| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 3.82 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Methyl Isobutyl Ketone (MIBK) Market Analysis
The Methyl Isobutyl Ketone (MIBK) Market size is expected to grow from 541.30 Kilotons in 2023 to 652.89 Kilotons by 2028, at a CAGR of 3.82% during the forecast period (2023-2028).
Due to the COVID-19 outbreak, nationwide lockdowns worldwide, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market in 2020. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
- Over the short term, the increasing demand for MIBK in synthesizing antiresonant additives for rubber and the growing demand for surface coatings are projected to fuel market growth throughout the forecast period.
- Increasing awareness about the environmental impact of MIBK is likely to hinder the market's growth.
- Increasing investments in infrastructure and road connectivity are expected to act as opportunities for the market.
Methyl Isobutyl Ketone (MIBK) Market Trends
Increasing Demand from Paints and Coatings Industry
- Methyl Isobutyl Ketone (MIBK) is a medium evaporating solvent. It is an active solvent for various synthetic resins, including cellulosic, vinyl copolymers, acrylics, alkyds, polyesters, and epoxies.
- It is very useful in developing high solids coatings and used for automotive applications because of its combined high solvent activity and low-density characteristics.
- In the automotive sector, methyl isobutyl ketone (MIBK) is used for manufacturing automotive chemicals, such as protective paints and coatings, that are further used in exterior parts of the vehicle to add a pleasant appeal to vehicles. They are also used in metallic parts and plastic vehicle components of both interior and exterior types.
- Automotive coatings protect against sunlight, material corrosiveness, and environmental effects. It includes acid rain, hot-cold shocks, stone chips, UV radiation, car washing, and blowing sand.
- The automobile industry in the United States is the second-largest after China, contributing significantly to the regional and global automobile markets. The country houses major automakers producing and exporting vehicles to other economies in the Americas, Europe, and the Asia Pacific.
- As per the National Automobile Dealers Association (NADA), the total value of the car and automobile manufacturing market in the United States was USD 82.6 billion in 2021. The association predicted that US new light-vehicle sales would likely increase by 3.4% to 15.5 million units in 2022. As of 2022, General Motors announced an investment worth more than USD 7 billion to produce electric vehicles in the United States.
- According to the IEA (International Energy Agency), in the United States, the federal aim is for electric vehicles (EVs) to make up 50% of new passenger cars and light trucks sold by 2030.
- Over a period, various companies produced different and new variants in coatings, such as heat and anti-reflective coating, electro-chromatic and smart coatings for windows, self-cleaning topcoats, UV curable, powder coating systems, iridescent and color-changing base coats, and abrasion-resistant coatings for headlamps, among others.
- All the factors above, in turn, are expected to drive the Methyl Isobutyl Ketone (MIBK) over the forecast period.
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Asia-Pacific region is Expected to Dominate the Market
- In the Asia-Pacific region, India and China are major consumers of methyl isobutyl ketone because of increasing demand and production in end-user industries such as electronics.
- According to the India Electronics and Semiconductor Association, the semiconductor component market in the country is expected to be worth USD 32.35 billion by 2025. The ongoing 'Make In India' initiative by the government is expected to result in investments in the semiconductor industry in the country.
- The India Electronics and Semiconductor Association (IESA) signed an MoU with the Singapore Semiconductor Industry Association (SSIA) to establish and develop trade and technical cooperation between the electronics and semiconductor industries of both countries. It is expected to result in the setting of various advanced semiconductor manufacturing technologies that would further increase the scope for establishing semiconductor manufacturing facilities in India.
- Recently, the domestic electronics manufacturing sector is expanding steadily, owing to favorable government policies, such as 100% Foreign Direct Investment (FDI), no requirement for an industrial license, and the technological transformation from manual to automatic production processes. New incentives, such as the Modified Incentive Special Package Scheme (M-SIPS) and Electronics Development Fund (EDF), started in the country with a budget of USD 114 million for domestic electronics manufacturing in India.
