The global methyl ethyl ketone (MEK) market is expected to reach USD 4.01 billion by 2024,
according to a new report by Grand View Research, Inc. Urbanization and
industrialization in emerging economies of Asia Pacific and the Middle East
have driven the need for better infrastructure.
Increasing construction spending by
governments particularly in China and India to meet the rising infrastructure
needs has been driving the construction industry growth which in turn is
anticipated to drive demand for adhesives, printing inks, plastics, paints, and
coatings demand.
Expanding product penetration in
pharmaceuticals can be attributed to its ability to breakdown quaternary
proteins structure and increase drug penetration. Growing pharmaceutical
industry globally is expected to offer growth opportunities in denaturing
applications.
Increasing chronic and terminal ailments
prevalence is further driving the specialty drugs demand which in turn is
anticipated to significantly impact product volumes over the forecast period.
Volatile raw material prices and potential substitution by green solvents
across various end-use industries are anticipated to remain key challenges for
participants over the forecast period.
Browse full report by Grand View
Research : http://www.grandviewresearch.com/industry-analysis/methyl-ethyl-ketone-mek-market
Further key findings from the report suggest:
·
The global MEK market demand was 1.42
million tons and is expected to reach 2.11 million tons by 2024, growing at a
CAGR of 4.5% from 2016 to 2024.
·
Paints & coatings emerged as the
leading application segment with demand share estimated at 55% in 2015.
Increasing infrastructure spending in the booming Asian market is expected to
drive this segment over the forecast period.
·
Printing inks segment is anticipated to
growth at a CAGR of 4.9% from 2016 to 2024. MEK is widely used in inkjet inks
owing to its quick evaporation rate and solvency which is expected to enhance
overall volumes in the near future.
·
Asia Pacific dominated the global MEK
industry and accounted for 56.3% of total market volume in 2015.
Increasing construction spending in emerging economies of China and India
coupled with government support to increase manufacturing in these countries
are expected to drive the regional market. Asia Pacific is also expected to
witness the fastest growth of 4.9% over the forecast period.
·
The global market is concentrated with top
four companies ExxonMobil, Maruzen, Zibo, and Sasol accounting for a majority
of share. Other players include Shell Chemicals, Ineos Solvents, SK Energy Co.
Ltd, Lanzhou Petrochemicals, Idemitsu Kosan Co Ltd, Tasco Chemicals, Tonen
Chemicals and Fushun Petrochemical Company.
Browse more reports of this category by Grand View
Research: https://www.grandviewresearch.com/industry/organic-chemicals-and-compounds
Grand View Research has segmented the
methyl ethyl ketone (MEK) market on the basis of application and region:
Global Methyl Ethyl Ketone (MEK) Application Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Paints & coatings
·
Printing Inks
·
Adhesives
·
Others
Global Methyl Ethyl Ketone (MEK) Regional Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
North America
o U.S
o Canada
·
Europe
o Germany
o UK
o France
·
Asia Pacific
o China
o India
o Japan
·
Middle East and Africa
o Saudi Arabia
·
Central & South America
o Brazil
Access press release
by Grand View Research: https://www.grandviewresearch.com/press-release/global-methyl-ethyl-ketone-mek-market
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, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
http://www.grandviewresearch.com