The Methyl Isobutyl Ketone (MIBK) Market is expected to grow at > 4.5% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Methyl Isobutyl Ketone (MIBK) Market
Methyl Isobutyl Ketone (MIBK) Market is likely to witness a steady CAGR of 4.5% during the forecast period. Increasing demand for solvents for rubber processing chemicals and paints & coatings are the prime factors contributing to the demand for methyl isobutyl ketones (MIBK). Further, rising construction activities across the world, along with growing demand for adhesives, paints, and coatings in the construction sector is likely to create heavy opportunities for the market in the near future. The increasing use of methyl isobutyl ketones (MIBK) in the production of insecticides and fertilizers, along with its growing demand in marine and pharmaceutical industries is also the major factor driving the market growth.
Asia-Pacific is estimated to be the largest market for methyl isobutyl ketone (MIBK) during the forecast period, with China, India, and Japan being the major countries offering lucrative growth opportunities. The growth of the region’s market is mainly driven by increasing industrialization and construction activities in the region. Further, increasing demand for agrochemicals, automobiles, and rubber products in the region is likely to enhance the regional market growth in the coming years.
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Market Scope & Market Segmentation
Methyl Isobutyl Ketone (MIBK) Market Share: By Application Type
Based on the application type, the market is segmented as solvent, rubber processing chemical, surfactants, and others. The solvent segment held the largest share of the market in 2019. The dominance of the segment is mainly because MIBK is widely used as a solvent in industries that produce machineries, rubber products, paints, and chemicals. Further, growing automotive and construction sectors in developing economies is likely to encourage the market demand in the near future.
Methyl Isobutyl Ketone (MIBK) Market Share: By End-Use Industry Type
Based on the end-use industry type, the methyl isobutyl ketone (MIBK) market is segmented as paints & coatings, pharmaceuticals, automotive, agrochemicals, and others. The paints & coatings segment held the largest share of the market in 2019. The dominance of the segment is mainly because MIBK is heavily used in the paints & coatings industry as chemical intermediates and solvents, as it is very efficient at dissolving resins, paints, and other types of surface coatings.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
- What is the impact of COVID-19 on the market forecast?
- What are the trends, drivers, and challenges?
- How competitive is the market? Who are the market leaders?
- What are the key strategies adopted by the market players?
- Which segments offer the greatest opportunities?
- Which are the most attractive regions?
- What are the key success factors for the market players?
- How does the business environment impact the market?
- Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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Stratview Research is a global market research company and is known to offer custom research reports in varied fields such as Advanced Materials, Aerospace & Defense, Automotive & Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. Our market veterans make sure to have a deep research about the topics so that the most useful and authentic insights can be delivered to the professionals.