#Methyl Isobutyl Ketone (MIBK) Market share

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Methyl Isobutyl Ketone Price, Trend, Prices, Demand & Market Analysis | ChemAnalyst

Methyl Isobutyl Ketone (MIBK) plays a crucial role in various industries, acting as a solvent with applications in paints, coatings, and pharmaceuticals. As businesses across the globe closely monitor market trends, the MIBK market prices have become a focal point of interest. The pricing dynamics of MIBK are influenced by a myriad of factors, reflecting the delicate balance between supply and demand.

In recent years, the MIBK market has witnessed fluctuations in prices, driven by factors such as raw material costs, global economic conditions, and regulatory changes. The production of MIBK involves acetone and isobutylene, both of which are subject to market volatility. Fluctuations in the prices of these raw materials can directly impact the overall cost of producing MIBK, subsequently influencing market prices. Market players keenly observe these cost variations to anticipate potential shifts in the pricing landscape.

Global economic conditions also play a pivotal role in shaping MIBK market prices. Economic downturns or uncertainties can lead to reduced demand for end-use products like paints and coatings, impacting the overall consumption of MIBK. Conversely, periods of economic growth can stimulate demand, putting upward pressure on prices. As industries recover from economic setbacks or experience periods of expansion, the MIBK market can respond with corresponding price adjustments.

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Moreover, regulatory changes and environmental considerations have become integral factors influencing MIBK market prices. Stringent regulations regarding emissions and environmental impact have prompted industries to seek eco-friendly alternatives, impacting the demand for traditional solvents like MIBK. As governments globally implement policies to address environmental concerns, industries are compelled to adapt, affecting the overall market dynamics and, consequently, prices.

The competitive landscape also plays a crucial role in shaping MIBK market prices. The market is characterized by the presence of key players and emerging competitors, each vying for market share. Competitive pricing strategies, innovations in production processes, and advancements in technology can influence the overall pricing structure. Market participants keenly monitor the strategies employed by their peers, adjusting their pricing models to maintain a competitive edge.

The geographical distribution of MIBK production and consumption also contributes to pricing dynamics. Regional variations in supply and demand, logistical challenges, and transportation costs can impact the final prices observed in different markets. Market participants must navigate these regional intricacies to establish optimal pricing strategies and capture opportunities presented by specific geographic markets.

Furthermore, the COVID-19 pandemic has introduced unprecedented challenges to the MIBK market. Disruptions in supply chains, shifts in consumer behavior, and uncertainties in global markets have contributed to a complex pricing environment. As industries adapt to the 'new normal,' the MIBK market continues to recalibrate, reflecting the ongoing impacts of the pandemic on global trade and economic activities.

The MIBK market prices are subject to a multitude of factors, encompassing raw material costs, economic conditions, regulatory changes, competitive dynamics, and regional variations. As industries evolve and adapt to changing circumstances, market participants must remain vigilant and agile in responding to these dynamic forces. A comprehensive understanding of these factors is essential for businesses to formulate effective pricing strategies, navigate market complexities, and thrive in the dynamic landscape of the MIBK industry.

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Acetone Market Key Players Outlook, Latest Trends and Forecast up to 2030

Prismane Consulting is pleased to publish its Acetone Market Market Study Report which includes historic and current market situation of Acetone Market across several end-use industries.

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This market study describes the global Acetone Market market, with focus on major countries and their subsequent demand across different applications and sub-applications. The study covers demand-supply analysis for regions including North America, Western Europe, Central & Eastern Europe, Central & South America, Asia-Pacific, Middle East and Africa and major countries like the U.S., Canada, Mexico, Germany, France, Italy, U.K., Spain, Russia, Poland, Turkey, China, Japan, India, South Korea, Thailand, Taiwan, South Africa, and Saudi Arabia. The market is segmented based on end-use which includes Bisphenol A (BPA), Methyl Methacrylates (MMA), Methyl isobutyl ketone (MIBK), Solvents, Other chemical uses, and others.Acetone Market Production capacity expansions, force majeure, de-bottlenecks, plant shutdowns and new product developments have been considered in the report.

Acetone Market demand patterns are dramatically different between various regions and countries. In the areas with mature economies, demand growth for Acetone Market is expected to fall well below global averages primarily due to the geographic shift of many manufacturing industries to areas of lower labor costs such as China, India, and the ASEAN region.

The primary driver for the growth in demand of Acetone Market in Asia has been the migration of labor-intensive downstream conversion industries from developed high labor cost regions like North America and Western Europe.

