- The key vendors in the global MEK market 2015-2019 are Exxon Mobil Corp., Lanzhou Petrochemical Co., Maruzen Petrochemical Co. Ltd., Royal Dutch Shell plc, and Sasol SA.
London, 7 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global MEK market 2015-2019. The sudden increase in demand from countries like China and India is a key trend observed in this market. China is the leading exporter and importer of methyl ethyl ketone (MEK), as a result, many companies are now setting up their production facilities in this region because of cheap labor, low cost, and skilled workforce. The global MEK market is expected to grow at a CAGR of 4.72% during the forecast period of 2014-2019.
Rising demand from the paints and coatings sector is driving the demand for MEK globally. MEK acts as an excellent solvent for paints and coatings and can be extensively used in the construction sector. MEK’s usefulness as adhesives, thinners, lubricant oil dewaxing, and in magnetic tape production is responsible for its high global demand.
“Due to environmental concerns and regulations pertaining to the use of MEK, the demand for bio-MEK is increasing. Manufacturers are focusing on producing bio-based MEK as an alternative to MEK,” says Faisal Ghaus, Vice President of Technavio Research.
“The market for bio-MEK is expected to grow at a steady pace during the forecast period. The increased use of paints and coatings in various end-use sectors such as construction, automotive, and related sectors is driving the need for bio-MEK.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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