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MIBK Market Overview
Methyl isobutyl ketone (MIBK) is an organic compound, which is majorly used as a solvent for gums, varnishes, resins, paints, and lacquers. It is produced from acetone, which undergoes several processes that yield byproducts, such as diacetone alcohol and mesityl oxide.
On the basis of end-use industry, the global MIBK market has been categorized into automotive, paints & coatings, cosmetics, agrochemicals, and others. A significant market demand is expected to arise from the paints and coatings sector, which can be attributed to the usage of MIBK as a chemical intermediate, in order to dissolve the resins used in paints, inks, lacquers, and other types of surface coatings.
On the basis of application, the MIBK market has been divided into rubber processing, surfactants, pesticides, and others. MIBK is vastly used as a solvent in rubber processing, and with the growth in automotive production across the globe, the demand for automotive tires is also expected to increase, which, in turn, is likely to create a high demand for MIBK.
On the basis of geography, the MIBK market has been categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA). The demand for MIBK is expected to witness a rapid surge in the APAC region, owing to the projected increase in the requirement for the product in end-use industries, including automotive and paints & coatings. With the rise in the regional automotive production, the demand for MIBK for vehicle tire manufacturing is likely to increase during the forecast period (2020–2030).
MIBK Market Dynamics
The demand for MIBK has witnessed a rapid increase from the automotive sector, owing to its ability to serve as a highly suitable solvent for the rubber chemicals used for production of rubber for tires. With the increasing adoption of lightweight and electric vehicles, the automotive production is expected to rise. This, in turn, is expected to drive the MIBK market, owing to the product’s high-volume requirement in the production of vehicle tires.
Owing to the high toxicity of MIBK, governments in various nations across the globe are expected to implement stringent environmental regulations, in order to curtail its production in the coming years. The hazardous effects of MIBK on human health include weakness, headache, nausea, lightheadedness, vomiting, and dizziness. This has led to the adoption of bio-based substitutes. Moreover, MIBK is listed as a hazardous air pollutant (HAP) in Title III of the Clean Air Act Amendments of 1990.
With the increasing investments in the construction sector in the developing economies of Southeast Asia and LATAM, the MIBK market holds immense potential for growth, owing to its usage in the production of coatings for buildings. MIBK is a fast-evaporating solvent, used for thinning and cleaning vinyl coatings, epoxy coatings, and several other high-performance coatings. In addition, MIBK provides an excellent finish, owing to which it is highly suitable for coatings used in construction. With the rapidly increasing construction projects for schools, residential complexes, and offices, the demand for MIBK, for the production of coatings, is expected to witness a rise in the coming years.
MIBK Market Competitive Landscape
Some of the leading players in the global MIBK market include Arkema Group, Celanese Corporation, Eastman Chemical Company, Kumho P&B Chemicals Inc., LCY Chemical Corp., Mitsubishi Chemical Corporation, Mitsui Chemicals Inc., Royal Dutch Shell PLC, and Sasol Limited.
Segmentation of the Global MIBK Market
The research offers market size of the global MIBK market for the period 2014–2030.
Market Segmentation by End-Use Industry
Market Segmentation by Application
Market Segmentation by Geography