The global methyl isobutyl ketone market reached a volume of about 450 thousand metric tons in 2021. The industry is projected to grow at a CAGR of around 3.5% in the forecast period of 2022-2027 to reach a volume of 535 thousand metric tonnes by 2027.
The methyl isobutyl ketone industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The move toward the bio-based alternative in comparison to the petroleum-based method is likely to accelerate the demand for methyl isobutyl ketone and help in the growth of its market size in the forecast period. The key demand indicator in the industry report is the highest category spender by region — Asia Pacific.
Methyl Isobutyl Ketone (MIBK) also known as mono-isobutyl ketone is an organic compound, that is stable, clear, and colourless fluid with a pleasing smell. Also, it is a ketone that has a chemical formula (CH3)2CHCH2C(O)CH3. MIBK is an excellent industrial solvent as it is compatible with several organic materials such as resins, oils, varnishes, gums, lacquers, and nitrocellulose. In addition, it is extensively utilised as a chemical medium, isolating agent, solvent, and denaturant in various end-use industries such as pharmaceuticals, agrochemicals, paints, and coatings, automotive, packaging, rubber manufacturing, and cosmetics among others. The global methyl isobutyl ketone industry report comprises segments based on application (solvents, extraction solvents, rubber processing chemicals, surfactants, denaturants, insecticides, and others), end-use industry (paints & coatings, pharmaceuticals, automotive, rubber, agrochemicals, and others), and regions (Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa).
The Asia Pacific is accounted for around 55% of the market share as the maximum supply markets are based in the region. The emerging economies of the Asia Pacific such as China, India, and Malaysia are primarily driving the market growth along with the region being strengthened by the vigorous development of the construction and automobile industries. Furthermore, fostering the disposable of cheap labour rates, and raw materials, and executing innovative manufacturing strategies to fulfill the demand for MIBK due to its increasing applications are one of the primary drivers of the regional market growth.
The other major factors and trends that are supporting the global MIBK market growth are the soaring demand for the solvent applied in coatings in automobiles and the electronics industry, the rising demand for adhesives, paints, and coatings due to the increasing construction spending. Moreover, a high level of industrialisation combined with growing per capita disposable income is projected to propel market development. Additionally, owing to the high demand from the agrochemical industry primarily cosmetics and personal care products, meeting the varied set of consumer requirements is anticipated to enhance the growth of the market.
Because of its superior poisonousness degree, many governing bodies, particularly in developed countries, have enforced strict regulations on MIBK producers, which is expected to impede the industry growth over the projected period. Likewise, the availability of low-price alternatives in the market is also hampering the development to some extent.
The global methyl isobutyl ketone industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by methyl isobutyl ketone producing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
There are four different ways of producing MIBK – a three-step process through diacetone alcohol and mesityl oxide intermediates, a one-step process from acetone and hydrogen; a one-step process from isopropyl alcohol, and a single or multistep mixed feed process. Moreover, MIBK can organically be found in orange and lemon juice, vinegar, papaya, baked potatoes, ginger, cheese, grapes, milk, plum, mushrooms, and others. It is commonly believed to demonstrate a low level of mammalian harmfulness nevertheless, MIBK needs to be utilised with appropriate aeration. Its evaporation is denser as compared to air and can travel a significant distance to a supply of ignition.
Since exposure to artificial MIBK near the material may have a severe impact on the environment and population. Owing to this reason it is projected that the worldwide demand for bio-based MIBK will witness a greater hike during the projected period. Moreover, the expenditure of the bio-based MIBK production methodology is less relative to the petroleum-based method. Additionally, if there is spillage while transporting and storage, petroleum-based MIBK may form dangerous peroxides when subjected to air, hence several industries have embraced bio-based MIBK and are likely to substitute the MIBK based on petroleum by 2024 substantially.
The major zones in the industry are North America, Europe, Latin America, the Asia Pacific, and the Middle East, and Africa.
MIBK is largely used as a solvent in industries that manufactures types of machinery, rubber products, paints, and chemicals. Due to the low solubility in water MIBK is appropriate for liquid-liquid extraction. Hence, this segment of MIBK is presumed to account for a major share in the future market. In addition, the rise in the automotive and construction industry in emerging economies will encourage the demand in the market in the years to come. Comparably, expansion in the disbursement of the construction business has heightened the utilisation of MIBK in the type of solvents and extraction solvents for paints and coatings.
1. Executive Summary
2. Global Methyl Isobutyl Ketone Market Snapshot
2.1. Methyl Isobutyl Ketone Market Outlook
2.2. Methyl Isobutyl Ketone Industry Analysis by Application
2.2.1. Paints & Coatings
2.2.2. Rubber Antioxidants
2.2.3. Solvent Extraction
2.2.4. Adhesives, Inks
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
3. Impact of Recent Events
4. Methyl Isobutyl Ketone Value Chain Analysis
5. Methyl Isobutyl Ketone Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Methyl Isobutyl Ketone Cost Structure
9. Methyl Isobutyl Ketone Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Methyl Isobutyl Ketone Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Kumho P&B Chemicals., Inc.,
15.2. Shell plc
15.3. Celanese Corporation
15.4. LCY Group
15.5. Sasol Limited
In 2021, the global attained a volume of around 450 thousand metric tons in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 3.5%.
The major market driver is the growth in the automotive and construction industry in the Asia Pacific region. Additionally, the rise in the use of agrochemicals to enhance agriculture production is also propelling the growth of the market.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Some of the leading players in the industry are Kumho P&B Chemicals., Inc., Shell plc Celanese Corporation, LCY Group, and Sasol Limited.
The global methyl isobutyl ketone (MIBK) market reached a volume of about 450 thousand metric tons in 2021 and is projected to grow at a CAGR of around 3.5% in the forecast period of 2022-2027. MIBK is an excellent industrial solvent as it is compatible with several organic materials such as resins, oils, varnishes, gums, lacquers, and nitrocellulose. The global methyl isobutyl ketone industry report comprises segments based on application, end-use industry, and regions.
The Asia Pacific is accounted for around 55% of the market share as the maximum supply markets are based in the region. The emerging economies of the Asia Pacific such as China, India, and Malaysia are primarily driving the market growth. The other major factors and trends that are supporting the global MIBK market growth are the soaring demand for the solvent applied in coatings in automobiles and the electronics industry, the rising demand for adhesives, paints, and coatings due to the increasing construction spending. Some of the leading players in the industry are Kumho P&B Chemicals., Inc., Shell plc Celanese Corporation, LCY Group, and Sasol Limited.
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