MEK, abbreviation for Methyl Ethyl
Ketone, is a popular name in the solvents industry and is a widely preferred
solvent for paints and coatings. It is estimated that half of the global demand
for MEK comes from the paints and coatings industry. Its unique properties,
especially that of a low boiling solvent, make it an ideal solvent for rubber
based cements and printing inks, which contribute to its growing demand.
The global MEK market is dominated
by select manufacturers only, and most of them are concentrated in China.
Despite the demand being expected to be low in near future, the global supply
has increased significantly, after the reopening of Asia’s largest facility.
The facility with a production capacity of 170,000 tonne per year is owned by
Japanese firm Maruzen Petrochemical, and is located in China. The shutdown of
plant post the earthquake in China in 2011 for repair works, had dented the
global supply of MEK, sending the global prices soaring to highest levels. The
high prices had affected the global trade of MEK as end users resorted to
alternate solvents. The crunching profit margins of traders further contributed
to the fall in demand and consumption of MEK globally.
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However, with global economy
reviving the market is showing signs of recovery, and is expected to see
acceleration in its growth rate. The market in Europe is expected to show flat
growth trends due to rising health concerns and stringent regulations, which
are restricting the use of MEK. In U.S market, the demand will be stable and
drop in prices is expected to loft it higher in due course of time. However, in
situations of global prices not reviving the market is expected to see a
further drop in growth. Most of its growth is expected in Asia market, with
china leading the pack. The U.S and Europe markets are at maturity, and will
remain flat.
The categorization of MEK as a HAP
(Hazardous Air Pollutant) chemical in 1980s in U.S and then removal from the
HAP list in 2005 have not helped the market to revive, despite the growing
American housing sector. The slumping automobile industry had further
contributed to stagnant growth of the MEK market in U.S. This has forced U.S
chemical companies to look for alternate markets. The chemical company Celanese
exited the U.S market and closed its production plant in Texas in 2009,
following the U.S market growth retardation. However, the fast expanding
housing sector in emerging markets of China, India, and other Asian countries,
is expected to drive the market growth.
Some of the leading market players
include names such as - Maruzen Petrochemical Co Ltd., Shell Chemicals,
Solventis Ltd., Arkema Inc., Sasol Solvents, ExxonMobil Chemical Ltd., Tasco
Chemical Corp., and Celanese AG.
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This research report analyzes this
market depending on its market segments, major geographies, and current market
trends.
Geographies analyzed under this
research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive
analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints. It
provides market projections for the coming years. It includes analysis of
recent developments in technology, Porter’s five force model analysis and
detailed profiles of top industry players. The report also includes a review of
micro and macro factors essential for the existing market players and new
entrants along with detailed value chain analysis.
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