Global Methyl Ethyl Ketone (MEK) Market: Overview
Methyl ethyl ketone is a liquid solvent that is utilized widely in chemical intermediates, adhesives, surface coatings, printing inks, lube oil dewaxing agents, and magnetic tapes. It is also utilized as an extraction medium for resins, waxes, oils, and fats. Scope of use across several processes is likely to drive the global methyl ethyl ketone (MEK) market over the tenure of assessment, from 2019 to 2029.
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Highly efficient methyl ethyl ketone is extensively utilized as a versatile solvent in surface coatings. Due to its high effectiveness as a solvent, methyl ethyl ketone is particularly valuable in the formulation of high solid coatings, thereby cutting down the emissions from the coating operations.
The global methyl ethyl ketone (MEK) market has been segmented based on applications and region. The main objective of providing such a comprehensive report is to provide a deep insight into the market.
Global Methyl Ethyl Ketone (MEK) Market: Notable Developments
The global methyl ethyl ketone (MEK) market has been a witness to many changes in the industry over the last few years. These market developments hint at a trend and future course of the global methyl ethyl ketone (MEK) market. One such development of the market is mentioned below:
- In May 2019, France-based specialty chemicals and advanced materials firm Arkema SA acquired ArrMaz Custom Chemicals, Inc. The latter is US-based leading specialty surfactants for infrastructure, mining, and crop nutrition. This acquisition is likely to reinforce the position of technical polymers, adhesives, and performance additives. The transaction is likely to better the geographical reach of Arkema SA and diversify its product portfolio.
Some of the leading market players of the global methyl ethyl ketone (MEK) market are
- Exxon Mobil Corporation
- Sasol Solvents
- Royal Dutch Shell PLC
- PetroChina Company Limited
- Arkema S.A
- Maruzen Petrochemical Co., Ltd.
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Global Methyl Ethyl Ketone (MEK) Market: Growth Drivers
Increased Demand from the Paints and Coatings Industry to Bolster Demand
The global methyl ethyl ketone (MEK) market is primarily driven by the expansion of the paints and coatings industry. This industry is one of the major end use segments of the global methyl ethyl ketone (MEK) market. Methyl ethyl ketone is an excellent solvent when it comes to the paints and coatings sector. Construction industry is one of the leading consumers of the paints and coatings products.
Augmented spending on the construction activities together with rapid expansion of the automobile industry, particularly in the developing parts of the world has led to increased demand for paints and coatings. The global methyl ethyl ketone (MEK) market is likely to be driven by the high demand for powder coatings in electronics and automobiles industries. Methyl ethyl ketone finds wide use in the making of powder coatings.
In addition, growth in the adhesive and printing ink industry is also likely to favor growth of the global methyl ethyl ketone (MEK) market over the tenure of assessment, from 2019 to 2029. Methyl ethyl ketone is extensively used as a solvent of choice in the printing industry due to the properties of the product. Properties such as excellent adhesion with substrates like glass, plastics, and metal is expected to favor its uptake. In addition, quick drying property of methyl ethyl ketone is also likely to emerge as another growth promoting factor for the market.
Global Methyl Ethyl Ketone (MEK) Market: Regional Outlook
The global methyl ethyl ketone (MEK) market is split into the leading regions of North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific is estimated to lead the market over the tenure of assessment, thanks to the rising demand for the product from countries like Thailand, Indonesia, India, and China. Increased demand from adhesives and printing ink for use in both commercial and residential building constructions in these countries is estimated to spur growth of the regional market.
The global methyl ethyl ketone (MEK) market is segmented as:
- Paints and Coatings
- Printing Inks
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