New York, NY -- (SBWIRE) -- 03/12/2021 -- Increasing demand for methyl ethyl ketone in the online retailing business, coupled with high investment in R&D of methyl ethyl ketone, is fueling the market growth.

Market Size – USD 3.07 Billion in 2018, Market Growth - CAGR of 5.3%, Market trends – Increase in demand for methyl ethyl ketone in the paints & coatings applications.

Methyl Ethyl Ketone, also known as MEK is a pale yellow or colourless chemical that is highly water soluble, flammable, and used for commercial and industrial applications. It is mainly used in surface coating applications as a solvent. Some of its chemical applications are paints, synthetic resins, inks, surface coating, denaturant and varnishes. It is used as an extracting agent in the deoiling and dewaxing of the petroleum products.  The global methyl ethyl ketone market is estimated to reach USD 4.93 Billion at a CAGR of 5.3% over 2017-2027.

Methyl ethyl ketone is mostly used as a solvent in the manufacturing of surface coating applications and also widely utilized as an intermediate solvent chemical in the formulation of various chemical processing. Paints, inks, synthetic resin, varnishes, surface coating, and denaturant, food flavoring in many ethanol formulations are some of its chemical applications. On the other hand, Methyl ethyl ketone is widely used in industrial applications such as food packaging, cleaner, lacquers, and the component of adhesives, among others. Also, in the dewaxing and deoiling of petroleum products, this chemical compound is used as an extraction agent.

Key participants include LCY Chemical Corp., ExxonMobil, Royal Dutch Shell PLC, Maruzen Petrochemicals, Arkema S.A, Celanese Corporation, Eastman Chemical Company, Petro China, Sasol Limited, and ISU Chemical.

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Further key findings from the report suggest

- Methyl ethyl ketone is a synthetic chemical compound used in the direct solvent and widely used in the direct chemical formulations. Specialty coating, powder coating, waterborne coatings, inks, varnishes, lacquers, direct extraction agent in the dewaxing & deoiling of the petroleum products are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2027 growing with a rate of 5.6% during the period 2019 – 2027.
- Chemical intermediate segment is measured to grow at the CAGR of 5.2% in the forecast period. Methyl ethyl ketone is utilized as the active chemical & organic intermediate in plasticizer & plastics manufacturing.
- Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 34.1% by 2027.
- Europe would reach a market share of 20.5% by 2027 and would grow at a CAGR of 4.9% in the forecast period. Netherland and France have some of the valuable players in this region.
- North America is forecasted to witness significant growth in the overall market, with 25.7% of market possession by 2027 and CAGR of 5.8% during the forecast period. US possesses the highest market share in this region and some of the vital player of the market.

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Market Drivers

Globally the market is expected to grow due to the growing demand for this chemical in commercial and industrial applications. The increasing product usage in the manufacturing of inks, paints & coatings, adhesives, varnishes, food packaging products, and food flavouring may supplement methyl ethyl ketone market share over the forecast period. The paints and coatings application segment accounts for the largest market share of 36.4% and will continue to expand at the CAGR of 5.9% during the forecast period.

End-Use Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)

- Direct Solvent
- Chemical Intermediate
- Chemical Reagents
- Others

Sales Channel Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)

- Online Retailing
- Offline Retailing

Applications Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)

- Paints & Coatings
- Rubber & Adhesive
- Chemical & Pharmaceuticals
- Food Packaging & Flavoring
- Others

Regional Analysis

The regional share is distributed amongst regions such as Middle East and Africa, Asia Pacific, Latin America, Europe and North America. Asia Pacific accounted for the largest share of nearly 37.3% in 2019 and is estimated to experience a growth rate of about 6.3% during the forecast period. China and India are the key contributors to the regional industry growth.

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Regional Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2016-2027)

- North America
- Europe
- Asia Pacific
- MEA
- Latin America

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