Methyl Isobutyl Ketone (MIBK) Market Overview
Methyl isobutyl ketone (MIBK) or mono-isobutyl ketone is a liquid manufactured by aldol condensation of acetone and its intermediates. The global methyl isobutyl ketone (MIBK) market report by Market Research Future (MRFR) estimates the market size, market revenue share. and segment projections for the period of 2022 to 2030 (forecast period). Analysis of the COVID-19 pandemic and its impact on production are discussed thoroughly in the report with suggestive measure to ensure a constant flow.
Methyl Isobutyl Ketone (MIBK) Market Scope
The global methyl isobutyl ketone market is expected to touch a stupendous valuation by owing to the demand for MIKB solvent in coatings, adhesives, and paints. Its compatibility with organic material makes it a desired chemical for various formulations for solvents. The large construction budget for development of buildings and surrounding infrastructure by governments and private firms can drive its demand exponentially. This is supported by the rise in per capita income levels and rapid industrialization in urban and metropolitan areas.
The huge demand from the agrochemical sector is likely to bode well for the global MIKB market. This can be credited to its use as a denaturant, chemical intermediate, and solvent. Furthermore, manufacture of cosmetics and personal care products can fuel the market growth as well.
Regulations on its use in formulation by federal bodies can pose a challenge to the market. High prices of acetone feedstock can negatively impact the market and shoot up the prices of MIBK.
Methyl Isobutyl Ketone (MIBK) Market Segmentation
The global methyl isobutyl ketone market is segmented based on application and end use industries.
On the basis of application, the market is segmented into extracting agent, solvent, chemical intermediate, denaturant, and others.
On the basis of end use industries, the market is categorized into automotive, paints & coatings, agrochemical, pharmaceuticals, and others.
The global methyl isobutyl ketone market is segmented into five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
APAC is anticipated to display the highest growth rate during the forecast period due to demand from construction, agrochemicals, and automobile sectors. High sales numbers of automobiles in Malaysia, India, and China can fuel the demand for MIKB in the global methyl isobutyl ketone market. Availability of an economically affordable laborforce, abundance of raw material, and new development techniques can bolster regional demand.
North America follows APAC and commands a high demand share owing to presence of packaging and pharmaceutical sectors. Canada and the U.S. are major contributors of the region. Resurgence of the construction sector can offer respite to the global MIBK market. Europe can carve out a specific share of the market due to industrially developed countries of the U.K., Germany, and Spain.
Lastly, the MEA can witness a modest growth rate owing to rise in commercial spending in countries of United Arab Emirates, Saudi Arabia, and Qatar.
NINGBO OCEANKING CHEMICAL DEVELOPING CORPORATION, Celanese Corporation, Kumho P&B Chemicals Inc., Eastman Chemical Company, Sasol, LCY GROUP, The Dow Chemical Company, Shell Chemicals, Zhejiang Xinhua Chemical Co., Ltd., Mitsui Chemicals, Inc, and Arkema Group are key players of the global methyl isobutyl ketone market.
Applications in solvents and rubber processing can widen the prospects of the market. The need for denaturants in agrarian economies can fuel the demand for methyl isobutyl ketone in the coming years.
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