Major MEK(methyl ethyl ketone) demand portion is accounted by paints and coatings, where it is widely used as a solvent. Positive demand outlook for adhesives, printing inks, paints, and coatings, on account of increasing construction spending, particularly in Asia Pacific and Middle East is expected to remain a key driving factor for the global MEK market.
MEK(methyl ethyl ketone) also finds applications in pharmaceutical and personal care industries where it is used for manufacturing antiseptics, anesthetics, lotions, and drugs. The growth of pharmaceutical and personal care industry on account of increasing healthcare expenditure in Asian countries and presence on sophisticated healthcare infrastructure in the U.S. and most parts of Europe is also expected to fuel its demand over the forecast period.
Paints & coatings emerged as the leading application for MEK(methyl ethyl ketone) and are expected to grow at an estimated CAGR of 4.4% from 2016 to 2024. Increasing construction spending with the growth of automobile industry in emerging markets of Asia-Pacific and the Middle East has resulted in high demand for paints & coatings applications.
Paints & coatings include specialty coatings, waterborne coatings, powder coatings and solvent borne technologies. High demand for powder coatings in automobiles and electronics industry has significantly enhanced the consumption rates in the application segment.
Adhesives and printing ink segments are expected to witness high growth from 2016 to 2024. Increasing printing inks demand from packaging and publishing industry is expected to significantly augment MEK(methyl ethyl ketone) market growth.
The product is widely used and is a preferred solvent in the printing industry owing to favorable characteristics including adhesion with substrates such as metals, plastics & glass, and specialized inks formulation and exceptional drying times.
Developments in end-user industries including pharmaceuticals, food processing, and cosmetics are expected to drive volumes in printing inks application over the next six years. MEK(methyl ethyl ketone) solvent based inks used in these industries enable high-resolution printing. Other major applications for printing inks market include newspapers, labels, commercial printings and books.
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