PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1618214
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1618214
Methyl Isobutyl Ketone (MIBK) Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Methyl Isobutyl Ketone (MIBK) Market was worth USD 749.4 million in 2023 and is expected to grow at a steady CAGR of 4% from 2024 to 2032. The rising sales of solvents, particularly in the automotive and construction industries, is driving the expansion of the MIBK market. MIBK's application in surface coatings and rubber processing is growing due to the increasing need for high-performance materials. Similarly, the expanding construction sector is fueling demand for MIBK as a solvent in paints and coatings, further supporting market growth. MIBK also finds increasing use in the marine and pharmaceutical sectors, contributing to the market projected growth.
Additionally, MIBK is essential in the production of insecticides, with agriculture-focused economies benefiting from its role in enhancing agricultural outputs. This growing reliance on MIBK in various industries is expected to positively impact market dynamics over the forecast period. The solvent application segment is expected to generate USD 651.6 million by 2032, with a 4.1% CAGR. This segment includes various applications such as extraction solvents, solvents, rubber processing chemicals, surfactants, and niche areas like insecticides.
MIBK's widespread use in manufacturing and chemical production continues to drive demand, particularly in industries like automotive and construction, where it is valued for its effectiveness in adhesives and coatings. Its role as an extraction solvent is also gaining importance in sectors like pharmaceuticals and food processing, where MIBK helps isolate specific compounds. Moreover, its use in rubber processing aligns with growing demands from the automotive industry, contributing to overall market expansion. The paints and coatings segment held a significant 29.1% market share in 2023, valued at USD 218.5 million, and is expected to grow at a 4.2% CAGR by 2032. MIBK's solvent properties are crucial in this industry, improving application quality and finish.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $749.4 Million |
| Forecast Value | $1 Billion |
| CAGR | 4% |
Rising construction and renovation activities are driving this demand further while the pharmaceutical industry continues to utilize MIBK in drug formulation and extraction. In the U.S., the MIBK market is projected to reach USD 190.7 million by 2032, growing at a 3.1% CAGR. The market growth is influenced by the increasing demand from the automotive, construction, and pharmaceutical sectors. Additionally, sustainability trends are prompting manufacturers to explore bio-based alternatives for MIBK production.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry synopsis, 2021-2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.2 Supplier landscape
- 3.3 Profit margin analysis
- 3.4 Key news & initiatives
- 3.5 Regulatory landscape
- 3.6 Impact forces
- 3.7 Industry impact forces
- 3.7.1 Growth drivers
- 3.7.1.1 Growing beverage industry may fuel product demand
- 3.7.1.2 Growing automotive industry is propelling tire production
- 3.7.1.3 Increasing construction activities is swelling the use of surface coatings
- 3.7.1.4 Improving agriculture output is driving agrochemical usage
- 3.7.2 Market challenges
- 3.7.2.1 High toxicity can affect human health
- 3.7.2.2 Availability of low-cost substitutes
- 3.7.1 Growth drivers
- 3.8 Regulations & market impact
- 3.9 Porter's analysis
- 3.10 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Size and Forecast, By Application, 2021-2032 (USD Million, Kilo Tons)
- 5.1 Key trends
- 5.2 Solvent
- 5.3 Extraction solvent
- 5.4 Rubber processing chemical
- 5.5 Surfactants
- 5.6 Others (denaturant, insecticides etc.)
Chapter 6 Market Size and Forecast, By End Use, 2021-2032 (USD Million, Kilo Tons)
- 6.1 Key trends
- 6.2 Paints & coatings
- 6.3 Pharmaceuticals
- 6.4 Automotive
- 6.5 Agrochemicals
- 6.6 Others (Marine, building & construction etc.)
Chapter 7 Market Size and Forecast, By Region, 2021-2032 (USD Million, Kilo Tons)
- 7.1 Key trends
- 7.2 North America
- 7.2.1 U.S.
- 7.2.2 Canada
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 France
- 7.3.4 Italy
- 7.3.5 Spain
- 7.4 Asia Pacific
- 7.4.1 China
- 7.4.2 India
- 7.4.3 Japan
- 7.4.4 South Korea
- 7.4.5 Australia
- 7.5 Latin America
- 7.5.1 Brazil
- 7.5.2 Mexico
- 7.6 MEA
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 South Africa
Chapter 8 Company Profiles
- 8.1 Arkema Group
- 8.2 Celanese Corporation
- 8.3 Dow Chemical Company
- 8.4 Eastman Chemical Company
- 8.5 Jilin Chemicals
- 8.6 Kumho P&B Chemicals Inc.
- 8.7 LCY Group
- 8.8 Lee Chang Yung Chemical
- 8.9 Mitsubishi Chemicals
- 8.10 Mitsui Chemicals
- 8.11 Royal Dutch Shell
- 8.12 Sasol
- 8.13 Sigma-Aldrich
