PersistenceMarketResearch states that that global methyl ethyl ketone market will witness a CAGR of more than 3% between 2020 and 2030.
Methyl ethyl ketone is broadly used in the form of solvent, as far as paints and coatings vertical is concerned. This could be reasoned with higher rate of evaporation and low viscosity. Acrylic, epoxy, polyurethane, and polyester coatings prefer methyl ethyl ketone owing to feasibility with the hydrocarbons.
The pharmaceutical industry finds applications of methyl ethyl ketone in producing antiseptics, anesthetics, medical drugs, and lotions. At the same time, regulations like 33/50 Program enacted by the EPA that invites emissions’ voluntary reduction inclusive of methyl ethyl ketone are likely to restrain the market.
The Asia-Pacific accounts for more than 50% of the market share. This could be attributed to growing demand for methyl ethyl ketone from “printing inks” vertical in the economies like Thailand, Indonesia, India, and China. The status quo is expected to remain unchanged even going forward as demand for printing inks and adhesives in commercial and residential building construction sector.
MEA is also expected to be a region to watch out. The gulf countries like Qatar, Saudi Arabia, and UAE are witnessing a remarkable growth in construction industry. This factor is expected to open new horizons for the methyl ethyl ketone market in the near future. North America and Europe are already at the forefront with regards to importing methyl ethyl ketone.
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The key market participants include Sasol Solvents, ExxonMobil, Shell Chemicals, Maruzen Petrochemicals, Petro China, and Arkema S.A. Recently, Maruzen Petrochemicals did install a new-fangled distillation systems termed as “SUPERHIDIC” in the manufacturing plant located in Japan, so as to save close to 40% on consumption of energy and go for frugal products.
Some of the suppliers on the count of value chain include Sigma-Aldrich, Xilan Chemicals, Wicks Aircraft Supply, Sherwin-Williams, and LP Chemicals. Product innovation is likely to be the key focus area in the years to come. This will call for price-sensitivity as well.