Topics Covered

The report covers the following topics:

Acetone Market Market data in term of volume and value for each end-use at regional and country level

Acetone Market Market analysis for production, capacity, demand, supply, trade, and utilization rates at regional and country level

Trade balance and target markets for current situation, new expansions, or new projects

Business opportunity assessment

Macro-economic factors like GDP, population, and world economic integration

Strategic issues and recommendations

Strategic recommendations for vendors, and industry stakeholders

Market analysis and forecasts (short-, mid- and long-term forecast) from 2015 till 2030

Acetone Market Market: Applications Covered

Europe Acetone Demand Supply Analysis By Applications, (Volume, Value) (2014–2030)

     Strategic Issues

     Capacity Analysis – Plants and Projects (2014 – 2030)

Capacity

Production

Producing Companies

Capacity Additions and Investments

Location

Salient Statistics

Technology / Process

     Demand Supply Analysis and Forecast (2014 – 2030)

Capacity

Production

Operating Rate

Import

Export

Net Trade

Demand

Demand Growth Rate (%)

Driving Force Analysis

Europe Acetone Market, By Application

Bisphenol-A (BPA)

Methyl Methacrylates (MMA)

Methyl isobutyl ketone (MIBK)

Solvents

Other chemical uses

Others

Acetone MarketMarket: Regions covered

- Asia Pacific

- Eastern Europe

- Central & South America

- Middle East & Africa

- North America

- Western Europe

Key Questions Answered

The Global Acetone Market Market study answers the following key questions:

How big is the Acetone Marketmarket?

How is the Acetone Market market evolving by demand-supply, segment, and region?

What will the Acetone Market market size be in 2030 and at what rate will it grow?

What trends, challenges and barriers are influencing its growth?

Who are the key manufacturers and what are their shares in different region?

What opportunities and target markets exist for Acetone Market

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Solvents Market Growth | Demand, Industry Segments, Size, Share, Trends, Key Player profile and Regional Outlook by 2030

According to the MRFR analysis, the Solvents Market is expected to reach a value of USD 48 Million in 2025, registering a CAGR of 4.0% during the forecast period.

Solvents are the chemicals capable of dissolving other substances without chemical changes. Solvents are widely used in paints and coatings, varnishes, adhesives, sealants, printing inks, cosmetics, and pharmaceutical applications. The increasing demand for paints and coatings, printing inks and cosmetics is likely to augment the growth of the global solvents market. Furthermore, one of the key trends observed in the market is shifting preference towards bio-based solvents driven by stringent regulations and increasing environmental regulations.

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Pricing and Regulatory Analysis

The price of solvents varies according to type and source. The bio-based solvents generally have a higher cost compared with petroleum-based solvents owing to high feedstock cost and complex manufacturing process.  The average price for solvents varies form USD 200 per ton to USD 800 per ton.

The global solvents market faces stringent regulations owing to high VOC emissions and environmental concerns. In Europe, the emission of Volatile Organic Compounds from Solvents is regulated by the European Union - S.I. No. 565 of 2012. Further, activities using more than 10 tons per annum of solvents need an Integrated Pollution Prevention & Control (IPPC) license from the EPA. In the US, the standards for solvent use are regulated by the National Emission Standards for Hazardous Air Pollutants (NESHAP), New Source Performance Standards (NSPS), Control Techniques Guidelines (CTG), and National Volatile Organic Compound Emission Standards – 183(e) VOC Rule.

SEGMENTATION

By Type

Alcohols: The alcohol segment accounted for a dominant share of the global solvents market. The segment is expected to witness significant growth during the forecast period. The growth is attributed to its low toxicity and high demand in the paints & coatings, pharmaceuticals, cosmetics, and personal care industries.

Ketones: Ketones are utilized as solvents in the paint & coatings and adhesives industries. Ketone-based solvents include acetone, methyl ethyl ketone (MEK), methyl isobutyl ketone (MIBK), and diisobutyl ketone (DIBK). Acetone is the most common ketone solvent used in various industrial solvents owing to its low surface tension, density, slower evaporation rate, and high boiling point.

Esters: The increasing adoption of bio-based solvents is expected to favor the demand for esters in the production of lacquers, paints, and coatings.

Glycol Ethers: Glycol ethers are solvents based on ethylene glycol, propylene glycol, and butyl glycol ethers and are most commonly used in paints and cleaners. The glycol ethers segment is expected to witness moderate growth during the forecast period driven by increasing demand in-home and institutional care, and cosmetics industries.

Halogenated Solvents: Halogenated solvents are used in the cleaning, printing inks, textile, paints, and furniture industries. However, the health and environmental risks restrict the use of halogenated solvents.

Aromatic: These solvents are used in the manufacturing of industrial paints, resins, adhesives, and detergents.

Aliphatic: Aliphatic solvents are widely used in paints and coatings, degreasing, oil extraction, and rubber manufacturing.

