The India Methyl Ethyl Ketone (MEK) market has reached around 12 thousand tonnes in FY2023 and is expected to further grow at a CAGR of 4.5% during the forecast period until FY2034.
Methyl ethyl ketone, also known as butanone and 2-butanone, is an organic compound that is frequently abbreviated as MEK. It is a colourless liquid. It contains a carbonyl group bonded to two hydrocarbon groups. MEK is a colourless, organic, and non-reactive compound having tremendous solvency, for this reason, MEK finds immense applications as a solvent. MEK is also to manufacture of plastics and textiles, printing inks, adhesives, and rubber-based industrial cements. It is also used in the chemical sector as a precursor to methyl ethyl ketone peroxide which is employed as a catalyst to begin the polymerisation of polyester resins which is used in fibreglass reinforced products. MEK is a widely used solvent that is very effective. It functions as a solvent in the production of gums, resins, cellulose acetate, and nitrocellulose coatings. These processes can be used to create polymers, textiles, and paraffin wax. In pharmaceuticals and personal care sector, Methyl Ethyl Ketone is employed in the formulations of lotions, antiseptics, anaesthetics, and drugs.
MEK market in India is majorly dependent upon printed packaging, adhesive, pharmaceutical and paint, and coating industry. Methyl ethyl ketone is also used in Lubricants and greases, such as car oil and brake fluid, anti-freeze agent, automotive exterior coatings, cooling liquids in your refrigerator, chemically derived plastics and textiles. Although, the usage of MEK for manufacturing paints & coatings is the major application. Owing to the fast-paced industrialization across India, the demand for paints & coatings will most likely swell up in the forecast period, thus positively augment the MEK market. The increasing need for MEK within the paints and coatings sector has incentivized manufacturers to enhance their production capabilities and refine manufacturing techniques. Moreover, government initiatives in India aimed at bolstering the growth of the manufacturing sector, particularly in segments like paints and coatings, have further propelled the expansion of the MEK market. Policies geared towards promoting domestic manufacturing, coupled with initiatives such as the "Make in India" campaign, have spurred heightened investment in these sectors, consequently driving the demand for MEK.
Based on region, the India Methyl Ethyl Ketone Market is segregated into North, South, East, and West. In the historic period of FY2015-FY2023, West India has been dominating the market. In FY2023, West India accounted for approximately 42% of the market. West India has been the frontrunner in the consumption of Methyl Ethyl Ketone for a variety of uses due to the presence of significant paints & coatings manufacturers like Asian Paints in states like Gujarat, Rajasthan, and Maharashtra. In the coming years, demand for MEK is expected to witness a region-wise linear increase due to the increasing requirement from various end-user industries.
Based on end-user industries, the India Methyl Ethyl Ketone market is segregated into Paints and Coatings, Printing Inks, Construction, Pharmaceuticals & Personal Care, and Others. Among these, the Paints and Coatings sector is dominating the Methyl Ethyl Ketone market. In FY2023, this sector held about 36% of the market share and is anticipated to dominate the market even in the forecast period.
Domestic players in the India Methyl Ethyl Ketone market are Cetex Petrochemicals and Prasol Chemicals Limited. However, Global Methyl Ethyl Ketone players are ExxonMobil Chemical company, Sasol Ltd., Celanese, Oxiteno, Maruzen Petrochemical Co. Ltd., Royal Dutch Shell Plc., Ineos Group, SK Energy Co. Ltd., Idemitsu Kosan Co. Ltd., Zibo Qixiang Tengda Chemical Co., Ltd., and others.
Years considered for this report:
Historical Period: FY2015-FY2022
Base Year: FY2023
Estimated Year: FY2024
Forecast Period: FY2025- FY2034
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Objective of the Study:
• To assess the demand-supply scenario of Methyl Ethyl Ketone (MEK) which covers production, demand and supply of Methyl Ethyl Ketone (MEK) market in India.
• To analyse and forecast the market size of Methyl Ethyl Ketone (MEK) in India.
• To classify and forecast India Methyl Ethyl Ketone (MEK) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, green field projects/ brown field expansions. mergers & acquisitions, etc., of Methyl Ethyl Ketone (MEK) market in India.
To extract data for India Methyl Ethyl Ketone (MEK) market, primary research surveys were conducted with Methyl Ethyl Ketone (MEK) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for India Methyl Ethyl Ketone (MEK) market over the coming years.
ChemAnalyst calculated Methyl Ethyl Ketone (MEK) demand in India by analysing the volume of Methyl Ethyl Ketone (MEK) consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Methyl Ethyl Ketone (MEK) manufacturers and other stakeholders
• Organizations, forums and alliances related to Methyl Ethyl Ketone (MEK) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Methyl Ethyl Ketone (MEK) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, India Methyl Ethyl Ketone (MEK) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in FY2023
12 thousand tonnes
Market size Volume by FY2034
21 thousand tonnes
Growth Rate
CAGR of 4.5% from FY2024 to FY2034
Base year
FY2023
Estimated year
FY2024
Historical Data
FY2015 – FY2022
Forecast period
FY2025 – FY2034
Quantitative units
Demand in thousand tonnes and CAGR from FY2024 to FY2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process.
Segments covered
By End-Use: (Paints and Coatings, Printing Inks, Construction, Pharmaceuticals & Personal Care, and Others)
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Member - Board of Directors
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What is the anticipated India market growth rate of Methyl Ethyl Ketone (MEK) by FY2034?
Ans:
The India Methyl Ethyl Ketone (MEK) market is anticipated to grow at an anticipated CAGR of 4.5% in the forecast period FY2034.
Q2.
Which industry is dominating the India Methyl Ethyl Ketone (MEK) market?
Ans:
As of FY2023, Paints and Coatings industry is dominating the Methyl Ethyl Ketone (MEK) market in India with a share of roughly 36%.
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