Albany, NY -- (ReleaseWire) -- 02/07/2014 -- Transparency Market Research is Published new Market Report “Methyl Ethyl Ketone Market for Paints & Coatings, Printing Inks and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019" which observes that the revenue generated by MEK (methyl ethyl ketone) market was USD 2,254.1 million in 2012 and is expected to reach USD 3,064.5 million by 2019, growing at a CAGR of 4.5% from 2013 to 2019. The global demand for MEK was 1,180.6 kilo tons in 2012.
MEK is an organic compound mainly used as solvents in several applications such as paints and coatings, printing inks, adhesive for PVC pipes, ingredient in rubber based industrial cements, resins thinners, cleanup applications, as lacquers and solvents in pharmaceuticals among others. MEK peroxides are also used as catalyst in polymerization of polyester resins. Global demand for MEK is mainly driven by rising demand for paints and coatings from automobile, infrastructure and furniture industries.
Paints and coatings accounted for about 56% of the total market share of MEK in 2012. Paints and coatings are widely consumed by automobiles and construction industries. Moreover, the automotive and construction markets are recovering rapidly which is anticipated to act as a driver for the growth in the MEK market. Printing inks segment is also an important market for MEK and is expected to show the fastest growth over the forecasted period. Apart from these applications, MEK solvents are used in the pharmaceutical industry as extractor and as a catalyst for certain reactions, thus the growing pharmaceutical industry is expected to drive the global MEK market in the next few years. In addition, the number of applications for MEK is rising due to increasing living standards, industrial growth and technological advancements. Thus the rising number of MEK applications can turn out to be a key growth driver in the future.
The global MEK market is dominated by Asia Pacific, which accounted for over 50% of the global volumes consumed in 2012. Growth of MEK market in Asia Pacific is mainly driven by the rising consumption from the automobile and infrastructure industry in China, India and Japan. Asia Pacific was followed by North America with over 18.8% share in total volume consumption. The key players in the MEK market are ExxonMobil Chemical, Maruzen Petrochemical Co. Ltd., Zibo Qixiang Petrochemical Industry Group Co. Ltd., Arkema S.A., Sasol Solvents, Shell Chemicals, SK Energy Co. Ltd., PetroChina Lanzhou Petrochemicals, and Idemitsu Kosan Co. Ltd. among others.
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Paints and coatings applications segment was the largest market segment of MEK in 2012. The paints and coatings segment of the MEK market generated revenue of USD 1,223.0million in 2012.The rapidly growing infrastructure sector especially in developing nations is driving the paints and coatings market, which in turn is expected to fuel the demand for MEK in the next few years. Printing inks, plastics and textilesarethe other major application segments ofMEK.The demand for printing inks is likely to grow due to the rising demand from publishingand packaging industries among others. The increasing number of applications of MEK such as adhesives for PVC pipes, rubber based cements, resins thinners, lacquers in furniture industryand extraction solvent for pharmaceuticals among others, is expected to drive the MEK market in future.
Asia Pacific represents the largest and the most important market for the MEK industry.TheMEKmarket in Asia Pacificis mainly driven by robust growth in the paints and coatings marketdue to heavy consumption from manufacturing and construction industries. North America is the second largest market for MEK followed by Europe and RoW. Due to the growing automobile and infrastructure industries in India and China, Asia Pacific is expected to be the key market for MEK in the future.
The increasing number of industrial applications is also expected to drive the MEK demand throughout the forecast period. The growth of the MEK market is expected to be limited by certain factors such as the health issues associated with use of MEK, the volatility in raw material prices, as well as the growing demand for its substitutes. There are certain other factors such as growing environmental concerns and strict governmental regulations that are secondary challenges for the growth of the MEK market.ExxonMobil Chemical, Maruzen Petrochemical Co. Ltd., Zibo QixiangPetrochemical Industry Group Co. Ltd., Arkema S.A., Sasol Solvents, Shell Chemicals, SK Energy Co. Ltd., PetroChina Lanzhou Petrochemicals, and Idemitsu Kosan Co. Ltd. are some of the key producers of MEK.
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