Growing demand for adhesives and coatings propelling market expansion
Category: Chemicals & Materials Published Date : Feb-23 ID: CVC-6800 Format: PDF Pages: 275
According to a research survey conducted by ChemView Consulting, Methyl Ethyl Ketone Market is estimated to be worth US$ 5.51Bn in 2023. The market is expected to grow at a CAGR of 4.90 % between 2023 and 2033 to hit US$ 8.89 Bn by 2033 end.
The Methyl Ethyl Ketone (MEK) market is witnessing a significant shift towards low-VOC (volatile organic compound) formulations due to increasing environmental concerns and regulatory pressures. Low-VOC MEK products are gaining popularity in various industrial applications, such as coatings, adhesives, and printing inks, as they emit fewer pollutants and are considered safer for human health. This trend is expected to continue in the coming years, with manufacturers investing in R&D to develop more sustainable and eco-friendly MEK products.
The adoption of Industry 4.0 technologies, such as the Industrial Internet of Things (IIoT) and artificial intelligence (AI), is revolutionizing the way chemicals like methyl ethyl ketone are produced. Smart manufacturing processes are being developed to optimize production efficiency, reduce waste and emissions, and increase product quality. These processes involve the integration of sensors, advanced analytics, and real-time monitoring to enable rapid decision-making and dynamic process control.
Methyl Ethyl Ketone (MEK) is a colorless, flammable liquid with a sweet odor, widely used as a solvent in various industries such as paints and coatings, adhesives, and printing inks. The MEK market is expected to witness significant growth in the coming years due to the increasing demand for paints and coatings from the construction and automotive industries. The growing popularity of eco-friendly paints, which use MEK as a key component, is also expected to drive market growth. MEK is known for its excellent solvency power, low toxicity, and high evaporation rate, making it a preferred choice for paints and coatings formulations.
Methyl Ethyl Ketone (MEK) is a key solvent used in the production of adhesives and sealants. It provides excellent solvency power, fast evaporation rate, and low viscosity, making it a preferred choice for various adhesive formulations. The growing demand for adhesives and sealants from various end-use industries such as automotive, construction, and packaging is expected to drive the growth of the MEK market in the coming years.
After conducting a thorough analysis of the Methyl Ethyl Ketone Market, we have identified the top three trending segments in the industry. These segments are experiencing high demand, strong market growth, and widespread adoption.
Solvents have emerged as the most popular application in the Methyl Ethyl Ketone Market for the Paints & Coatings Industry. Solvents are used to dissolve the resin and pigment in the coating, making it easier to apply and ensuring a smooth, even finish. The high solvency power and compatibility of solvents with a variety of coatings make them the preferred choice for consumers seeking efficient and effective solutions in the paints & coatings industry.
Resins are the most selling product in the Methyl Ethyl Ketone Market for the Rubber Industry. Resins are used as a binding agent to strengthen and enhance the performance of rubber products such as tires, belts, and hoses. The high durability and adhesion properties of resins make them the go-to choice for consumers seeking reliable and effective solutions in the rubber industry.
Inks are gaining significant traction in the Methyl Ethyl Ketone Market for the Packaging Industry. Inks are used to print on a variety of packaging materials such as paper, cardboard, and plastic films. The fast drying time and excellent print quality of inks make them the trending choice for consumers seeking high-quality printing solutions in the packaging industry.
The Asia-Pacific region is witnessing a rapid expansion of MEK production capacities, driven by increasing demand from the construction, automotive, and packaging industries. China, India, and Japan are the leading producers and consumers of MEK in the region, with several new plants being set up to cater to the growing demand. The trend is expected to continue, with Asia-Pacific accounting for a significant share of the global MEK market in the coming years. The increased production capacities in the region are also expected to lead to a decline in MEK prices globally, making it more accessible to end-users.
The Methyl Ethyl Ketone (MEK) market in North America is being driven by a range of factors, including the growing demand for adhesives and coatings in various end-use industries such as automotive, construction, and packaging. MEK is a colorless and flammable solvent that is widely used in the manufacturing of various chemicals and products, including adhesives, coatings, printing inks, and PVC.
In recent years, the use of MEK-based adhesives and coatings has been on the rise due to their superior performance characteristics, such as fast drying, good adhesion, and resistance to heat and chemicals. This has led to a significant increase in the demand for MEK in North America.
