The global market for methyl isobutyl ketone (MIBK)
features a largely consolidated competitive landscape, with the top
five players accounting for over 55% of the overall market in 2015.
These companies, namely Shell Chemicals, Kumho P&B Chemicals.,
Inc., Celanese Corporation, The Dow Chemical Company, and LCY
Chemical Corp. have established strong distribution and sales
channels to enhance their reach and market their products to
customers across the globe. The degree of competition in the market
is expected to be low to medium during the forecast period. Focus on
the increased production of bio-based MIBK is anticipated to offer
lucrative opportunities to market participants in terms of product
development in the near future.
Transparency Market Research estimates that the
global methyl isobutyl ketone market will exhibit a 7.5% CAGR over
the period between 2016 and 2024. If the prediction holds true, the
market, which valued at US$827.4 mn in 2015, will rise to US$1,572.3
mn by 2024.
This 145 page report gives readers a comprehensive
overview of the Methyl Isobutyl Ketone market.Browse Market Research
Report @
In terms of application, the solvent segment
accounted for the leading share of the market in 2015 and is
anticipated to expand at a promising CAGR of 7.7% between 2016 and
2024, smoothly retaining its dominance over the said period. In terms
of geography, the Asia Pacific market accounted for the leading share
of over 42% in terms of revenue in the global MIBK market in 2015.
Steady Rise in Demand for Rubber Chemicals and
Solvents in Automotive Industry Key to Growth
One of the most lucrative applications of MIBK is its
use as a solvent and rubber chemical. The flourishing global
automotive industry has led to an increased consumption of solvents
for surface coatings and rubber processing chemicals, which in turn,
has increased the consumption of MIBK in the automotive industry. In
the next few years, the demand for MIBK across automobile
applications is expected to be one of the most influential drivers of
the global MIBK market.
Moreover, the market is also driven by the rising
demand for bio-based MIBK. Rising aversion to synthetic MIBK owing to
its harsh impact on the environment and the health of living beings
in close proximity of the substance, is expected to fuel the global
demand for bio-based MIBK in the near future. Cost of the bio-based
MIBK processing method is less than the petroleum-based method. Thus,
the adoption of bio-based MIBK is being considered an economical as
well as an ecologically viable option for a number of industries.
Analysts forecast that bio-based MIBK will gradually replace
petroleum-based MIBK to a large extent by 2024.
Concerns Regarding Environmental and Health
Hazards to Restrain Market Growth
Several studies have revealed the harmful impact of
even low-level exposure to MIBK on the human health. Petroleum-based
MIBK is also considered to be harmful to the environment as the
substance can form explosive peroxides upon exposure to air, while
spilling during transport and storage. Concerns regarding these
aspects are one of the key challenges faced by the global MIBK
market, limiting its use across a number of applications in many key
end-use industries. However, the rising acceptance of bio-based MIBK
and the vast advancements seen in the process of manufacturing MIBK
from plant sources is a viable opportunity for future growth.
Get accurate market forecast and analysis on the
Methyl Isobutyl Ketone market. Request a sample to stay abreast on
the key trends impacting this market@
This review of the market is based on a recent market
research report published by Transparency Market Research, titled
“Methyl Isobutyl Ketone Market - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, 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
About
Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
consultants use proprietary data sources and various tools and
techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
of research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
Contact Us
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
No comments:
Post a Comment