Albany, NY -- (SBWire) -- 11/06/2017 --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.
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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.
In terms of geography, Asia Pacific presently leads the global MIBK market. It is followed by North America and Europe. Increasing consumption of MIBK in automotive and crop-protection industries in China, India, and ASEAN countries is expected to drive the demand for MIBK-based applications in Asia Pacific during the forecast period. China is the leading consumer of MIBK in Asia Pacific, especially in the antiozonants application. Production and demand of MIBK is expected to continue to rise in Asia Pacific during forecast period as well, granting the region a commanding position in the global market in the near future. In terms of revenue contribution to the global market, Asia Pacific accounted for a dominant share of more than 42% in 2015.
North America chiefly consists of developed countries and mature markets. Therefore, the MIBK market in the region is expected to expand at a moderate pace during the forecast period. Countries in Middle East and Africa are estimated to provide lucrative opportunities for the MIBK market owing to the rise in commercial infrastructure development activities.
The global MIBK market features a largely consolidated competitive landscape, with the top five companies cumulatively accounting for a lion's share in the market's overall valuation. Some of the key companies in the market are The Dow Chemical Company, Royal Dutch Shell Plc, Kumho P&B, Lee Chang Yung Chemical, Celanese Corporation, Eastman Chemical Company, Mitsubishi Chemical Holdings Corporation, and Mitsui Chemicals, Inc.
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