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Global Methyl Ethyl Ketone (MEK) Market Size, Share, Trends: By Application: Solvent, Resin, Printing Ink, Adhesive, Others; By End Use: Paints and Coatings, Rubber, Construction, Packaging and Publishing, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Methyl Ethyl Ketone (MEK) Market Size
The global methyl ethyl ketone (MEK) market value reached approximately USD 4.10 billion in 2023. The market is further projected to grow at a CAGR of 4.2% between 2024 and 2032, reaching a value of USD 5.90 billion by 2032.
Global Methyl Ethyl Ketone (MEK) Market Growth
The growing demand for dyes, paint, and glue is driving the methyl ethyl ketone (MEK) industry growth. MEK is widely utilised in paint products like varnishes and lacquers because of its exceptional solvency and low viscosity. Its slow evaporation rate makes it essential for manufacturing dry-erase markers.
Global Methyl Ethyl Ketone (MEK) Market Analysis
The methyl ethyl ketone (MEK) market dynamics and trends are driven by the expanding pharmaceutical and healthcare sectors, which have increased the demand for solvents like MEK. MEK adds fragrance and flavour and acts as an important curing agent in the pharmaceuticals sector, and in the production of fibreglass plastics and unsaturated polyester resins, catalysing their transformation from liquid to solid.
MEK's solvent properties are also essential in plastic welding, dissolving materials such as polystyrene. MEK plays a substantial role in manufacturing paraffin wax and textiles, contributing significantly to the methyl ethyl ketone (MEK) market industry revenue growth.
Global Methyl Ethyl Ketone (MEK) Industry Outlook
World production of paints and coatings in 2022 shows marked regional differences, according to the Industry Report. Mainland China dominates the market with 35% of global production, translating to an estimated 17.5 million metric tons out of 50 million metric tons worldwide. Europe follows, contributing 25% of global production, equivalent to about 12.5 million metric tons. North America holds a 20% share, producing approximately 10 million metric tons. Other Asia, which includes Japan, South Korea, Taiwan, and Southeast Asia, accounts for 10% of the market, or around 5 million metric tons. The Indian Subcontinent contributes 5%, roughly 2.5 million metric tons.
Moreover, according to the U.S. Census Bureau, construction spending in May 2024 was estimated at a seasonally adjusted annual rate of USD 2,139.8 billion, reflecting a slight decrease of 0.1 per cent from the revised April estimate of USD 2,142.1 billion. Despite this minor monthly decline, the May 2024 figure represents a 6.4 per cent increase compared to the May 2023 estimate of USD 2,011.8 billion. For the first five months of 2024, construction spending totalled USD 836.3 billion, marking an 8.8 per cent rise from the USD 768.6 billion recorded during the same period in 2023, driving the methyl ethyl ketone (MEK) market revenue.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), global motor vehicle production in 2022 totalled 85,016,728 units. China led the market with 27,020,615 units, marking a 3% increase. The United States followed closely with 10,060,339 units, showing a significant 10% rise. Japan maintained stable production at 7,835,519 units. India experienced substantial growth, increasing production by 24% to 5,456,857 units. South Korea produced 3,757,049 units, up by 9%. Germany saw an 11% increase to 3,677,820 units. Mexico's output grew by 10% to 3,509,072 units. Brazil and Spain also demonstrated positive trends, with Brazil producing 2,369,759 units (a 5% increase) and Spain 2,219,462 units (a 6% increase). The expansion of automotive production is fuelling the growth of the methyl ethyl ketone (MEK) market as MEK is widely utilised in automotive applications for surface preparation before applying new paint.
MEK is widely recognised for its strong solvency properties, making it indispensable across various industries.
- Well-developed manufacturing processes ensure reliable supply and cost-efficiency, bolstering methyl ethyl ketone (MEK) market demand.
- MEK finds extensive use in coatings, adhesives, and chemical manufacturing, contributing to its market resilience.
MEK prices are susceptible to fluctuations influenced by crude oil prices and economic conditions.
- Concerns over exposure hazards and environmental impact necessitate stringent regulatory compliance.
- Emerging solvent options pose a competitive threat to methyl ethyl ketone (MEK) market growth.
Targeting untapped markets with rising industrialisation presents an expansion of the methyl ethyl ketone (MEK) market opportunities.
- Developing eco-friendly production methods and applications can enhance market appeal and compliance.
- Offering specialized MEK products or services tailored to specific industrial needs can differentiate offerings and boost profitability.
Periods of economic recession may lead to reduced demand for MEK-based products, impacting market stability.
- Escalating costs of crude oil, a key raw material for MEK production, can squeeze profit margins.
- Heightened regulatory standards could impose additional compliance costs, affecting profitability.
Key Players in the Global Methyl Ethyl Ketone (MEK) Market and Their Strategic Initiatives
Shell PLC
- Expanding MEK production capacities globally.
- Strengthening distribution networks across key regions to meet the growing demand of the methyl ethyl ketone (MEK) market.
ENEOS Corporation
- Focusing on high-purity MEK for specialized applications.
- Collaborating with global partners for technological advancements.
Nova Molecular Technologies, Inc.
- Increasing R&D investment for innovative MEK applications.
