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Methyl Ethyl Ketone (MEK) Market Report and Forecast 2024-2032

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    Report

  • 140 Pages
  • March 2024
  • Region: Global
  • Expert Market Research
  • ID: 5952482
According to the report, the global methyl ethyl ketone (MEK) market size reached a volume of 1.52 million tonnes in 2023. Aided by its extensive applications across diverse sectors and the surge in demand for solvents in the paint and coatings sector, the market is projected to further grow at a CAGR of 4.0% between 2024 and 2032 to reach a volume of 2.15 million tonnes by 2032.

Methyl Ethyl Ketone, known for its excellent solvent properties, finds widespread utility in various applications, ranging from paints and coatings to adhesives, printing inks, and pharmaceuticals. Its efficacy in dissolving a wide array of substances makes it a solvent of choice in the production of high-quality varnishes, lacquers, and resins. The escalating construction activities globally, coupled with the rising automotive production, are primary drivers fuelling the demand for paints and coatings.

The burgeoning electronics sector significantly contributes to the methyl ethyl ketone (MEK) market growth, particularly in the manufacturing of semiconductors and electronics where precision cleaning of components is essential. Additionally, the pharmaceutical sector leverages MEK's solvent properties in the formulation of drugs, showcasing the compound's versatility and indispensability across industrial sectors.

The market growth is intricately linked to the expansion of its end-use sectors, notably the paints and coatings sector. As per the methyl ethyl ketone (MEK) market analysis, the construction and automotive sectors’ resurgence post-recession has led to increased investments in infrastructure and vehicle production, thereby elevating the demand for MEK-based products. The solvent's rapid evaporation rate, combined with its ability to form high-quality films, makes it invaluable in automotive paints and coatings, contributing to enhanced durability and aesthetic appeal.

As per the methyl ethyl ketone (MEK) market outlook, the shift towards more environmentally friendly solvent options has prompted manufacturers to innovate and develop MEK alternatives with lower volatile organic compound (VOC) emissions. This evolution aligns with stringent global environmental regulations and consumer preferences for sustainable products, opening new avenues for market growth.

Opportunities abound in the realm of research and development, particularly in creating bio-based MEK alternatives that promise reduced environmental impact without compromising on performance. Additionally, the expanding applications of MEK in emerging sectors, such as 3D printing and the pharmaceutical sectors, further boost the methyl ethyl ketone (MEK) market share.

The Asia-Pacific region stands out as the market's epicentre, driven by booming construction activities, rapid industrialisation, and escalating automotive production in countries like China, India, and Japan. The region's dominance is further bolstered by its expanding pharmaceutical and electronics manufacturing sectors, making it a critical market for MEK suppliers. North America and Europe also contribute significantly to the global methyl ethyl ketone (MEK) market, supported by their advanced automotive and construction sectors.

The market is set to experience sustained growth, underpinned by the continuous expansion of its end-use sectors and the persistent demand for high-quality solvents. To meet the rising demand for MEK, especially from the paints and coatings, printing inks, and adhesives sectors, several companies are expanding their production capacities. These expansions are not limited to geographical reach but also include enhancing existing facilities to boost output. Mergers and acquisitions are pivotal for companies looking to enhance their market presence and diversify their product portfolios, which further supports the methyl ethyl ketone (MEK) market expansion. By acquiring or forming partnerships with other entities, companies can access new technologies, expand their customer base, and enter new markets.

Market Segmentation

The market can be divided based on application, end use, and region.

Market Breakup by Application

  • Solvent
  • Resin
  • Printing Ink
  • Adhesive
  • Others

Market Breakup by End Use

  • Paints and Coatings
  • Rubber
  • Construction
  • Packaging and Publishing
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global methyl ethyl ketone (MEK) market. Some of the major players explored in the report are as follows:
  • Shell PLC
  • ENEOS Corporation
  • Nova Molecular Technologies, Inc.
  • Kishida Chemical Co.,Ltd.
  • AccuStandard
  • Spectrum Laboratory Products, Inc.
  • BeanTown Chemical, Inc.
  • Molekula Limited
  • LobaChemie Pvt. Ltd.
  • Sasol Limited
  • Others


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Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Methyl Ethyl Ketone (MEK) Market Analysis
8.1 Key Industry Highlights
8.2 Global Methyl Ethyl Ketone (MEK) Historical Market (2018-2023)
8.3 Global Methyl Ethyl Ketone (MEK) Market Forecast (2024-2032)
8.4 Global Methyl Ethyl Ketone (MEK) Market by Application
8.4.1 Solvent
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Resin
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Printing Ink
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Adhesive
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Methyl Ethyl Ketone (MEK) Market by End Use
8.5.1 Paints and Coatings
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Rubber
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Construction
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Packaging and Publishing
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Methyl Ethyl Ketone (MEK) Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Methyl Ethyl Ketone (MEK) Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Methyl Ethyl Ketone (MEK) Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Methyl Ethyl Ketone (MEK) Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Methyl Ethyl Ketone (MEK) Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Methyl Ethyl Ketone (MEK) Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 291412)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Shell PLC
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 ENEOS Corporation
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Nova Molecular Technologies, Inc.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Kishida Chemical Co.,Ltd.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 AccuStandard
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Spectrum Laboratory Products, Inc.
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 BeanTown Chemical, Inc.
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Molekula Limited
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 LobaChemie Pvt. Ltd.
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Sasol Limited
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Methyl Ethyl Ketone (MEK) Market: Key Industry Highlights, 2018 and 2032
2. Global Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Application (USD Billion), 2018-2023
3. Global Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Application (USD Billion), 2024-2032
4. Global Methyl Ethyl Ketone (MEK) Historical Market: Breakup by End Use (USD Billion), 2018-2023
5. Global Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6. Global Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Major Importing Countries by Volume
19. Major Exporting Countries by Volume
20. Major Importing Countries by Value
21. Major Exporting Countries by Value

Companies Mentioned

  • Shell PLC
  • ENEOS Corporation
  • Nova Molecular Technologies Inc.
  • Kishida Chemical Co.Ltd.
  • AccuStandard
  • Spectrum Laboratory Products Inc.
  • BeanTown Chemical Inc.
  • Molekula Limited
  • LobaChemie Pvt. Ltd.
  • Sasol Limited

Methodology

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