The global methyl ethyl ketone (MEK) market is expected to reach USD 4.01 billion by 2024, according to a new report by Grand View Research, Inc. Urbanization and industrialization in emerging economies of Asia Pacific and the Middle East have driven the need for better infrastructure.
Increasing construction spending by governments particularly in China and India to meet the rising infrastructure needs has been driving the construction industry growth which in turn is anticipated to drive demand for adhesives, printing inks, plastics, paints, and coatings demand.
Expanding product penetration in pharmaceuticals can be attributed to its ability to breakdown quaternary proteins structure and increase drug penetration. Growing pharmaceutical industry globally is expected to offer growth opportunities in denaturing applications.
Increasing chronic and terminal ailments prevalence is further driving the specialty drugs demand which in turn is anticipated to significantly impact product volumes over the forecast period. Volatile raw material prices and potential substitution by green solvents across various end-use industries are anticipated to remain key challenges for participants over the forecast period.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/methyl-ethyl-ketone-mek-market
Further key findings from the report suggest:
·
The global MEK market demand was 1.42 million
tons and is expected to reach 2.11 million tons by 2024, growing at a CAGR of
4.5% from 2016 to 2024.
·
Paints & coatings emerged as the leading
application segment with demand share estimated at 55% in 2015. Increasing
infrastructure spending in the booming Asian market is expected to drive this
segment over the forecast period.
·
Printing inks segment is anticipated to growth
at a CAGR of 4.9% from 2016 to 2024. MEK is widely used in inkjet inks owing to
its quick evaporation rate and solvency which is expected to enhance overall
volumes in the near future.
·
Asia Pacific dominated the global MEK industry
and accounted for 56.3% of total market volume in 2015. Increasing
construction spending in emerging economies of China and India coupled with
government support to increase manufacturing in these countries are expected to
drive the regional market. Asia Pacific is also expected to witness the fastest
growth of 4.9% over the forecast period.
·
The global market is concentrated with top four
companies ExxonMobil, Maruzen, Zibo, and Sasol accounting for a majority of
share. Other players include Shell Chemicals, Ineos Solvents, SK Energy Co.
Ltd, Lanzhou Petrochemicals, Idemitsu Kosan Co Ltd, Tasco Chemicals, Tonen
Chemicals and Fushun Petrochemical Company.
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/organic-chemicals-and-compounds
Grand View Research has segmented the methyl ethyl ketone (MEK) market on the basis of application and region:
Global Methyl Ethyl Ketone (MEK) Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
·
Paints & coatings
·
Printing Inks
·
Adhesives
·
Others
Global Methyl Ethyl Ketone (MEK) Regional Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2014 - 2024)
·
North America
·
U.S
·
Canada
·
Europe
·
Germany
·
UK
·
France
·
Asia Pacific
·
China
·
India
·
Japan
·
Middle East and Africa
·
Saudi Arabia
·
Central & South America
·
Brazil
For press release of this report - http://www.grandviewresearch.com/press-release/global-methyl-ethyl-ketone-mek-market
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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