Others

By Source

Petrochemical-based: The petrochemical-based solvents dominated the global solvents market in 2018. The demand for petrochemical-based solvents is mainly driven by the growth of paints & coatings industry. In 2018, the paints & coatings industry was valued at USD ~142 Billion and is forecasted to grow at a CAGR of 5% between 2019 and 2025, thereby boosting the demand for petrochemical-based solvents in the market.

Bio-Based Solvents: The segment is expected to witness high growth during the forecast period. This growth is attributed to increasing environmental concerns and stringent regulations.

By Application

Paints & Coatings: The segment accounted for the largest share of the global market in 2018 and is expected to witness healthy growth during the forecast period. The growth of the segment is attributed to the increasing demand in the construction and automotive industries.

Pharmaceuticals: The segment is expected to grow at a significant rate during the forecast period. The growth is supported by increasing healthcare spending and increasing investments in the pharmaceutical industry, particularly in Asia-pacific and North America. According to the World Health Organization, in 2016, the global spending on healthcare was USD 7.5 trillion and average per capita health expenditure was USD 1,000.

Polymer: Solvents are widely used in the processing and manufacturing of various polymers. The increasing demand for polymers in the food & beverage, packaging, automotive, and construction industries is expected to drive the growth of the segment during the forecast period.

Agrochemicals: The growing demand for fertilizers and pesticides to increase crop yield is projected to drive the demand for solvents in the agrochemicals segment.

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Printing Inks: The growing demand for wide spectrum of printing across the publishing and packaging industry is driving the demand for various solvents in ink manufacturing.

Cleaners: The increasing demand for cleaners in the healthcare and food & beverage industries and domestic applications is expected to propel the demand for solvents during the forecast period.

Cosmetics & Personal Care: With increasing disposable income, changing lifestyles, and rapid urbanization, the cosmetic & personal care industry is witnessing robust growth. This is expected to be the major factor increasing the demand for solvents.

Adhesives & Sealants: The adhesives and sealants industry across the globe was valued at USD 56 million in 2018. The industry is expected to witness significant growth driven by increasing demand in the construction, automotive, hygiene, and packaging industries. This, in turn, is expected to drive the growth of the global solvents market.

Others: The other segment is expected to witness moderate growth during the forecast period

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Global Methyl Isobutyl Ketone (MIBK) Market Trends, Drivers, Strategies, Applications and Competitive Landscape 2023

Global Methyl Isobutyl Ketone (MIBK) Market Trends, Drivers, Strategies, Applications and Competitive Landscape 2023

Global Methyl Isobutyl Ketone (MIBK) marketreport offers in-depth knowledge and analysis results and knowledge concerning Methyl Isobutyl Ketone (MIBK) drivers, restraints, opportunities, and trends valid by a mixture of specialists with correct data of the precise trade and Methyl Isobutyl Ketone (MIBK) market further as region-wise analysis experience. The Methyl Isobutyl Ketone (MIBK) report…

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Methyl Isobutyl Ketone (MIBK) Market by Companies, Region, Application and end-use Industry up to 2025

04th December 2018: Methyl Isobutyl Ketone (MIBK) is an organic compound. This compound has particular features such as it is clear, colorless, has pleasant odor, is very flammable with high vapor pressure, and can be widely utilized as a solvent. Methyl Isobutyl Ketone is utilized as a solvent for manufacturing pharmaceuticals, paints, rubber, chemicals, etc. As it has a pleasant odour it is also used in fragrance and flavor industry. Moreover, it is utilized as a dry cleaning agent.

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Some of the important attributing features for its utility are low density, excellent solvent activity, high dilution ratio, low surface tension, low water miscibility, medium evaporation rate, readily biodegradable, etc. The factors that propel the growth of the global Methyl Isobutyl Ketone Market Size include its wide ranging application as an outstanding solvent for general industrial coating, process solvents like fungicides and germicide synthesis, automotive coating, automotive refinish coating, etc.

On the other hand, there are also factors that hamper the growth of the global Methyl Isobutyl Ketone Market Size such as environment-related issues and adverse health effects. For instance, Methyl Isobutyl Ketone may cause moderate eye irritation, low toxicity if consumed. Excessive exposure may give rise to irritation to upper respiratory tract, nausea, dizziness, etc. In case of environment, Methyl Isobutyl Ketone may form explosive peroxides with exposure to air.

The global Methyl Isobutyl Ketone Market Size is classified on the basis of application, end-user, and geography. On the basis of application, the global Methyl Isobutyl Ketone Market Size spans Solvent, Rubber Chemicals, Surfactants, Insecticides and others. The Solvent segment comprises Automotive & Marine Coatings, Construction Coatings, and Wood Coatings.

