The global Methyl Isobutyl Ketone Market will reach USD 1,101.0 Million by 2028. Methyl isobutyl ketone is an industrial and commercial chemical with a sweet and pleasant odor that is commonly used as a solvent in the manufacturing of surface coating applications and as an intermediate solvent chemical in various chemical processing. The high solvent activity and low density of methyl isobutyl ketone make it useful in developing high-solids coatings, which are highly demanded in the coating industry.
The expanding demand for paint coatings, varnishes, adherents, inks, acrylics, flavoring agent, food-contact packaging products, and non-edible use pesticide products are expected to drive the demand for methyl isobutyl ketone throughout the forecast period. Additionally, the growing demand for automotive tire usage is substantially harnessing the growth of this market.
The Asia Pacific region is expected to experience the highest growth rate of 6.4% in the period 2019-2027, with the highest market penetration in paints coatings and food packaging applications and extensive demand for automotive tires, especially in regions like India and China.
Other key findings from the report include:
- Methyl isobutyl ketone is widely used as a direct solvent in coating, inks, varnishes, lacquers, extraction direct agent in the dewaxing deoiling of the petroleum products and is forecasted to reach a market share of 34.5% by 2027 growing with a rate of 6.2% during the period 2019-2027.
- Chemical intermediate segment is measured to gain a market revenue of USD 197.2 Million by 2027, and the CAGR is forecasted to be 5.4% in the forecast period.
- The growing penetration of online retailing businesses for chemicals and materials, especially in the emerging nations in Asia Pacific, is helping the market grow by broadening the outreach in areas where offline vendors are unavailable. The online retailing is expected to gain a market share of 34.1% by 2027.
- Europe would reach a market share of 20.5% by 2027 and would grow at a CAGR of 4.9% in the forecast period.
- North America is forecasted to witness significant growth in the overall market, with 25.7% of market possession by 2027 and a CAGR of 6.0% during the forecast period.
The major companies operating in the Methyl Isobutyl Ketone Market:
LCY Chemical Corp., Kumho PB Chemicals, Royal Dutch Shell PLC, Mitsui Chemicals, Tokuyama Corporation, Celanese Corporation, Eastman Chemical Company, Ningbo Oceanking Chemical Development Co Ltd., Sasol Limited, and ISU Chemical.
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The Notable Innovation of Methyl Isobutyl Ketone Market:
The Methyl Isobutyl Ketone market has seen notable innovation in recent years. One significant development is the growing use of online retailing for the distribution of chemicals and materials, especially in emerging markets in Asia Pacific. This has expanded the reach of the market in areas where offline vendors are not available, and has resulted in higher profit margins compared to traditional retailing.
In addition, the market has seen advancements in the use of Methyl Isobutyl Ketone as a solvent in the production of high-solids coatings. The unique combination of high solvent activity and low density makes it an ideal ingredient for this application and has contributed to the growth of the coating industry.
Furthermore, Methyl Isobutyl Ketone is being increasingly utilized as an active chemical intermediate with various types of resins, including polyesters, epoxies, cellulosic, vinyl copolymers, alkyds, and acrylics. This has expanded the potential applications of the chemical and has driven demand in the chemical intermediate segment of the market.
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