According to ChemAnalyst report, “India Methyl Isobutyl Ketone (MIBK) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2032”, The India Methyl Isobutyl Ketone (MIBK) Market is likely to grow at a CAGR of 3.05% during the forecasted period by FY2032. The end-user industries Paints & Coatings, Pharmaceuticals, and Rubber Chemical are anticipated to boost the expansion of the Methyl Isobutyl Ketone (MIBK) Market in India in the upcoming years.
Methyl isobutyl ketone is an organic compound with the chemical formula (CH₃)₂CHCH₂CCH₃. This appears as a colorless liquid and is frequently employed as a solvent for paint, coatings, varnishes, nitrocellulose, resins, gums, etc. Moreover, it serves as a denaturant for rubbing alcohol, an adjuvant for artificial flavoring, and a fruit flavoring ingredient.
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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 solvent 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 finds application product is 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 India Methyl Isobutyl Ketone (MIBK) Market is segmented based on end-use, sales channel, and region. 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.
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, tyre manufacturing, and others.
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“India Methyl Isobutyl Ketone (MIBK) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, Foreign Trade, FY2015-FY2032” Since India does not have domestic manufacturers of Methyl Isobutyl Ketone, it is imported from global manufacturers of the product like Kumho P&B Chemicals in South Korea, Sasol in South Africa, LCY Chemical (with plants in Taiwan and China) and others.
“The growing demand for Methyl Isobutyl Ketone (MIBK) as an excellent solvent to produce Paints & Coatings which are used by various industries is anticipated to primarily drive the Methyl Isobutyl Ketone (MIBK) demand across the nation. With fast-paced urbanization and construction activities across the nation, the demand for paints and coatings is anticipated to rise and thus bolster the MIBK demand in the forecast period until FY2032. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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