Amongst the applications, the “Solvent” application segment held a major share of the global Methyl Isobutyl Ketone Market Size in 2015. The factors that attribute to the major share of the solvent application include its wide utility in automobile, building & construction, etc. Additionally, its high demand and usage for surface coatings and paints has significantly propelled the growth of the market. On the basis of end-user, the global Methyl Isobutyl Ketone Market Size comprises Marine, Building & Construction, Automotive, Crop Protection, and others.

Some of the prominent players that fuel the growth of the global Methyl Isobutyl Ketone Market Size include The Dow Chemical Company, Royal Dutch Shell Plc, Kumho P&B, Lee Chang Yung Chemical, Celanese Corporation, Eastman Chemical Company, Mitsubishi Chemical Holdings Corporation, and Mitsui Chemicals, Inc.  

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Global Methyl Isobutyl Ketone Market Supply-Demand, Industry Research and End User Analysis, Outlook 2017 -2025

Global Methyl Isobutyl Ketone Market Supply-Demand, Industry Research and End User Analysis, Outlook 2017 -2025

In this report, the global Methyl Isobutyl Ketone MIBK Market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.

Geographically, this report split global into several key Regions, with sales K MT, revenue Million USD, market share and growth rate of Methyl Isobutyl Ketone MIBK for these regions, from…

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Propanol Market is projected to reach to US$2.68 bn by 2025

Propanol is a petrochemical and has wide applications in manufacture of personal care products, pharmaceuticals, cosmetics, deicers, adhesives, paints, resins, and ink. The petrochemical is also used in manufacture of various chemicals such as isopropyl acetates, isopropyl esters, methyl isobutyl ketone (MIBK), glycerol, asisopropyl amines, isopropyl acetates, and acetone. Use of propanol as intermediate chemical to manufacture other chemical has been driving its popularity in chemical industry too, among all other industries.  As per market analysts of chemical fraternity, “large scale application of propanol is entailing the growth of global propanol market in the coming years”.

As per the report published by Transparency Market Research, the propanol market is anticipated to expand at a CAGR of 2.3% in the forecast period 2017-2025. The valuation of propanol market size is projected to reach to US$2.68 bn by 2025.

Use of propanol as solvent is boosting the global propanol market. The solvent segment is projected to clock at a CAGR of 2.3% during the course of forecast period due to rising demand of propanol in coating and paint industry.

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On the other hand, reduction in the demand of propanol in printing ink sector may give negative impact to the growth of global propanol market in the course of forecast period.

Propanol as Solvent is Fuelling its Demand in Painting and Coating Industry

Owing to the surge in the number of personal care, pharmaceuticals, and cosmetics industry in North America, the regions is anticipated to contribute majorly in the expansion of propanol market in the course of forecast period followed by Europe. Europe is witnessing substantial rise in the number of chemical industry. This, in turn, is driving the propanol market in the region.

In the recent years, Asia Pacific was contributing 40% of the entire propanol market share standalone. Propanol is used as a solvent in the coatings and paints. This is a key factor fuelling the demand for propanol in the market. Asia Pacific region is witnessing surge in the number of chemical, coatings, and paint industry. This, in turn, is boosting propanol market as well. China, being the major consumer of propanol, is anticipated to be a major contributor in propanol market in the coming years.

Merging and Acquisition is Tactics to Maintain Prominence in Global Propanol Market

Looking at the present trend, the market analysts at Transparency Market Research analyses that “propanol market will be witnessing intense competition in coming years, as a result of large number of small and medium companies coming in the market”. Also, the prominent players of propanol market are coming up with new market strategies to sustain its dominance in the global propanol market.

The players are putting an effort to gain significant position in the regional market, so that they can easily penetrate in the global propanol market. Key players are inclining towards merging and acquisition to strengthen their presence in the market.

Some of the key players in the global propanol market are- LyondellBasell Industries N.V., BASF SE, Eastman Chemical Company, ExxonMobil Corporation, Oxea GmbH, Mitsui Chemicals, Tokuyama Corporation, and Dow Chemical Company.

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Solvents Market Analysis, Size, Share, Trends, Demand, Segments, Key Player profile and Regional Outlook by 2030

According to the MRFR analysis, the Solvents Market is expected to reach a value of USD 48 Million in 2025, registering a CAGR of 4.0% during the forecast period.

Solvents are the chemicals capable of dissolving other substances without chemical changes. Solvents are widely used in paints and coatings, varnishes, adhesives, sealants, printing inks, cosmetics, and pharmaceutical applications. The increasing demand for paints and coatings, printing inks and cosmetics is likely to augment the growth of the global solvents market. Furthermore, one of the key trends observed in the market is shifting preference towards bio-based solvents driven by stringent regulations and increasing environmental regulations.

