Methyl Isobutyl Ketone Market Overview by Industry Dynamics, Regional Analysis and Forecast 2022 to 2027
Market Scenario
Market Research Future (MRFR) proclaims that the global methyl isobutyl ketone market is predicted to garner a stellar CAGR during the forecast period (2016–2023). The surging demand for adhesives is highly encouraging the market growth across the globe. Also termed as mono-isobutyl ketone, methyl isobutyl ketone (MIBK) is a clear, stable, and colorless liquid possessing a pleasant odor. It is naturally found in vinegar, orange and lemon juice, baked potatoes, papaya, ginger, grapes, milk, cheese, mushrooms, plum, and others and is compatible with other organic materials, thus making it a superior industrial solvent. MIBK finds application as an solvent, extracting agent, chemical intermediate, and a denaturant in various end use industries like agrochemicals, pharmaceuticals, automotive, and paints & coatings.
Market Potential and Pitfalls
The market’s growth is chiefly directed by the surging demand for MIBK solvent in the electronics and automobile industry. The demand for MIBK has increased in paints and coatings as well as in adhesives due to rising spending on construction which fuels the market growth across the globe. To meet a diverse set of needs owing to the extensive demand for agrochemical sector, the MIBK market is likely to gain an impetus in the foreseeable years. Methyl isobutyl ketone is extensively used in the manufacturing of personal care products and cosmetics, which has fostered its consumption across the globe.
Competitive Dashboard
The prominent players operating the global methyl isobutyl ketone (MIBK) market comprises Zhejiang Xinhua Chemical Co., Ltd. (China), Sasol (South Africa), NINGBO OCEANKING CHEMICAL DEVELOPING CORPORATION (China), Mitsui Chemicals Inc (Japan), The Dow Chemical Company (U.S.), Celanese Corporation (U.S.), LCY GROUP.(Taiwan), Kumho P&B Chemicals Inc.(Korea), Arkema Group (France), Eastman Chemical Company (U.S.), and Shell Chemicals (the Netherlands).
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Methyl isobutyl ketone is considered one of the outstanding solvents used for resins in several surface coatings. It is extensively used in rubber chemicals for producing tires, insecticides, and surfactants. Moreover, with the augmenting automotive industry, the production of tires has increased which has further provided a boost to the overall market throughout the appraisal period. Methyl isobutyl ketone is also extensively used solvent in the production of machineries, rubber products, chemicals, and paints, thereby triggering its demand across the globe.
On the contrary, regulatory bodies in the developed countries have imposed strict mandates on the manufacturers of methyl isobutyl ketone due to its toxicity level. This has imposed a threat on its production on a global level. On the brighter note, the growing concerns regarding its negative impact on the human health and environment has resulted in an increased adoption for petroleum
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and synthetic-based MIBK. The synthetic-based MIBK is likely to be replaced by bio-based MIBK for several major applications. This is expected to provide lucrative growth opportunities for major companies.
Global Methyl Isobutyl Ketone (MIBK) Market: Segmental Analysis
The global methyl isobutyl ketone (MIBK) market has been segmented on the basis of application and end-use industries.
By mode of application, the global methyl isobutyl ketone (MIBK) market has been segmented into chemical intermediate, solvent, denaturant, extracting agent, and others.
By mode of end-use industries, the global methyl isobutyl ketone (MIBK) market has been segmented into pharmaceuticals, paints & coatings, automotive, agrochemical, and others. Among these, the automotive sector is likely to gain prominence in the coming years. With the surging demand for solvents in the production of tires, the automotive sector is estimated to foster.
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Regional Insights
Geographically, the methyl isobutyl ketone (MIBK) market span across regions namely, Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific region has emerged to be the fastest growing region due to the surging demand from the end-user industries like agrochemicals, automobiles, and construction. The demand for MIBK is anticipated to rise in the developing nation of the regions namely, Malaysia, China, and India owing to the growing sales and production of automotive. Due to the cheap labor cost, easy availability of raw materials, and integration of development strategies to fulfil the demand for MIBK in several applications, the market is predicted to foster in this region.
The North American region is considered to witness a steady growth owing to the rising usage in the packaging and pharmaceutical sector. Countries like Canada and the U.S. are some of the majpor contributors in this region.
Industry Updates
January 22, 2019: China’s Ministry of Commerce has recently planned to impose anti-dumping duties on ortho dichlorobenzene which has been imported from India and Japan. The domestic sector has been subjected to damages owing to the dumping of such products.
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