive industry is
anticipated to be highly influential for the growth of the global MBK
market.
In terms of geography, Asia Pacific held the leading
share of more than 42% in the global market in 2015. This is mainly
due to the increasing demand for MIBK in crop-protection and
automotive industries in India, China, and ASEAN countries. Amongst
all, China accounts for the leading consumption of MIBK especially
for antiozonants application. Asia Pacific is expected to display a
rise in production and demand for MIBK, thereby resulting the region
to hold commanding position in the coming years.
North America MIBK market is expected to rise at a
moderate pace as the region mainly consists of developed countries
that are mature for MIBK end-use industries. Countries in the Middle
East and Africa region are expected to contribute substantially to
the growth of MIBK market due to developmental projects for
commercial infrastructure.
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The flourishing growth of the automotive industry has
indirectly benefitted the MIBK market for solvent applications.
Methyl isobutyl ketone is an excellent solvent for resins that are
used in various surface coatings in the automotive industry. Methyl
isobutyl ketone is used as a solvent in industries that produce
paints, chemicals, and rubber products. It is also extensively used
in rubber chemicals for the manufacture of tires, surfactants, and
insecticides.
Human Health and Environmental Considerations
Restrains Market Growth
However, impact of MIBK on human health even in low
concentrations is leading to a declining use of petroleum-based,
synthetic MIBK across a large number of end-use industries.
Petroleum-based MIBK have environmental concerns as well as it can
form explosive peroxides on contact with air. These factors have led
to an increasing demand for bio-based MIBK across a large number of
applications in the recent years. The low cost factor of bio-based
MIBK and its ecological viability is leading to the adoption of
bio-based MIBK across a number of industries. Hence, the rising
adoption of bio-based MIBK and process development in the manufacture
of MIBK from plant sources is expected to extend growth opportunities
to the global MIBK market.
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The review presented is based on the findings of
Transparency Market Research 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 global methyl isobutyl ketone market is
segmented as follows:
Methyl Isobutyl Ketone Market: Application
Analysis
- Solvent
- Automotive & Marine Coatings
- Construction Coatings
- Wood Coatings
- Rubber Chemicals
- Surfactants
- Insecticides
- Others
Methyl Isobutyl Ketone Market: End-User Analysis
- Marine
- Building & Construction
- Automotive
- Crop Protection
- Others
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