PUBLISHER: ChemAnalyst | PRODUCT CODE: 1267872
PUBLISHER: ChemAnalyst | PRODUCT CODE: 1267872
The India Methyl Isobutyl Ketone (MIBK) market has reached approximately 35 thousand tonnes in FY2022 and is anticipated to grow at a CAGR of 3.05% by FY2032.
Methyl Isobutyl Ketone is considered a good solvent for dissolving resins that are used in various industries such as paints, lacquers, inks, and surface coatings. The flourishing automotive sector in the nation has hyped the demand for solvents for various use such as in rubber processing and in paints. The increasing population has led to the growth of the construction of buildings, thus imposing a surging demand for paints and coatings. The demand for methyl isobutyl ketone is predicted to expand in India due to its growing production and sales of automotive products. MIBK also used in various extraction processes, therefore, its usage as a solvent also contributes to the market growth. Additionally, the product is also used in the production of insecticides and pesticides, which are used in the commercial agriculture sector on a massive scale. The government is spending heavily on improving the country's agricultural production output by focusing on insecticides and fertilizers, which in turn, will positively influence the Methyl Isobutyl Ketone market in the forecast period. Furthermore, the applications of MIBK in cosmetics as alcohol. The Methyl Isobutyl Ketone (MIBK) market volume is estimated to reach approximately 50 thousand tonnes by FY2032.
Based on region, the India Methyl Isobutyl Ketone (MIBK) Market is segregated into North, South, East, and West. In the historic period of FY2015-FY2022, West India has been dominating the market and consumed approximately 70% of the market share in FY2022. The primary cause of this is the rising demand for MIBK in end-user sectors such as paint and varnishes, medicines, rubber compounds, tire manufacturing, and others.
Based on end-use, the India Methyl Isobutyl Ketone (MIBK) market is segregated into Paints & Coatings, Pharmaceuticals, Rubber Chemical, and Others. Among these, Paints & Coatings is the dominating segment of Methyl Isobutyl Ketone (MIBK). This segment held roughly 50% of the Methyl Isobutyl Ketone (MIBK) market in FY2022. Methyl Isobutyl Ketone is a product, which is used as a solvent in many processes such as for solids coatings, automotive coatings, industrial maintenance coatings with marine coatings, textile coatings, nitrocellulose lacquers, acrylic and vinyl-acrylic resins for adhesives, de-waxing mineral oil.
Since India does not have domestic manufacturers of Methyl Isobutyl Ketone. Global players in the MIBK market include LCY Chemical Corp, Mitsui Chemicals, Shell Chemical, KH Neochem Co.,Ltd, Kumho P&B Chemicals Inc, Arkema S.A, Monument Chemical, Celanese Corporation, Sasol Chemicals (USA) LLC, Rhodia Brasil S.A, and others.
Years considered for this report:
Historical Period: FY2015-FY2022
Base Year: FY2022
Estimated Year: FY2023
Forecast Period: FY2024- FY2032
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