H1 2023: In H1 2023 prominent players in the Methyl Ethyl Ketone (MEK) market in H1 2022 were Celanese, ExxonMobil Chemical company, and Sasol Ltd. In the Asia Pacific region, MEK witnessed fluctuation in prices in H1 2023. From January 2023, MEK prices continued to decline due to availibillity of MEK in the market and low demand for MEK by the paints & coatings industries of India. MEK oversupply in the Asian market and abundance of 2-butanol raw material. However, In the Chinese market, MEK prices declined in January 2023, then rose in February 2023. The hike in the MEK demand was based on the surge in the demand from the downstream petrochemical industry in the Chinese market. In March 2023, MEK prices fell in the Chinese market again backed up by sluggish demand by the downstream industries and the abundance of MEK in the nation. On the other hand, MEK prices fluctuated in H1 2023 in North America. The year began with a bearish market behavior of MEK. The prices deescalated as demand by sluggish by the downstream industries which affected the product prices in the region. However, MEK prices rose in February 2023 which soon began to fall from the end of February 2023. The low product demand and excess supply of product in the US caused the downfall of MEK prices. Additional factors like cheap imports from the Asia Pacific region further dampened price momentum, reflected on the market sentiment of the US market.
H1 2022: During H1 2022, the production of Methyl Ethyl Ketone (MEK) had reached roughly 540 thousand tonnes. However, the prominent players in the Methyl Ethyl Ketone market in H1 2022 were ExxonMobil Chemical company, Sasol Ltd., and Celanese. Methyl ethyl ketone (MEK) prices showed a mixed scenario in Asia Pacific in H1 2022. Prices fell in February 2022 in Asia due to the dark market sentiment during the lunar holiday. In late March 2022, the MEK prices rose on the back of a surge in oil prices due to turmoil caused by geopolitical tensions. Additionally, increased demand for solvents from the paint and coatings industry led to increased MEK values in the region. However, MEK prices fell in April 2022 across Asia due to increased import activity and weak domestic consumer sentiment in the area. In addition, the downward trend in price of methyl ethyl ketone was also supported by weak demand from manufacturers of downstream products such as paints & coatings, adhesives, rubber sector, etc. Despite rising upstream oil prices, the MEK market continued to decline in Asia in June 2022 due to weak demand and the availability of large volumes of product. However, North America market also displayed mixed behavior in H1 2022. In the early months of H1 2022, the price of methyl ethyl ketone skyrocketed in North America due to raw material supply restrictions associated with the past sanctions on imports from Russia. The rise in demand of the material in the region’s end-user sectors like the automotive, textile and chemical market was another reason for the rising price of methyl ethyl ketone. However, commodity prices declined gradually from May 2022 due to falling commodity prices.
H2 2022: During H2 2022, the production of Methyl Ethyl Ketone had reached approximately 560 thousand tonnes. Based on region Asia Pacific maintained the position of the biggest consumer all across the globe in H2 2022. However, the MEK market in Asia Pacific had a mixed behavior. In the beginning of H2 2022, the prices of methyl ethyl ketone faced a downward spiral. The main reason for the downward trend of methyl ethyl ketone price is the decline of crude oil price and raw material n-butene value. However, in September 2022, the market price of methyl ethyl ketone again rose. Tight product supplies and increased purchasing activity therefore supported price increases for methyl ethyl ketone across Asia Pacific region. Demand from downstream markets was also on spot procurement. However, the demand from the downstream paints and coatings industry remained stable to weak which impacted market sentiment and reduced demand pressure from product prices. There was a good supply of methyl ethyl ketone in the Asian countries which led to an increase in product inventories. But the most crucial factor supporting the MEK market was from the manageable supply-side inventory levels. In November 20222, MEK production costs declined, and downstream demand became notably weak across Asia. However, Methyl ethyl ketone (MEK) price were volatile in the US market during H2 2022. Prices fell in July 2022 but rose later around September 2022. However, the prices weakened around October 2022 due to falling raw materials prices and limited demand pressure from the additives market, which resulted in ample material availability in the regional market affecting the market sentiments during the last months of 2022.
The global Methyl Ethyl Ketone market stood at approximately 1100 thousand tonnes in 2022 and is expected to grow at a CAGR of 3.53% during the forecast period until 2030.
