April 21, 2022
According to the research report titled ‘Methyl Isobutyl Ketone (MIBK) Market Size By Application (Solvent, Extraction Solvent, Rubber Processing Chemical, Surfactants), By End-use Industry (Paints & coatings, Pharmaceuticals, Automotive, Agrochemicals), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, The Netherlands, Italy, China, India, Japan, South Korea, Indonesia, Malaysia, Brazil, Mexico, Saudi Arabia, UAE, Kuwait, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with MarketStudyReport, global methyl isobutyl ketone (MIBK) market is estimated to be worth over USD 800 million by the end of the forecast period 2019-2025.
As per the report findings, growing tire production due to the flourishing automotive sector, surging construction activities in developing countries, and better agricultural output leading to high agrochemical usage are primarily driving global methyl isobutyl ketone (MIBK) market growth.
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Despite the positive outlook, hazardous toxicity levels of MIBK. coupled with availability of low-cost substitutes are expected to restrict industry development in the upcoming years. However, these issues are fostering the adoption of bio based MIBK, that are eco-friendly as well as cost-effective in nature, which is likely to create new opportunities for market players in the upcoming years.
For the unversed, methyl isobutyl ketone (MIBK) is a highly efficient solvent for synthetic resins, which makes it a key ingredient in quality high-solid coatings, mainly due to its low density, and high solvency characteristics.
Moreover, MIBK has a high dilution ratio which makes it an ideal fit for solvents used in inks, coatings, and adhesives. Characteristics like water miscibility and low surface tension allow it to be used as a decent extraction agent in dewaxing and deoiling of petroleum products.
Considering application scope, surfactants segment is likely to be worth USD 35 million by the end of 2025, owing to increasing demand for surfactants from marine, automotive, and construction sectors for procedures like dispersing, cleaning, foaming, wetting, emulsifying, and anti-foaming.
Speaking of end user classification of global methyl isobutyl ketone (MIBK) market, the automotive segment is expected to be valued at USD 145 million by the end of the stipulated timeframe, driven by growing demand for rubber processing across the world.
From a regional frame of reference, Middle East & Africa industry is touted to deliver a CAGR of 3.5% over the analysis period. This can be credited to undertaking of various commercial infrastructure and development activities in countries such as UAE, Saudi Arabia, and Kuwait.
Prominent players in worldwide methyl isobutyl ketone (MIBK) industry are LCY Chemical Corp., Jilin Xingyun Chemical Co. Ltd., Lee Chang Yung General Chemical Co. Ltd., Eastman Chemical Co., Mitsui Chemicals Inc., Celanese Corp., Merck KGaA, Arkema S.A., Mitsubishi Chemical Corp., Kumho P&B Chemicals Inc., Sasol Ltd., Dow Chemical Co., and Shell plc.