Global Market Insights, Inc., estimates MIBK industry size to surpass USD 800 million by 2025.The rise in the number of construction projects worldwide will drive methyl isobutyl ketone market size in the forthcoming years. Given that the material is liberally used in the manufacturing of fertilizers, insecticides, and more, owing to which the agrochemical sector will turn out to be a major end-use domain of methyl isobutyl ketone market.
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Growth Drivers are
- Growing automotive industry is propelling tire production
- Increasing construction activities in Asia Pacific is swelling the use of surface coatings
- Improving agriculture output is driving agrochemical usage
On the basis of the end-user landscape, MIBK market is classified into pharmaceuticals, automotive, agrochemicals, and paints & coatings. Of these, the automotive sector is slated to emerge as one of the most profitable domains for the industry. This is primarily on account of the fact that MIBK is majorly used in manufacturing rubber processing chemicals – which find application in tire production. As per estimates, MIBK market size from automotive applications will surpass USD 145 million by 2025.
Stringent regulatory protocols in the region regarding environmental sustainability is one of the chief driving forces influencing Europe methyl isobutyl ketone (MIBK) market. Besides, the unavailability of raw materials will also encourage the regional demand for MIBK in the coming years. Reportedly, in the year 2018, the region procured 20% of the global share in 2018. The continent is further anticipated to garner a revenue of USD 190 million by 2025. Analysts cite the surging requirement for bio-based MIBK from end-use industries to further propel the Europe industry growth over 2019-2025.
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Methyl isobutyl ketone is extensively deployed in the production of insecticides, the demand of which has been rising lately, to keep garden insects at bay. Not to mention, the product also finds usage in making fertilizers that are used to safeguard crops prior to harvest. Driven by the fact that MIBK also acts as an extraction solvent for antibiotics, on account of its excellent stability and high solvency, methyl isobutyl ketone market share from agrochemicals will depict a CAGR of more than 3.5% over 2091-2025.
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