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Pricing and Regulatory Analysis

The price of solvents varies according to type and source. The bio-based solvents generally have a higher cost compared with petroleum-based solvents owing to high feedstock cost and complex manufacturing process.  The average price for solvents varies form USD 200 per ton to USD 800 per ton.

The global solvents market faces stringent regulations owing to high VOC emissions and environmental concerns. In Europe, the emission of Volatile Organic Compounds from Solvents is regulated by the European Union - S.I. No. 565 of 2012. Further, activities using more than 10 tons per annum of solvents need an Integrated Pollution Prevention & Control (IPPC) license from the EPA. In the US, the standards for solvent use are regulated by the National Emission Standards for Hazardous Air Pollutants (NESHAP), New Source Performance Standards (NSPS), Control Techniques Guidelines (CTG), and National Volatile Organic Compound Emission Standards – 183(e) VOC Rule.

SEGMENTATION

By Type

Alcohols: The alcohol segment accounted for a dominant share of the global solvents market. The segment is expected to witness significant growth during the forecast period. The growth is attributed to its low toxicity and high demand in the paints & coatings, pharmaceuticals, cosmetics, and personal care industries.

Ketones: Ketones are utilized as solvents in the paint & coatings and adhesives industries. Ketone-based solvents include acetone, methyl ethyl ketone (MEK), methyl isobutyl ketone (MIBK), and diisobutyl ketone (DIBK). Acetone is the most common ketone solvent used in various industrial solvents owing to its low surface tension, density, slower evaporation rate, and high boiling point.

Esters: The increasing adoption of bio-based solvents is expected to favor the demand for esters in the production of lacquers, paints, and coatings.

Glycol Ethers: Glycol ethers are solvents based on ethylene glycol, propylene glycol, and butyl glycol ethers and are most commonly used in paints and cleaners. The glycol ethers segment is expected to witness moderate growth during the forecast period driven by increasing demand in-home and institutional care, and cosmetics industries.

Halogenated Solvents: Halogenated solvents are used in the cleaning, printing inks, textile, paints, and furniture industries. However, the health and environmental risks restrict the use of halogenated solvents.

Aromatic: These solvents are used in the manufacturing of industrial paints, resins, adhesives, and detergents.

Aliphatic: Aliphatic solvents are widely used in paints and coatings, degreasing, oil extraction, and rubber manufacturing.

Others

By Source

Petrochemical-based: The petrochemical-based solvents dominated the global solvents market in 2018. The demand for petrochemical-based solvents is mainly driven by the growth of paints & coatings industry. In 2018, the paints & coatings industry was valued at USD ~142 Billion and is forecasted to grow at a CAGR of 5% between 2019 and 2025, thereby boosting the demand for petrochemical-based solvents in the market.

Bio-Based Solvents: The segment is expected to witness high growth during the forecast period. This growth is attributed to increasing environmental concerns and stringent regulations.

By Application

Paints & Coatings: The segment accounted for the largest share of the global market in 2018 and is expected to witness healthy growth during the forecast period. The growth of the segment is attributed to the increasing demand in the construction and automotive industries.

Pharmaceuticals: The segment is expected to grow at a significant rate during the forecast period. The growth is supported by increasing healthcare spending and increasing investments in the pharmaceutical industry, particularly in Asia-pacific and North America. According to the World Health Organization, in 2016, the global spending on healthcare was USD 7.5 trillion and average per capita health expenditure was USD 1,000.

Polymer: Solvents are widely used in the processing and manufacturing of various polymers. The increasing demand for polymers in the food & beverage, packaging, automotive, and construction industries is expected to drive the growth of the segment during the forecast period.

Agrochemicals: The growing demand for fertilizers and pesticides to increase crop yield is projected to drive the demand for solvents in the agrochemicals segment.

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Printing Inks: The growing demand for wide spectrum of printing across the publishing and packaging industry is driving the demand for various solvents in ink manufacturing.

Cleaners: The increasing demand for cleaners in the healthcare and food & beverage industries and domestic applications is expected to propel the demand for solvents during the forecast period.

Cosmetics & Personal Care: With increasing disposable income, changing lifestyles, and rapid urbanization, the cosmetic & personal care industry is witnessing robust growth. This is expected to be the major factor increasing the demand for solvents.

Adhesives & Sealants: The adhesives and sealants industry across the globe was valued at USD 56 million in 2018. The industry is expected to witness significant growth driven by increasing demand in the construction, automotive, hygiene, and packaging industries. This, in turn, is expected to drive the growth of the global solvents market.

