Increase in paints & coatings demand owing to growth in construction spending, particularly in Asia Pacific and Middle East & Africa, is likely to drive Methyl Ethyl Ketone market size over the forecast period.
Sellbyville, DE -- (SBWIRE) -- 04/29/2019 -- As per a recent industry report put forward by Global Market Insights Inc., Methyl Ethyl Ketone Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 3.64 billion by 2022 with a projected CAGR of 4% over 2015-2022.
The rapid development in the global construction industry is likely to stimulate Methyl Ethyl Ketone Market dynamics. Increasing constructional spending, especially across the emerging nations such as China and India, coupled with growing consumer inclination toward supreme quality paints and coatings is increasing the product demand globally. Owing to some of the attributing features of the product such as strong solvency, high evaporation rate, and low viscosity, the application landscape of methyl ethyl ketone market encompasses the pharmaceutical and healthcare industry as well.
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Paints and coatings dominated the application forum in 2014, by accounting for over USD 1.2 billion.
Construction and automobile sectors can be majorly given the credits for the remarkable expansion of MEK market from this domain. This principal application segment encompasses specialty coatings, powder coatings, water-borne coatings, solvent borne technologies, etc. Growing trend of powder coatings in electronic devices and modern automobiles is expected to complement the business landscape. However, regulatory mandates related to the reduction of VOC emission via green solvents is likely to bring the market players under pressure.
Methyl Ethyl Ketone market price trend benefited from the global crude slump, however, expected recovery in 2017 along with regulatory pressure may challenge industry profitability. Growing importance for MEK peroxides as catalysts in polymerization of polyester resins and as a cleaning agent, varnish and paint remover will drive growth throughout the forecast timeframe.
Methyl Ethyl Ketone market exhibits a high degree of integration by major manufacturers across the value chain, where most of the producers are involved in the raw material production or has their own captive consumption.
Paint & coating applications will remain to be very attractive demand outlets for industry participants. However, companies may be under pressure from regulatory changes as governing agencies look to reduce VOC emissions via green solvents. Key segments include powder coatings, waterborne coatings, solvent borne technologies and specialty coatings.
MEK industry demand for adhesives is forecast to exceed 348 kilo tons by 2022.
APAC leads the regional demand, being the largest construction and infrastructure market in the world. The region is dominated by China and India methyl ethyl ketone market share, with total revenue of USD 1.35 billion in 2014.
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U.S. MEK demand is primarily driven by its usage in paints & coatings, with emphasis concentrated on using sustainable technologies, green solvents are expected to outpace methyl ethyl ketone demand in the region.
Europe Methyl Ethyl Ketone (MEK) market size is poised to exceed USD 600 million in revenue by 2022. The region is heavily regulated, with product registration guidelines being very strict and relatively expensive.
ExxonMobil Chemical and Maruzen Petrochemical were the leading companies in the global Methyl Ethyl Ketone (MEK) market share and accounted for over 35% of overall demand in 2014 collectively.
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