The Methyl Isobutyl Ketone Market is set to grow from its current market value of more than $600 million to over $800 million by 2025; as reported in the latest study by Global Market Insights, Inc.
Escalating construction activities across the globe is driving the use of solvents in various surface coatings. Methyl Isobutyl Ketone is extensively used to produce rubber processing chemicals, which will witness growth owing to the increased automotive sales and tire production.
Construction Activities Drive Use of Solvents in Coatings
MIBK is also one of the vital components in the production of insecticides, fertilizers and other agrochemicals. This will boost the product demand in various emerging economies such as China, India, Mexico etc., who spend heavily to improve their agricultural output, directly augmenting the methyl isobutyl ketone market share in the expected timeframe.
The high toxicity and harsh impacts on human health and the environment may obstruct the growth of MIBK market size in the near future. Petroleum based MIBKs are believed to be highly toxic when exposed to the air that can cause mucous membrane irritations and vulnerable effects on central nervous system in humans.
However, the negative properties of the product is fueling the adaptation of bio-based MIBK, which is eco-friendly, cost-effective and has an uncomplicated production process. The shift towards the bio-based substitute will propel the product demand advancing the methyl isobutyl ketone market size in the projected timespan.
MIBK Applications – Market Segment
Based on MIBK applications, the market is segmented into solvent, extraction solvent, rubber processing chemical, surfactants and other minor applications such as denaturant, insecticides, fertilizers etc. Rubber processing chemicals segment is anticipated to grow at a significant rate to surpass USD 90 million till the end of 2025.
The rapid growth in the drift towards radial tires, the application of MIBK as a solvent in the amalgamation of anti-ozonant additives and rubber is likely to fuel the methyl isobutyl ketone market in the coming years.
Based on revenue, agrochemicals recorded a substantial share among the end-use industries growing with a CAGR over 3.5% by 2025. Methyl isobutyl ketone is widely used in manufacturing insecticides that control garden insects and various fertilizers to keep the crops safe before harvest. Moreover, it is also an extraction solvent for antibiotics and pharmaceutical products owing to its high solvency and excellent stability.
U.S. Methyl Isobutyl Ketone (MIBK) Market Size, by End-use Industry, 2014 – 2025 (USD Million)
Europe is anticipated to control the methyl isobutyl ketone market by capturing over 20% revenue share in 2018 and will generate a revenue exceeding USD 190 million by 2025. Prices in the region is likely to be higher owing to the unavailability of raw materials. Positive outlook for bio-based MIBK in the end-use industries will bolster the overall market size in future. This would not only improve the product demand but would also lower the risks to the environment.
Key methyl isobutyl ketone market competitors include Arkema Group, The Dow Chemical Company, Royal Dutch Shell, Sasol, Mitsubishi Chemicals, Kumho P&B Chemicals Inc., Mitsui Chemicals, Celanese Corporation, Eastman Chemical Company, LCY Group and Jilin Chemicals.
Source: Global Market Insights