Others: The other segment is expected to witness moderate growth during the forecast period.

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Propanol Market to Grow Owing to Innovative Technologies Adopted By 2025

Propanol is a colorless alcohol typically available in two types of isomers: iso-propanol and n-propanol. Isopropanol was one of the first petrochemicals discovered in the ’1960s. Isopropanol, also known as isopropyl alcohol (IPA) or rubbing alcohol, is a colorless, flammable alcohol with a distinct odor. It is used in various applications such as cosmetics, personal care products, deicers, resins, paints, pharmaceuticals, inks, and adhesives, as also as a chemical intermediate to manufacture various chemicals such as methyl isobutyl ketone (MIBK), isopropyl esters, isopropyl amines, acetone, glycerol, and isopropyl acetates. N-propanol is a colorless oxo-alcohol widely used as a solvent in flexographic and other printing ink applications.

Growth in the chemicals, agriculture and cosmetics & personal care industry is likely to drive the global propanol market in the next few years. According to Transparency Market Research, the global propanol market, valued at US$2.19 bn in 2016, will exhibit a CAGR of 2.3% from 2017 to 2025 and rise to US$2.68 bn by 2025.

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Use of Propanol as Solvent to Help Global Market Generate Maximum Revenue

In terms of applications, solvent was the dominant segment of the global propanol market, accounting for more than 49% of the global market in 2016. Expected to exhibit a CAGR of 2.3%, the segment of solvents is anticipated to remain the leading application segment for the global propanol market during the forecast period due to steady rise in demand from the global paints and coatings industry. However, it is expected to witness a small reduction in its share in the global market by the end of the forecast period owing to the sluggish growth of key end-use sectors such as printing ink.

Propanol is used as an intermediate in the manufacture of various industrial chemicals. It reacts with halogen to produce propyl halide, with ammonia to produce propylamines, and with acetic acid to produce propyl acetate, hence chemical intermediate is another key application segment of propanol market. This segment accounted for the second-leading share in the global propanol market in 2016 and is expected to retain its spot over the forecast period as well. The steady increase in demand from well-established chemical industries in developed and certain emerging economies will help the segment expand at a healthy pace over the forecast period.

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Asia Pacific to Continue to Dominate Global Propanol Market

The propanol market in North America is expected to expand at a significant rate whereas, the propanol market in Europe is projected to expand at a moderate pace during the forecast period. Propanol market in Europe is predicted to be driven by the uplifting chemical industry in the region. Whereas, the propanol market in North America is predicted to be driven by the cosmetics, personal care, and pharmaceuticals industries in the region.

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Methyl Isobutyl Ketone Market to Undertake Strapping Growth During 2024

Methyl isobutyl ketone (MIBK) is one of the excellent solvents for resins used in various surface coatings. It is also widely used in rubber chemicals for the production of tires, followed by surfactants, and insecticides. MIBK is used as a solvent in industries that produce rubber products, paints, machineries, and chemicals. Rising demand for solvents and rubber processing chemicals, chiefly owing to the flourishing growth of the global automotive industry, is expected to fuel to the overall global demand for MIBK in the next few years.

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However, concerns regarding the harsh impact of the material on the environment and human health are leading to an increased aversion for synthetic, petroleum-based MIBK across a vast number of industries. Analysts estimate that synthetic MIBK will gradually be replaced by bio-based MIBK across major applications in the next few years. This factor can emerge as one of the most lucrative growth opportunities for companies in the market in the near future, allowing significant traction to businesses and providing sustainable growth opportunities.

Transparency Market Research estimates that the global methyl isobutyl ketone market, which valued at US$827.4 mn in 2015, will exhibit a CAGR of 7.5% between 2016 and 2024 and reach US$1,572.3 mn by 2024.

MIBK’s Use as Solvent to Remain Market’s Most Promising Application Segment

MIBK is known to be one of the best solvents for resins used in the production of surface coatings. Moreover, MIBK is also used as a solvent for more than 40 applications across a number of industries. As a result, the use of MIBK as a solvent is one of the most lucrative application segments of the global MIBK market, accounting for over 54% of the overall market in 2015. The segment is expected to retain its dominant stance over the forecast period as well, exhibiting a promising 7.7% CAGR in terms of value over the period between 2016 and 2024.

However, the segment is expected to lose prominence to the rubber chemicals segment in terms of rate of growth over the said period, chiefly owing to the rising demand for rubber across a number of industries and applications. The segment of rubber chemicals is expected to expand at an 8.4% CAGR in terms of value from 2016 through 2024. Owing to this, the share of the segment in the global market is expected to rise from nearly 15% in 2015 to 16.3% by 2024.