Methyl Ethyl Ketone (MEK) is a highly flammable, colorless, stable, volatile liquid of low viscosity and a characteristic odor. This compound is also known as 2-butanone and has the chemical formula C₄H₈O. Methyl Ethyl Ketone is manufactured mainly by the dehydrogenation of 2-Butanol, catalyzed by Copper or Zinc. Another method for MEK production is via direct oxidation of n-butene using Palladium or Cupric Chloride as catalysts. Moreover, Methyl Ethyl Ketone can also be isolated in the manufacturing process of butane-based acetic acid as a by-product. It is employed as a solvent for several industrial products including many natural and synthetic resins, although it is partially soluble in water.
The majority of the Methyl Ethyl Ketone produced globally, is used as a solvent in resins, cellulose acetate, vinyl films, gums, nitrocellulose coatings. Apart from these MEK finds applications in the production of lacquers, thinners, adhesives, varnishes, cleaning agents, paraffin wax, textiles, synthetic rubber, paint remover, plastics, and printing inks. In pharmaceuticals and personal care sector, Methyl Ethyl Ketone is employed in the formulations of lotions, antiseptics, anesthetics, and drugs and is anticipated to boost the MEK demand in the forecast period. The global Methyl Ethyl Ketone market is anticipated to reach approximately 1450 thousand tonnes in 2030.
Regionally, the Asia Pacific region is dominating the Methyl Ethyl Ketone market. Due to the enormous demand for this organic compound indirect & intermediate chemical formulations in numerous sectors, paint & coating applications and consumer goods, the demand for MEK is expected to rise significantly over the course of the projection period in APAC. Factors such as blooming construction, packaging, and automobile sectors along with other industries, coupled with growing population and urbanization in the region are expected to boost the Methyl Ethyl Ketone market through 2030.
Based on grade, the Methyl Ethyl Ketone market is segregated into Regular Grade and Urethane Grade. They are mostly used as solvents in lacquers and industrial coatings but are also utilized as chemical intermediaries and in adhesives, printing inks, lubricating oil dewaxing, and adhesives. The major applications of MEK are its utilization as an excellent industrial solvent, as a chemical intermediate and as a plastic welding agent.
Based on the end-user industry, the global Methyl Ethyl Ketone market is segmented 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 2022, this sector held about 34% of the market share and is anticipated to dominate the market even in the forecast period. Surging demand for lacquers and varnishes along with paints & coatings from construction sector coupled with the increasing demand for printing inks from the packaging industry is likely to drive the MEK market in the forecast period.
Major players in the production of Global Methyl Ethyl Ketone 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., Lee Chang Yung Chemical, and others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2030
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Objective of the Study:
• To assess the demand-supply scenario of Methyl Ethyl Ketone which covers production, demand and supply of Methyl Ethyl Ketone market in the globe.
• To analyse and forecast the market size of Methyl Ethyl Ketone
• To classify and forecast Global Methyl Ethyl Ketone market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Methyl Ethyl Ketone market in the globe.
To extract data for Global Methyl Ethyl Ketone market, primary research surveys were conducted with Methyl Ethyl Ketone 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 Global Methyl Ethyl Ketone market over the coming years.
ChemAnalyst calculated Methyl Ethyl Ketone demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Methyl Ethyl Ketone . ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at 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 manufacturers and other stakeholders
• Organizations, forums and alliances related to Methyl Ethyl Ketone s 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 s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Methyl Ethyl Ketone s 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 2022
1100 thousand tonnes
Market size Volume by 2030
1450 thousand tonnes
Growth Rate
CAGR of 3.53% from 2023 to 2030
Base year for estimation
2023
Historical Data
2015 – 2022
Forecast period
2024 – 2030
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2030
Report coverage
Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Grade, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade
Segments covered
By Grade: (Regular Grade and Urethane Grade)
By End-Use: (Paints and Coatings, Printing Inks, Construction, Pharmaceuticals & Personal Care, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Which region is the leading as a consumer of the global Methyl Ethyl Ketone market?
Ans:
Asia Pacific is the largest consumer of the global Methyl Ethyl Ketone market.
Q2.
Which end-use industry is dominating the Global Methyl Ethyl Ketone market?
Ans:
The Paints and Coatings industry is dominating the Methyl Ethyl Ketone market with a market share of nearly 34% in 2022.
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