- Prioritising customer-centric solutions and services to capture the methyl ethyl ketone (MEK) market opportunities.
Kishida Chemical Co., Ltd.
- Strengthening market presence in Asia-Pacific.
- Committing to high-quality standards and regulatory compliance.
Global Methyl Ethyl Ketone (MEK) Industry Segmentation
“Global Methyl Ethyl Ketone (MEK) Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Application
- Solvent
- Resin
- Printing Ink
- Adhesive
- Others
Market Breakup by End Use
- Paints and Coatings
- Rubber
- Construction
- Packaging and Publishing
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Methyl Ethyl Ketone (MEK) Market Share
According to the methyl ethyl ketone (MEK) market analysis, the commercial segment is expected to see substantial growth in the forecast period. Increased investments in the residential sector, driven by a growing population and rising disposable incomes, are fuelling methyl ethyl ketone (MEK) demand growth.
Government investments in infrastructure development are further enhancing methyl ethyl ketone (MEK) market demand. MEK is involved in bonding surfaces and is used in the production of synthetic resins and rubbers, which are essential for manufacturing paints and adhesives.
Leading Companies in the Methyl Ethyl Ketone (MEK) Market
The companies are involved in the exploration, production, refining and marketing of oil and gas products. They focus on energy transition initiatives by investing in renewable energy sources and low-carbon technologies.
- Shell PLC
- ENEOS Corporation
- Nova Molecular Technologies, Inc.
- Kishida Chemical Co.,Ltd.
- AccuStandard
- Spectrum Laboratory Products, Inc.
- BeanTown Chemical, Inc.
- Molekula Limited
- LobaChemie Pvt. Ltd.
- Sasol Limited
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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Methyl Ethyl Ketone (MEK) Market Report Snapshots
Methyl Ethyl Ketone (MEK) Market Size
Methyl Ethyl Ketone (MEK) Market Growth
Methyl Ethyl Ketone (MEK) Market Analysis
Methyl Ethyl Ketone (MEK) Market Share
Methyl Ethyl Ketone (MEK) Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Methyl Ethyl Ketone (MEK) Market Analysis
8.1 Key Industry Highlights
8.2 Global Methyl Ethyl Ketone (MEK) Historical Market (2018-2023)
8.3 Global Methyl Ethyl Ketone (MEK) Market Forecast (2024-2032)
8.4 Global Methyl Ethyl Ketone (MEK) Market by Application
8.4.1 Solvent
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Resin
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Printing Ink
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Adhesive
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Methyl Ethyl Ketone (MEK) Market by End Use
8.5.1 Paints and Coatings
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Rubber
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Construction
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Packaging and Publishing
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Methyl Ethyl Ketone (MEK) Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Methyl Ethyl Ketone (MEK) Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Methyl Ethyl Ketone (MEK) Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Methyl Ethyl Ketone (MEK) Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Methyl Ethyl Ketone (MEK) Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Methyl Ethyl Ketone (MEK) Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Trade Data Analysis (HS Code - 291412)
16.1 Major Importing Countries
16.1.1 By Volume
16.1.2 By Value
16.2 Major Exporting Countries
16.2.1 By Volume
16.2.2 By Value
17 Price Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Shell PLC
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 ENEOS Corporation
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Nova Molecular Technologies, Inc.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Kishida Chemical Co.,Ltd.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 AccuStandard
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Spectrum Laboratory Products, Inc.
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 BeanTown Chemical, Inc.
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Molekula Limited
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 LobaChemie Pvt. Ltd.
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Sasol Limited
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Methyl Ethyl Ketone (MEK) Market: Key Industry Highlights, 2018 and 2032
2. Global Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Application (USD Billion), 2018-2023
3. Global Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Application (USD Billion), 2024-2032
4. Global Methyl Ethyl Ketone (MEK) Historical Market: Breakup by End Use (USD Billion), 2018-2023
5. Global Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by End Use (USD Billion), 2024-2032
6. Global Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Methyl Ethyl Ketone (MEK) Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Methyl Ethyl Ketone (MEK) Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Major Importing Countries by Volume
19. Major Exporting Countries by Volume
20. Major Importing Countries by Value
21. Major Exporting Countries by Value
22. Global Methyl Ethyl Ketone (MEK) Market Structure
Key Questions Answered in the Report
In 2023, the market reached a value of approximately USD 4.10 billion in 2023.
The global Methyl Ethyl Ketone (MEK) market is assessed to grow at a CAGR of 4.2% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to USD 5.90 billion by 2032.
The major market drivers include expansion of the pharmaceutical and healthcare sectors and increasing applications of MEK as a curing agent for fibreglass plastics and unsaturated polyester resins.
The key trends fuelling the growth of the market include increased requirement for dyes, paint, and glue and rising investments in residential construction sector.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The applications of methyl ethyl ketone include solvent, resin, printing ink, and adhesive, among others.
The competitive landscape consists of Shell PLC, ENEOS Corporation, Nova Molecular Technologies, Inc., Kishida Chemical Co.,Ltd., AccuStandard, Spectrum Laboratory Products, Inc., BeanTown Chemical, Inc., Molekula Limited, LobaChemie Pvt. Ltd., and Sasol Limited, among others.
Based on the end use, the market is divided into paints and coatings, rubber, construction, packaging and publishing and others.
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