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Research Scope/Taxonomy
Market Analysis by Application:
Market Analysis by End Use:
Key Companies Profiled
1.1. Global Market Snapshot
1.2. Key Success Factors
1.3. Strategic Analysis and Recommendations
2.1. Market Taxonomy
2.2. Market Definitions
3.1. Preliminary Investigation & Research Design
3.2. Secondary Research & Primary Research
3.3. Data Analysis & Econometric Modelling
3.4. Expert Data Validation
4.1. Supply-Side Trends
4.2. Demand-Side Trends
5.1. Global Market Value (US$ Mn) Analysis, 2017 – 2032
5.2. Incremental $ Opportunity Index, 2022-2032
5.3. Global Market Volume (Tons) Analysis, 2017 – 2032
6.1. Regional Level Pricing Analysis and Forecast
6.1.1. Manufacturers Level Pricing
6.1.2. Distributor Level Pricing
6.2. Global Pricing Analysis Benchmark
6.3. Cost Breakdown Analysis
7.1. Cross Analysis of Application W.R.T. End Use
8.1. Regional Supply Vs. Demand Gap Assessment
8.2. Top Producing Countries Analysis
9.1. Macroeconomic Factors
9.2. Forecast Factors
9.3. Market Dynamics
9.3.1. Driver
9.3.2. Restraint
9.3.3. Opportunity
9.4. Supply Chain Analysis
9.4.1. List Raw Material Suppliers
9.4.2. List of Manufacturers
9.4.3. List of Distributors
9.4.4. List of End-Users
9.4.5. End-Users Consumption Analysis
9.4.6. Average Profitability Margin Analysis
9.5. Covid-19 Impact Assessment
9.5.1. Economy/Cluster Projections
9.5.2. Covid-19 Economic Assessment
9.5.3. Impact on Target Market
9.5.4. Recovery Scenario
9.6. Regulatory Framework
9.6.1. Regulations of Key Countries
9.6.2. Potential Impact of Regulations
9.7. Porter’s Five Forces Analysis
9.8. Technology Landscape
10.1. Introduction
10.2. Key Market Trends
10.3. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Application [Value (US$ Mn) and Volume (Tons) Analysis]
10.3.1. Solvents
10.3.2. Resins
10.3.3. Inks
10.3.4. Adhesives
10.4. Market Attractiveness Analysis by Application
11.1. Introduction
11.2. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By End Use [Value (US$ Mn) and Volume (Tons) Analysis]
11.2.1. Paints & Coatings
11.2.2. Rubber
11.2.3. Packaging
11.2.4. Artificial Leather
11.2.5. Others
11.3. Market Attractiveness Analysis by End Use
12.1. Introduction
12.2. Key Market Trends
12.3. Historical and Current Market (2017-2021) and Future Market Analysis (2022-2032) By Region [Value (US$ Mn) and Volume (Tons) Analysis]
12.3.1. North America
12.3.2. Latin America
12.3.3. Europe
12.3.4. Asia-Pacific
12.3.5. Middle East
12.3.6. Africa
12.4. Market Attractiveness Analysis by Region
13.1. Introduction
13.2. Key Market Trends
13.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
13.3.1. By Country
13.3.1.1. U.S.
13.3.1.2. Canada
13.3.2. By Application
13.3.3. By End Use
13.4. Market Attractiveness Analysis
13.4.1. By Country
13.4.2. By Application
13.4.3. By End Use
14.1. Introduction
14.2. Key Market Trends
14.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
14.3.1. By Country
14.3.1.1. Brazil
14.3.1.2. Mexico
14.3.1.3. Rest of Latin America
14.3.2. By Application
14.3.3. By End Use
14.4. Market Attractiveness Analysis
14.4.1. By Country
14.4.2. By Application
14.4.3. By End Use
15.1. Introduction
15.2. Key Market Trends
15.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
15.3.1. By Country
15.3.1.1. Germany
15.3.1.2. Italy
15.3.1.3. France
15.3.1.4. UK
15.3.1.5. Spain
15.3.1.6. Netherlands
15.3.1.7. Norway
15.3.1.8. Russia
15.3.1.9. Rest of Europe
15.3.2. By Application
15.3.3. By End Use
15.4. Market Attractiveness Analysis
15.4.1. By Country
15.4.2. By Application
15.4.3. By End Use
16.1. Introduction
16.2. Key Market Trends
16.3. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
16.3.1. By Country
16.3.1.1. China
16.3.1.2. Japan
16.3.1.3. South Korea
16.3.1.4. India
16.3.1.5. Indonesia
16.3.1.6. Thailand
16.3.1.7. Vietnam
16.3.1.8. Australia & New Zealand
16.3.1.9. Rest of Asia-Pacific
16.3.2. By Application
16.3.3. By End Use
16.4. Market Attractiveness Analysis
16.4.1. By Country
16.4.2. By Application
16.4.3. By End Use
17.1. Introduction
17.2. Key Market Trends
17.3. Pricing Analysis
17.4. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
17.4.1. By Country
17.4.1.1. Saudi Arabia
17.4.1.2. Turkey
17.4.1.3. U.A.E.
17.4.1.4. Rest of the Middle East
17.4.2. By Application
17.4.3. By End Use
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Application
17.5.3. By End Use
18.1. Introduction
18.2. Key Market Trends
18.3. Pricing Analysis
18.4. Historical and Current Market Size (2017-2021) and Future Market Size Analysis (2022-2032) [Value (US$ Mn) and Volume (Tons) Analysis]
18.4.1. By Country
18.4.1.1. South Africa
18.4.1.2. Nigeria
18.4.1.3. Egypt
18.4.1.4. Rest of Africa
18.4.2. By Application
18.4.3. By End Use
18.5. Market Attractiveness Analysis
18.5.1. By Country
18.5.2. By Application
18.5.3. By End Use
19.1. Tier Structure Breakdown
19.2. Market Share Analysis
19.3. Application Capacity Analysis
19.4. Company Footprint Analysis
19.4.1. Product Footprint of Players
19.4.2. Regional Footprint of Players
19.4.3. Channel Footprint of Players
19.5. Brand Preference Analysis
19.6. Competition Dashboard
20.1. AkzoNobel N.V.
20.1.1. Company Overview
20.1.2. Product & Financial Portfolio
20.1.3. Manufacturing Facilities
20.1.4. Recent Developments
20.1.5. SWOT Analysis
20.1.6. Strategy Overview
20.2. Arkema S.A.
20.3. Sasol Solvents
20.4. ExxonMobil Chemical
20.5. Shell Chemicals
20.6. Cetex Petrochemicals
20.7. Ineos Solvents
20.8. PetroChina Lanzhou Petrochemicals
20.9. Idemitsu Kosan Co. Ltd
20.10. Tonen Chemicals
20.11. SK Energy Co. Ltd