During the projection period from 2022 to 2032, the demand for methyl ethyl ketone peroxide (MEKP) market is expected to increase at a CAGR of roughly 4.8 percent to 5 percent, reaching a valuation of close to US$ 5 Bn by the end of 2028. The global market for methyl ethyl ketone peroxide is expanding as a result of increasing use of the chemical in the production of composites and polymers.
An example of an organic peroxide is methyl ethyl ketone peroxide (MEKP). It is an oily liquid that has no colour. Methyl ethyl ketone peroxide (MEKP) production is a risky process because it is highly sensitive to shock, friction, flame, heat, and other sources of ignition. As a result, strict adherence to safety standards is required during production, storage, and transportation of MEKP.
Hydrogen peroxide and methyl ethyl ketone are combined in a controlled reaction environment to produce methyl ethyl ketone peroxide (MEKP). Methyl ethyl ketone peroxide (MEKP) is primarily utilised as a curing agent or a hardening agent in the resin and polymer sector. It functions as a catalyst to start the curing reaction in different composites and polymers.
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Market Dynamics of Methyl Ethyl Ketone Peroxide (MEKP) Market
Increasing polymer and composite industry is expected to push the growth of methyl ethyl ketone peroxide (MEKP) demand
Increasing demand for lightweight and high performance materials is driving the demand for composite materials from various industries including automotive, transportation, aerospace, defense, and other manufacturing. Growth in demand for composites and FRP is expected to boost the demand for curing agent which will in turn accelerate demand for methyl ethyl ketone peroxide (MEKP).
Methyl ethyl ketone peroxide (MEKP) is also used in the manufacturing of acrylic acid, which has large demand from various industries. Therefore rising acrylic acid market demand is expected to push the demand for methyl ethyl ketone peroxide (MEKP), during the forecast period
Explosive properties of methyl ethyl ketone peroxide (MEKP), and increasing safety norms by various countries, may impact the potential growth on the methyl ethyl ketone peroxide (MEKP) market
Methyl ethyl ketone peroxide (MEKP) is highly flammable and explosive in nature, therefore, risk is included in the production and handling of methyl ethyl ketone peroxide (MEKP). Increasing safety rules and regulations related to material handling and use may impact on growing opportunities for methyl ethyl ketone peroxide (MEKP) market.
Presence of alternative curing agents in the market is one of the big threat for the market growth, however, some of the properties of methyl ethyl ketone peroxide (MEKP) are favored by the composite and polymer manufacturers.
Methyl ethyl ketone peroxide (MEKP) market trends
Contracts and agreements for long term relationship the customers and expansion are the major strategies followed by the market players
Increasing number of small scale players, especially in China and other Asian countries, is intensifying the competition amongst the manufacturers of methyl ethyl ketone peroxide (MEKP) to sustain in the market. Manufacturers are therefore focusing on the long terms contracts and agreements with the customers, for the supply of methyl ethyl ketone peroxide (MEKP).
Expansion of the production capacities for meeting the increasing demand form high growth regions, has also been witnessed by the methyl ethyl ketone peroxide (MEKP).
Methyl Ethyl Ketone Peroxide (MEKP) Market: Regional Outlook
Asia Pacific led the global methyl ethyl ketone peroxide (MEKP) market, due to increasing demand from growing polymer and composite industry in the region. Moreover, increasing middle class population in the emerging economies in Asia Pacific are supporting the industry in the region. High GDP growth in the region is also bolstering the industrial production and packaging industry which is expected to push the industrial demand growth for polymers reflected into growth in demand for methyl ethyl ketone peroxide (MEKP).
Europe followed Asia Pacific in terms of demand for methyl ethyl ketone peroxide (MEKP), however the stringent regulations in Europe is affecting the potential growth of the methyl ethyl ketone peroxide (MEKP) market in this region.
North America followed Europe methyl ethyl ketone peroxide (MEKP) market, expecting the significant growth over the forecast period. Increasing prices of raw materials in North America is reflecting into the prices of methyl ethyl ketone peroxide (MEKP). This is pushing the methyl ethyl ketone peroxide (MEKP) business in North America driving the global demand for methyl ethyl ketone peroxide (MEKP).
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Global Methyl Ethyl Ketone Peroxide (MEKP) Market Participants
Some of the market participants identified across the value chain of global Methyl ethyl ketone peroxide (MEKP) market are:
- Arkema
- AkzoNobel Specialty Chemicals
- Fibre Glast Developments Corp.
- SHIV SHAKTI CATALYST
- Redox Pty Ltd
- Kawaguchi Chemical Co., Ltd.
- Jacobson Chemicals Ltd
- SAMUH LAXMI CHEMICALS (BOM) P. LTD.
- Parchem fine & specialty chemicals
- Freeman Mfg. & Supply Co.
- Polymer Products (Phil), Inc.
- Chemx
- Link Composites Pvt. Ltd.
Global Methyl Ethyl Ketone Peroxide (MEKP) Market Segmentation
On the basis of function, the global methyl ethyl ketone peroxide (MEKP) market can be segmented as:
- Raw Material
- Curing/Hardening agent
On the basis of application, the global methyl ethyl ketone peroxide (MEKP) market can be segmented as:
- Polymer Manufacturing
- Composite Manufacturing
On the basis of resin type, the global methyl ethyl ketone peroxide (MEKP) market can be segmented as:
- Polyester resins
- Vinyl Ester Resin
- Other Resin
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