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Methyl Ethyl Ketone (mek) Market

Methyl Ethyl Ketone (MEK) Market: Global Opportunity Analysis and Industry Forecast 2022-2029 Market

Report Code: A07670
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Nov 2022 | 906 Views
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Methyl Ethyl Ketone (MEK) Market Analysis 2020-2027:

Methyl ethyl ketone (MEK) is a colorless vaporous liquid. It has a pleasant yet pungent smell. It is also known as 2-Butanone, and is primarily used as a solvent in the process of gums, resin, cellulose nitrate, and cellulose acetate. It is also used in the production of paraffin wax. Furthermore, it is used in household products such as lacquers & varnishes, paint & paint removers, and glues & adhesives. MEK is an evaporative liquid in nature with a low boiling point. 

COVID-19 scenario:

  • Construction, packaging, paints, and coatings are the major end users of methyl ethyl ketone. These end-user industries were ceased in the first quarter of 2020. 
  • Operations were shut down in line with the governments’ agenda to curb the spread of the virus. 
  • Therefore, the emergence of the pandemic situation drastically affected trade as well as supply chain of the market. The demand has been declining over the past few months and similar trends are anticipated till the end of 2020.         

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis:

The major consumer of methyl ethyl ketone (MEK) is the paints & coating industry, wherein it is used as a solvent. Increased spending on construction facilities in like Middle East and Asia-Pacific is a major factor that increases the demand for MEK. In addition, it is also used in the pharmaceutical and personal care industries to produce anesthetics, antiseptics, and lotions. Developing countries, such as India and China, which focus extensively to develop their healthcare systems are expected to be the major consumers of MEK. It is also used in the formulation of agro-chemicals such as pesticides. Therefore, increase in demand for agro-chemicals drives the MEK market growth. The ever-increasing demand for automotive vehicles is another factor contributing to the MEK market growth as the product is used as a solvent in paints & coatings for use in the automotive industry. It makes the paint coating applied on the automotive vehicle more durable. Additionally, MEK is extensively used in the printing industry as it provides excellent drying time and better adhesion to surfaces such as plastic, glass, and metal. Growth in the need of printing inks for printing on packaging materials, high-resolution printing, and publications is expected to drive the MEK market. 

Methyl ethyl ketone (MEK) requires excessive handling by experts at every level. As it is a highly inflammable liquid, it is considered very hazardous. During transportation, it is required to be kept away from any source of flame and any material of copper, aluminum, butylene, and neoprene. In addition, governments of various countries have strict regulations & policies regarding production, transportation, and consumption of MEK. Such levels of toxicity are expected to hamper the market growth. Moreover, MEK is a downstream derivative of crude oil. The dynamic prices of crude oil and its downstream derivatives have impacted the market, and are expected to have major impact on the MEK market. This is also predicted to hamper the growth of the MEK market. 

Maruzen Petrochemicals launched a fresh distillation system, SUPERHIDIC. It is an energy-saving distillation system. It is anticipated to provide new opportunities for the market growth. 

Regional analysis:

On the basis of region, the APAC countries, specifically China has led the way in terms of consumption. China has put a lot of focus on the development of construction and infrastructural facilities, which increases the demand for MEK in the region. In addition, industries, such as electronics and automobiles, are also expected to contribute to the growth of the MEK market in the region, owing to high demand for powder coatings under the paints & coatings segment. Furthermore, growing disposable income and changing lifestyles have boosted the construction sector in the region and contributed to the growth of the MEK market. 

Key benefits of the report:

  • This study presents the analytical depiction of the methyl ethyl ketone (MEK) market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the methyl ethyl ketone (MEK) market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the methyl ethyl ketone (MEK) market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the methyl ethyl ketone (MEK) market research report:

  • Which are the leading market players active in the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?

Methyl Ethyl Ketone Report Highlights

Aspects Details
By Application
  • Solvent
  • Epoxy Resin
  • Printing Ink
  • Adhesive
  • Lubricants
  • Others
By Industry Vertical
  • Paints & Coatings
  • Construction
  • Packaging & Publishing
  • Rubber
  • Pharmaceuticals
  • Agriculture
  • Others
By Region
  • North America  (US, Canada)
  • Europe  (Germany, UK, France, rest of Europe)
  • Asia-Pacific  (China, Japan, India, rest of Asia-Pacific)
  • Latin America  (Brazil, Mexico, rest of LATAM)
  • the Middle East 
  • Africa 
Key Market Players ExxonMobil, Maruzen Petrochemical Co. Ltd., Sasol Limited, Shell Chemicals, Ineos Solvents, SK Energy Co. Ltd., Lanzhou Petrochemicals, Idemitsu Kosan Co Ltd., Tasco Chemicals, Tonen Chemicals, Fushun Petrochemical Company, Petro China

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