Methyl Ethyl Ketone (MEK) demand in India is expected to grow at a CAGR of 5.1% during the forecast period 2021-2030. MEK is a colorless, organic and non-reactive compound having tremendous solvency, for this reason MEK finds immense applications as a solvent. MEK market in India is majorly dependent upon printed packaging, adhesive, pharmaceutical and paint and coating industry. Sudden outbreak of Coronavirus Pandemic in the fourth quarter of FY20 has raised serious concerns over hygiene and cleanliness among the people, as a preventive measure of the virus. This rising awareness has thus propelled the demand for Methyl Ethyl Ketone that is utilized as a resin solvent for various applications in pharmaceutical and healthcare industries. The demand for MEK India is anticipated to further rise significantly till 2030 as there are low hopes of abatement of the virus till a proper vaccine is discovered for complete cure.
In India, MEK is being produced with a plant capacity of 10KT per annum by Cetex Petrochemicals Limited. Yearly production of MEK in India is less in comparison to the increasing demand witnessed in the previous years. Due to lack of manufacturing facilities, MEK demand in the domestic market is being primarily met through imports. Although, anti-dumping duty was imposed by Government of India in 2018 on certain countries for reviving the domestic production of MEK and for compensating with the material injury faced by Cetex Petrochemicals. For strengthening the production base of MEK in India, there is a need to encourage larger number of manufacturers to emerge in the domestic market. In India, demand for MEK is perceived to vary with regions too. West and South regions in India have shown an upper hand on the consumption of MEK in comparison to North and East regions. In the coming years, demand for MEK is expected to witness a region wise linear increase due to the increasing requirement from various end user industries.
Since MEK is a petrochemical product, its demand and supply as well as its prices are directly related to the availability of crude oil. By end use, MEK market is majorly dependent on packaging and printing industries followed by adhesives and paints. In addition to this, increasing demand from pharmaceuticals and cosmetic industries is anticipated to fuel the demand for the product in the next five years.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022– 2030
Objective of the Study:
• The primary objective of the study was to evaluate and forecast Methyl Ethyl Ketone capacity, production, demand, inventory, and
demand – supply gap in India.
• To categorize Methyl Ethyl Ketone demand based on end use, region and sales channel.
• To study trade dynamics and company share in India Methyl Ethyl Ketone market.
• To evaluate and forecast Methyl Ethyl Ketone pricing in India Methyl Ethyl Ketone market.
• To identify and profile major companies operating in India Methyl Ethyl Ketone market.
• To identify major news, deals and expansion plans in India Methyl Ethyl Ketone market.
In this report, India Methyl Formate market has been segmented into following categories:
Major players operating in global Methyl Ethyl Ketone market include Royal Dutch Shell, SASOL, Arkema, Zibo Qixiang Petrochemical Industry, Maruzen Petrochemical, ExxonMobil Chemicals etc. Cetex Petrochemicals Limited is the only manufacturer of Methyl Ethyl Ketone in India. Owing to the increasing demand of MEK in the domestic market, it is planning to expand its plant capacity to 15 KT by FY 2023.
Import of Methyl Ethyl Ketone increased by 3.83 per cent in FY 2019 and Methyl Ethyl Ketone prices were assessed at INR XXX per MT on bulk contract basis.
To extract data for India Methyl Ethyl Ketone market, primary research surveys were conducted with Methyl Ethyl Ketone manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for India Methyl Ethyl Ketone market over the coming years.
ChemAnalyst calculated Methyl Ethyl Ketone demand in India by analyzing the historical data and demand forecast was carried out considering crude oil prices. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Methyl Ethyl Ketone manufacturers, suppliers and other stakeholders
• Organizations, forums and alliances related to Methyl Ethyl Ketone
• Government bodies such as regulating authorities and policy makers
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Methyl Ethyl Ketone manufacturers, distributors and policy makers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
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