Methyl Isobutyl Ketone Market Size Estimated to Observe Significant Growth by 2024
The global methyl isobutyl ketone (MIBK) market is prophesied in a report by Transparency Market Research (TMR) finds highly competitive owing to presence of strong players in the market. The global MIBK market features a largely consolidated competitive landscape, with the top five companies cumulatively accounting for a major share in the market’s overall valuation. Some of the key companies in the market are The Dow Chemical Company, Royal Dutch Shell Plc, Kumho P&B, Lee Chang Yung Chemical, Celanese Corporation, Mitsui Chemicals, Inc. Eastman Chemical Company, and Mitsubishi Chemical Holdings Corporation.
The global methyl isobutyl ketone (MIBK) market, which valued at US$827.4 mn in 2015, will exhibit a CAGR of 7.5% between 2016 and 2024 and attain value of around US$1,572.3 mn by 2024. North America MIBK market is expected to expand at a moderate pace over the forecast period. The MIBK has extensive application as solvent is one of the most lucrative application segments of the global MIBK market, accounting for over 54% of the overall market in 2015.
Extensive Applications in Numerous Industries to Boost Adoption
MIBK is one of the outstanding solvents for resins used in numerous surface coatings. MIBK is solvent for more than 40 applications across a number of industries. It has extensive applications in rubber chemicals for the production of tires, followed by surfactants, and insecticides. Growing automotive industry has boosted production of tires which in turn driving growth of the global MIBK market.
MIBK has extensive application as solvent in industries that produce rubber products, machineries, paints, and chemicals. Rising demand for MIBK as effective solvents and rubber processing chemicals is expected to fuel to the overall global demand for MIBK in over the forecast years. This factor is expected to boost adoption of the MIBK and likely to drive growth of the global MIBK market over forecast period.
Adoption of Bio-Based MIBK across Numerous Industries to Drive Growth
However, rising concerns regarding the negative impact of the material on the environment and human health are leading to an increased adoption for synthetic, petroleum-based MIBK in numerous industries.
Nevertheless, synthetic MIBK is expected to be replaced by bio-based MIBK for major applications in coming years. This factor is offering lucrative growth opportunities for the key companies in the market for revenue generation.
This information is overview of the new report by TMR, titled, “Methyl Isobutyl Ketone Market (Application – Solvent, Rubber Processing Chemicals, Surfactants, and Insecticides; End User – Marine, Building and Construction, Automotive, and Crop Protection) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”