Improve in Demand Uplifts the Methyl N Propyl Ketone Market in India
- 11-May-2023 12:31 PM
- Journalist: Sasha Fernandes
The price of Methyl N Propyl Ketone (MPK) witnessed an inclining trend in the Indian domestic market due to the high consumption in the paints and coating industry. MPK orders remained firm from the domestic market due to consistent demand for downstream industries amid increased purchasing activity during this time frame. The cost of the product was driven up by the uptick in demand for it in the downstream solvents business. MPK is mostly utilized in the paint and coating sector, which metal and coats concrete for industrial applications.
According to a recent survey, the Indian manufacturers PMI rose in April compared to March, signaling a significant improvement in the sectors.
India's manufacturing activity increased in April at its fastest rate in the previous four months, propelled by strong growth in new orders from the petrochemical sector, including the MPK market. Due to the demand's durability, customer inquiries, orders that were awaiting approval, and marketing initiatives, Indian manufacturers were optimistic that output volumes would increase in 12 months. Additionally, since March 2023, the overall sentiment has become more favorable.
Since December 2022, the most rapid increase in orders placed with goods manufacturers has occurred. The rate of expansion was rapid and higher than the average in the long run. Good economic situations, request strength, and exposure, upheld the upswing.
After March saw the first fall in hiring in 13 months, both new orders and output climbed at their quickest rate since December, which aided businesses in starting up recruiting again during April 2023.
As per ChemAnalyst, the cost of MPK hovered around INR 531500/MT on an Ex-Mumbai basis, with an appreciation of 2.5% in April 2023.
It is expected that the MPK market is likely to improve in the Indian market due to demand will improve in the downstream paints & coating, construction, and other solvent industries. Further, the MPK is anticipated to increase by 2% in May 2023.
