Increasing demand for MIBK in the online retailing business coupled with high investments in RD of MIBK are fueling the market growth.
MIBK Market Size – USD 722.0 Million in 2020, Growth - CAGR of 5.5%, Trends – Increase in demand for MIBK in the paints coatings applications.
The global MIBK Market is forecast to reach USD 1,101.0 Million by 2028, according to a new report by Reports and Data. The MIBK is a colorless, highly flammable, water-soluble industrial and commercial chemical with a sweet and pleasant odor. MIBK is mostly used as a solvent in the manufacturing of surface coating applications and are also widely utilized as an intermediate solvent chemical in the formulation of various chemical processing. MIBK for its combination of high solvent activity with low density is very useful in developing high-solids coatings and are highly demanded in the coating industry. The continuous expansion of the paint coatings, varnishes, adherents, inks, acrylics, flavoring agent, food-contact packaging products, and non-edible use pesticide products are expected to drive the demand throughout the forecast period. Growing demand for automotive tire usages are harnessing the growth of this market substantially.
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Top Companies: LCY Chemical Corp., Kumho PB Chemicals, Royal Dutch Shell PLC, Mitsui Chemicals, Tokuyama Corporation, Celanese Corporation, Eastman Chemical Company, Ningbo Oceanking Chemical Development Co Ltd., Sasol Limited, and ISU Chemical.
Further key findings from the report suggest:
- MIBK is a synthetic chemical compound to be used in the direct solvent and are widely used in the direct chemical formulations. Coating, inks, varnishes, lacquers, extraction direct agent in the dewaxing deoiling of the petroleum products are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2027 growing with a rate of 6.2% during the period 2019 – 2027.
- Chemical intermediate segment is measured to gain a market revenue of USD 197.2 Million by 2027, and the CAGR is forecasted to be 5.4% in the forecast period. MIBK is utilized as the active chemical intermediate with polyesters, epoxies, cellulosic, vinyl copolymers alkyds, and acrylics, among other types of resins.
- Growing penetration of the online retailing businesses for the chemicals and materials especially in the emerging nations in Asia Pacific is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, with non-involvement of the distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 34.1% by 2027.
- Europe would reach a market share of 20.5% by 2027 and would grow at a CAGR of 4.9% in the forecast period. Netherland and France have some of the valuable players in this region.
- North America is forecasted to witness a significant growth in the overall market, with 25.7% of market possession by 2027 and a CAGR of 6.0% during the forecast period. US possessed the highest market share in this region.
MIBK Market Growth:
The MIBK (MIBK) Market is expected to grow in the coming years due to several factors, including:
- Growing demand from various end-use industries: MIBK is used in various end-use industries such as paints and coatings, adhesives, printing inks, and pharmaceuticals. With the growth of these industries, the demand for MIBK is also expected to increase.
- Increasing demand for solvents: MIBK is a commonly used solvent due to its excellent solvency power and low toxicity. With the increasing demand for solvents in various industries, the demand for MIBK is also expected to increase.
- Rising demand for construction and infrastructure development: The construction industry is a major consumer of MIBK due to its use in paints and coatings. With the growing demand for construction and infrastructure development, the demand for MIBK is also expected to increase.
- Advancements in technology: Advancements in MIBK production technology have led to the development of new and improved MIBK products. This has resulted in increased demand for MIBK in various applications.
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Market Segmentation:
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global MIBK market is segmented into:
End-Use Outlook (Revenue: USD Million; Volume: Kilo Tons; 2018-2028)
- Direct Solvent
- Chemical Intermediate
- Surface Adherent
- Pesticides
- Chemical Reagents
- Others
Sales Channel Outlook (Revenue: USD Million; Volume: Kilo Tons; 2018-2028)
- Online Retailing
- Offline Retailing
Applications Outlook (Revenue: USD Million; Volume: Kilo Tons; 2018-2028)
- Paints Coatings
- Rubber Adhesive
- Chemical Pharmaceuticals
- Food Packaging Flavoring
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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