- China is the largest base for electronics production in the world. Electronic products, such as smartphones, TVs, and other personal devices, recorded the highest growth in electronics. China is the largest base for electronics production in the world. China is actively manufacturing electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal devices.
- To benefit from the extensive demand scenario, China embarked on strategic initiatives like the 'Made in China 2025' plan, under which the Chinese government announced its goal to reach an output of USD 305 billion by 2030 and meet 80% of its domestic demand.
- Chinese companies are stepping up efforts to push into the semiconductor industry. The government in China subsidized semiconductor companies to build factories through various policy incentives. Some cities that announced their plans for semiconductor production facilities include Chongqing, Shanghai, Beijing, Chengdu, Hefei, Shenzhen, Wuhan, Xiamen and Liaoning, and Shaanxi. Therefore, with the establishment of new semiconductor manufacturing facilities, the demand for PVDF is expected to increase rapidly over the forecast period.
- On the other hand, various EV manufacturers are looking forward to establishing production plants to meet the current demand.
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Methyl Isobutyl Ketone (MIBK) Industry Overview
The methyl isobutyl ketone (MIBK) market is partially consolidated, with few players holding the major share in the market. Key players in the methyl isobutyl ketone (MIBK) market include Shell plc, Dow, Sasol, Mitsui Chemicals, Inc., and KUMHO P&B CHEMICALS. INC., among others.
Methyl Isobutyl Ketone (MIBK) Market Leaders
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Sasol
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Dow
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Shell plc
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Mitsui Chemicals, Inc.
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KUMHO P&B CHEMICALS.,INC.
- *Disclaimer: Major Players sorted in no particular order
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Methyl Isobutyl Ketone (MIBK) Market News
The recent developments about the major players in the market are covered in the complete study.
Methyl Isobutyl Ketone (MIBK) Industry Segmentation
Methyl isobutyl ketone is the common name for the organic compound 4-methylpentan-2-one and is used as a solvent for gums, resins, paints, varnishes, lacquers, and nitrocellulose. The methyl isobutyl ketone (MIBK) market is segmented by application, end-user industry, and geography. The market is segmented by application into solvents, rubber processing chemicals, surfactants, denaturants, and other applications. The market is segmented into paints and coatings, pharmaceuticals, rubber, and other end-user industries by end-user industry. The report also covers the market size and forecasts for methyl isobutyl ketone (MIBK) in 15 countries across major regions. For each segment, the market sizing and forecasts are done in volume (tons).
| Application | Solvents | |
| Rubber Processing Chemicals | ||
| Surfactants | ||
| Denaturants | ||
| Other Applications | ||
| End-user Industry | Paints and Coatings | |
| Pharmaceuticals | ||
| Rubber | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
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Methyl Isobutyl Ketone (MIBK) Market Research FAQs
What is the current Methyl Isobutyl Ketone (MIBK) Market size?
The Methyl Isobutyl Ketone (MIBK) Market is projected to register a CAGR of 3.82% during the forecast period (2024-2029)
Who are the key players in Methyl Isobutyl Ketone (MIBK) Market?
Sasol, Dow, Shell plc, Mitsui Chemicals, Inc. and KUMHO P&B CHEMICALS.,INC. are the major companies operating in the Methyl Isobutyl Ketone (MIBK) Market.
Which is the fastest growing region in Methyl Isobutyl Ketone (MIBK) Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Methyl Isobutyl Ketone (MIBK) Market?
In 2024, the Asia Pacific accounts for the largest market share in Methyl Isobutyl Ketone (MIBK) Market.
What years does this Methyl Isobutyl Ketone (MIBK) Market cover?
The report covers the Methyl Isobutyl Ketone (MIBK) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Methyl Isobutyl Ketone (MIBK) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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MIBK Industry Report
Statistics for the 2024 MIBK market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. MIBK analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