Asia Pacific to Continue to Command Prominent Position in Global Market

In terms of geography, Asia Pacific presently leads the global MIBK market. It is followed by North America and Europe. Increasing consumption of MIBK in automotive and crop-protection industries in China, India, and ASEAN countries is expected to drive the demand for MIBK-based applications in Asia Pacific during the forecast period. China is the leading consumer of MIBK in Asia Pacific, especially in the antiozonants application. Production and demand of MIBK is expected to continue to rise in Asia Pacific during forecast period as well, granting the region a commanding position in the global market in the near future. In terms of revenue contribution to the global market, Asia Pacific accounted for a dominant share of more than 42% in 2015.

North America chiefly consists of developed countries and mature markets. Therefore, the MIBK market in the region is expected to expand at a moderate pace during the forecast period. Countries in Middle East and Africa are estimated to provide lucrative opportunities for the MIBK market owing to the rise in commercial infrastructure development activities.

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The global MIBK market features a largely consolidated competitive landscape, with the top five companies cumulatively accounting for a lion’s 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, Eastman Chemical Company, Mitsubishi Chemical Holdings Corporation, and Mitsui Chemicals, Inc.

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Methyl Isobutyl Ketone (MIBK) Market is driven by Rising Demand from Emerging Nations, Globally

The global market for methyl isobutyl ketone (MIBK) features a largely consolidated competitive landscape, with the top five players accounting for over 55% of the overall market in 2015. These companies, namely Shell Chemicals, Kumho P&B Chemicals., Inc., Celanese Corporation, The Dow Chemical Company, and LCY Chemical Corp. have established strong distribution and sales channels to enhance their reach and market their products to customers across the globe. The degree of competition in the market is expected to be low to medium during the forecast period. Focus on the increased production of bio-based MIBK is anticipated to offer lucrative opportunities to market participants in terms of product development in the near future.

Transparency Market Research estimates that the global methyl isobutyl ketone market will exhibit a 7.5% CAGR over the period between 2016 and 2024. If the prediction holds true, the market, which valued at US$827.4 mn in 2015, will rise to US$1,572.3 mn by 2024.

In terms of application, the solvent segment accounted for the leading share of the market in 2015 and is anticipated to expand at a promising CAGR of 7.7% between 2016 and 2024, smoothly retaining its dominance over the said period. In terms of geography, the Asia Pacific market accounted for the leading share of over 42% in terms of revenue in the global MIBK market in 2015.

Steady Rise in Demand for Rubber Chemicals and Solvents in Automotive Industry Key to Growth

One of the most lucrative applications of MIBK is its use as a solvent and rubber chemical. The flourishing global automotive industry has led to an increased consumption of solvents for surface coatings and rubber processing chemicals, which in turn, has increased the consumption of MIBK in the automotive industry. In the next few years, the demand for MIBK across automobile applications is expected to be one of the most influential drivers of the global MIBK market.

Moreover, the market is also driven by the rising demand for bio-based MIBK. Rising aversion to synthetic MIBK owing to its harsh impact on the environment and the health of living beings in close proximity of the substance, is expected to fuel the global demand for bio-based MIBK in the near future. Cost of the bio-based MIBK processing method is less than the petroleum-based method. Thus, the adoption of bio-based MIBK is being considered an economical as well as an ecologically viable option for a number of industries. Analysts forecast that bio-based MIBK will gradually replace petroleum-based MIBK to a large extent by 2024.

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Concerns Regarding Environmental and Health Hazards to Restrain Market Growth

Several studies have revealed the harmful impact of even low-level exposure to MIBK on the human health. Petroleum-based MIBK is also considered to be harmful to the environment as the substance can form explosive peroxides upon exposure to air, while spilling during transport and storage. Concerns regarding these aspects are one of the key challenges faced by the global MIBK market, limiting its use across a number of applications in many key end-use industries. However, the rising acceptance of bio-based MIBK and the vast advancements seen in the process of manufacturing MIBK from plant sources is a viable opportunity for future growth.

This review of the market is based on a recent market research report published by Transparency Market Research, titled “Methyl Isobutyl Ketone Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”

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Solvents Market Share: Size, Growth, Trends, Demand, Industry Analysis, Key Player profile and Regional Outlook by 2027

According to the MRFR analysis, the Solvents Market is expected to reach a value of USD 48 Million in 2025, registering a CAGR of 4.0% during the forecast period.

Solvents are the chemicals capable of dissolving other substances without chemical changes. Solvents are widely used in paints and coatings, varnishes, adhesives, sealants, printing inks, cosmetics, and pharmaceutical applications. The increasing demand for paints and coatings, printing inks and cosmetics is likely to augment the growth of the global solvents market. Furthermore, one of the key trends observed in the market is shifting preference towards bio-based solvents driven by stringent regulations and increasing environmental regulations.

