Methyl Ethyl Ketone Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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Methyl ethyl ketone (MEK) finds its application in the construction and automotive industry and the applications include paints, coatings, solvent, resins, and adhesive. Considering the pandemic scenario, the automotive and manufacturing activities were on a temporary halt during the lockdown, which had decreased the consumption of MEK in the above applications.

- Over the short term, the growing demand of MEK for applications like resins, paints, coatings, and others from the construction industry and increasing usage of MEK as solvent from the pharmaceutical industry are expected to drive the market's growth.

- On the flip side, the increasing awareness regarding the toxic effects of MEK and unfavorable conditions arising due to the impact of COVID-19 is likely to hamper the growth of the market studied.

- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
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Key Market Trends

Paints and Coatings Segment ...
... to Dominate the Market Demand

- The paints & coatings segment stands to be the largest consumer of MEK. MEK is an exceptional solvent for use in the paints & coatings sector. The paints & coatings major consumption is in the construction industry.

- The global construction industry was valued at about USD 12 trillion in 2019, registering a growth rate of about 4%. Residential & commercial construction has been increasing significantly across
the globe.

- Asia-Pacific and North America regions have been witnessing strong growth in residential construction, which is further likely to increase the demand for MEK for residential applications during the forecast period.

- In 2019, the total value of new construction put in place was about USD 1365 billion in the United States and reached about USD 1429 billion in 2020, with a growth rate of about 4.5%, thus led to an increase in the demand for the paints and coatings.

- Besides, regions like Asia-Pacific and Middle East and Africa are experiencing huge domestic as well as foreign investments for setting up an industrial unit, hospitals, malls, multiplexes, hospitality industry, and IT sector.

- Automotive industry is also a major end-use for the paints and coatings. As of Q3 2019, about 67.47 million vehicles were produced globally and has reached about 52 million vehicles up to Q3 2020, registering a decline rate of about 23%, thus led to a decrease in the demand for the paints and coatings, which in turn negatively impacts the market growth of MEK.

- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.

Asia-Pacific Region to Dominate the Market

- With growing investments into residential and commercial construction in the countries, such as India, China, the Philippines, Vietnam, and Indonesia, the market for methyl ethyl ketone (MEK) is expected to increase in the coming years.

- Currently, China has numerous airport construction projects, which are either in the development or planning stage. The Civil Aviation Administration of China (CAAC) aims to construct 216 new airports by 2035 to meet the growing demands for air travel. China had a total of 234 civil airports at the end of October, and this number is likely to hit 450 by 2035. Additionally, the government rolled out massive construction plans for the movement of 250 million people to its new megacities, over the next 10 years.

- China was leading in the construction industry with a market size of USD 1092.9 billion in the year 2019, registering a growth rate of 14.71% compared to the previous year.

- Indian Real Estate sector expected to reach a market size of USD 1 trillion by 2030 and Its contribution to the country's GDP is expected to be approximately 13% by 2025.

- In Indonesia, the government planned to invest in construction sector about USD 450 billion by 2021, which is expected to provide boost to residential construction in the country.

- Furthermore, China is the largest producer of vehicles across the globe. As of Q3 2019, China had produced 18.17 million vehicles and reached 16.96 million vehicles by Q3 2020, registering a decline rate of about 6.66%, which in-turn has led to a decrease in the consumption of adhesive, paints, and coatings, thus creating a negative effect on the regional MEK market growth.

- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.

Competitive Landscape

The methyl ethyl ketone market is a consolidated market, where few major players hold a significant share of the market demand. Some of the major players in the market include Royal Dutch Shell Plc, Arkema, Exxon Mobil Corporation, Nouryon, and Sasol, among others.

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