The Global Methyl Ethyl Ketone (MEK) Market is expected to reach USD 3.26 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for paints and coatings in infrastructure, automotive and home furnishings is expected to remain a key driving factor for the global MEK market. Growing demand from key end-use industries such as construction and automotive, particularly from high growth market such as Asia Pacific and Latin America, is expected to further fuel its demand. MEK is used as synthetic rubber in domestic products and as a liquid solvent in chemical manufacturing, especially for drugs and cosmetics. Increasing market penetration of MEK in pharmaceutical applications is also expected to have a positive influence on market growth. However, volatile prices of key raw materials coupled with environmental hazards are expected to remain key challenges for market participants. In order to overcome such problems industry has shifted its focus towards adoption of bio-based solvents.
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Further key findings from the study suggest:
- Global MEK market was 1,319.2 kilotons in 2013 and is expected to reach 1,754 kilo tons by 2020, growing at a CAGR of 4.2% from 2014 to 2020.
- Paints and coating dominated the global MEK application market and accounted for 56.3% of the total volume in the year 2013. Increasing construction spending in Asia Pacific is expected to drive the demand for MEK in paints and coatings. Printing inks is expected to be the fastest growing application segment for MEK at an estimated CAGR of 4.9% from 2012 to 2020. Increasing demand from food and packaging industry is expected to drive the demand for MEK in printing inks over the next several years.
- Asia Pacific emerged as the leading regional market for MEK and accounted for 55.8% of total market volume in 2013. Asia Pacific is also expected to be the fastest growing market for MEK, at an estimated CAGR of 5.0% from 2012 to 2020. Increasing infrastructure spending coupled with a positive outlook on the regional automotive industry, particularly in China and India is expected to drive the regional demand for MEK over the next six years.
- North America and Europe are mature markets for MEK are expected to grow at a relatively sluggish rate over the forecast period. These developed markets are characterized particularly by increasing adoption of bio-based alternatives to MEK.
- The global market for MEK is moderately concentrated with top four companies, namely ExxonMobil Chemical, Maruzen Petrochemical, Zibo Qixiang and Sasol Solvents accounting for over 55% of the total market share. Other major market players include Tasco Chemical, Shell Chemicals, Tonen Chemical, PetroChina Lanzhou, Fushun Petrochemical, SK Energy and Idemistu Kosan.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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