Pricing and Regulatory Analysis

The price of solvents varies according to type and source. The bio-based solvents generally have a higher cost compared with petroleum-based solvents owing to high feedstock cost and complex manufacturing process.  The average price for solvents varies form USD 200 per ton to USD 800 per ton.

The global solvents market faces stringent regulations owing to high VOC emissions and environmental concerns. In Europe, the emission of Volatile Organic Compounds from Solvents is regulated by the European Union - S.I. No. 565 of 2012. Further, activities using more than 10 tons per annum of solvents need an Integrated Pollution Prevention & Control (IPPC) license from the EPA. In the US, the standards for solvent use are regulated by the National Emission Standards for Hazardous Air Pollutants (NESHAP), New Source Performance Standards (NSPS), Control Techniques Guidelines (CTG), and National Volatile Organic Compound Emission Standards – 183(e) VOC Rule.

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SEGMENTATION

By Type

Alcohols: The alcohol segment accounted for a dominant share of the global solvents market. The segment is expected to witness significant growth during the forecast period. The growth is attributed to its low toxicity and high demand in the paints & coatings, pharmaceuticals, cosmetics, and personal care industries.

Ketones: Ketones are utilized as solvents in the paint & coatings and adhesives industries. Ketone-based solvents include acetone, methyl ethyl ketone (MEK), methyl isobutyl ketone (MIBK), and diisobutyl ketone (DIBK). Acetone is the most common ketone solvent used in various industrial solvents owing to its low surface tension, density, slower evaporation rate, and high boiling point.

Esters: The increasing adoption of bio-based solvents is expected to favor the demand for esters in the production of lacquers, paints, and coatings.

Glycol Ethers: Glycol ethers are solvents based on ethylene glycol, propylene glycol, and butyl glycol ethers and are most commonly used in paints and cleaners. The glycol ethers segment is expected to witness moderate growth during the forecast period driven by increasing demand in-home and institutional care, and cosmetics industries.

Halogenated Solvents: Halogenated solvents are used in the cleaning, printing inks, textile, paints, and furniture industries. However, the health and environmental risks restrict the use of halogenated solvents.

Aromatic: These solvents are used in the manufacturing of industrial paints, resins, adhesives, and detergents.

Aliphatic: Aliphatic solvents are widely used in paints and coatings, degreasing, oil extraction, and rubber manufacturing.

Others

By Source

Petrochemical-based: The petrochemical-based solvents dominated the global solvents market in 2018. The demand for petrochemical-based solvents is mainly driven by the growth of paints & coatings industry. In 2018, the paints & coatings industry was valued at USD ~142 Billion and is forecasted to grow at a CAGR of 5% between 2019 and 2025, thereby boosting the demand for petrochemical-based solvents in the market.

Bio-Based Solvents: The segment is expected to witness high growth during the forecast period. This growth is attributed to increasing environmental concerns and stringent regulations.

By Application

Paints & Coatings: The segment accounted for the largest share of the global market in 2018 and is expected to witness healthy growth during the forecast period. The growth of the segment is attributed to the increasing demand in the construction and automotive industries.

Pharmaceuticals: The segment is expected to grow at a significant rate during the forecast period. The growth is supported by increasing healthcare spending and increasing investments in the pharmaceutical industry, particularly in Asia-pacific and North America. According to the World Health Organization, in 2016, the global spending on healthcare was USD 7.5 trillion and average per capita health expenditure was USD 1,000.

Polymer: Solvents are widely used in the processing and manufacturing of various polymers. The increasing demand for polymers in the food & beverage, packaging, automotive, and construction industries is expected to drive the growth of the segment during the forecast period.

Agrochemicals: The growing demand for fertilizers and pesticides to increase crop yield is projected to drive the demand for solvents in the agrochemicals segment.

Printing Inks: The growing demand for wide spectrum of printing across the publishing and packaging industry is driving the demand for various solvents in ink manufacturing.

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Cleaners: The increasing demand for cleaners in the healthcare and food & beverage industries and domestic applications is expected to propel the demand for solvents during the forecast period.

Cosmetics & Personal Care: With increasing disposable income, changing lifestyles, and rapid urbanization, the cosmetic & personal care industry is witnessing robust growth. This is expected to be the major factor increasing the demand for solvents.

Adhesives & Sealants: The adhesives and sealants industry across the globe was valued at USD 56 million in 2018. The industry is expected to witness significant growth driven by increasing demand in the construction, automotive, hygiene, and packaging industries. This, in turn, is expected to drive the growth of the global solvents market.

Others: The other segment is expected to witness moderate growth during the forecast period.