Maleic Anhydride Market size is forecast to reach $4.4 billion by 2025, after growing at a CAGR of 6.1% during 2020-2025. Maleic anhydride is a highly reactive chemical intermediate with potential uses in almost every field of industrial chemistry. Maleic anhydride is used in the production of unsaturated polyester resin as well as in the manufacturing of coatings, surfactants, pharmaceuticals, agricultural products like pesticides and as an additive for plastics. Escalating demand from the end-user industries like marine, automobile and construction industry is expected to surge demand for unsaturated polyester resins over the forecast period.
By Raw Material – Segment Analysis
N-Butane held a significant share in maleic anhydride market in 2019. The factors driving the n-butane-based maleic anhydride market are its low-cost process with higher productivity, low risk involved, and less complex production process. It is also less harmful to the environment and therefore preferred over benzene. Moreover, the rising demand from the construction and transportation industries is expected to drive the demand for n-butane-based maleic anhydride.
Request for Sample of the Report @ https://www.industryarc.com/pdfdownload.php?id=15194
Report Price: $ 4500 (Single User License)
By Application – Segment Analysis
UPR (Unsaturated Polyester Resin) held a significant share in maleic anhydride market in 2019. Maleic anhydride serves as the raw material used to produce unsaturated polyester resins. These resins are compounded with varied fillers, reinforcements and cured by using free radical initiators to yield thermoset articles, with a wide range of chemical and mechanical properties, depending upon the choice of material and other additives. Demand for UPR is growing rapidly to enable the production of lighter, stronger, fiberglass composites for boats, automotive, bridges, construction, pipes, wind turbine blades, decorative architectural features and a highly varied range of consumer products. Building and sanitary ware forms the largest market for reinforced polyester resin (composite materials). UPR form highly-durable structures and coatings, when they are cross-linked with a vinyl reactive monomer, most commonly styrene. The increasing demand for pipes and tanks for chemical storage is a crucial factor contributing to the rise in demand for UPR, thus fueling the maleic anhydride market in this segment.
By End-User Industry – Segment Analysis
Automotive segment held a significant share in maleic anhydride market in 2019 growing at a CAGR of XX% during the forecast period. Maleic anhydride is used as dispersant in crank oil and corrosion inhibitor in gasoline. It protects engine from scaling, corrosion and damage caused by fuel friction with engine metal. It also improves fuel efficiency and reduces harmful chemical emission.
However, due to the outbreak of the novel coronavirus (COVID-19), automobile and component manufacturing plants are being shuttered around the world, consumer footfalls in showrooms have fallen sharply, vehicle sales are dropping dramatically and almost every major industry event is either being cancelled or going the digital way. The impact of coronavirus on other markets, and particularly China, has also led to disruption in supply chains. This is particularly concerning considering that the global automotive industry reportedly imports more than $34 billion in parts from China.
Geography- Segment Analysis
Asia Pacific dominated the maleic anhydride market with a share of more than XX%, followed by North America and Europe. This is due to the growing domestic demand, increasing income levels, rapid industrialization, and urbanization in the region. APAC is projected to witness the highest growth during the forecast period. This growth is attributed to the growing domestic industries, increasing demand from end-use industries, and growing use of maleic anhydride in different applications, such as agricultural chemicals and pharmaceuticals. Favorable government initiatives by the Indian and Chinese governments are expected to fuel region’s growth. Majority of demand is expected to come from the construction and plasticizers industries in the region. Increasing construction spending in emerging economies of China, India, and Indonesia is further expected to drive the product demand in APAC. Increasing construction industry is one of the major reasons boosting the applications of maleic anhydride in the region.
Drivers – Maleic Anhydride Market
Increasing usage of maleic anhydride in various end use industries
Hectic lifestyle and rise in living standards have driven global packaged food & beverage market. Maleic anhydride converts to fumaric and maleic acid and acts as a flavor enhancer in beverages. It prevents microbial and fungal growth and commonly used preservative in food industry. Growing penetration of spandex in medical textiles, compression stockings, and sportswear coupled with the increasing disposable income are factors that are projected to surge the demand for 1, 4-butanediol which in turn will result in the rise in the demand of maleic anhydride. Favorable growth in the construction industry in developing countries is anticipated to foster the requirement for unsaturated polyester resins in the coming years. Unsaturated polyester resins attribute to encourage the market growth owing to its increasing use in heat-resistant tanks and pipes thus influencing the maleic anhydride market. Increasing popularity of using the maleic anhydride with the feedstock polymers that are bio-based is positively impacting the market.
Talk to one of our sales representative about the full report by providing your details in the link below:
Challenges – Maleic Anhydride Market
Raw material prices
N-butane and benzene are the primary feedstock for manufacturing maleic anhydride. Prices of these feedstocks are highly dependent on the crude and naphtha outputs. Fluctuating crude oil prices have been the major reason for high fluctuation in benzene prices. Thus, rising concerns pertaining to depletion of crude oil is expected to challenge the growth of the maleic anhydride market over the forecast period. In addition to this, use of bio based succinic acid as an alternative to maleic anhydride can be the challenging factor for the growth of the maleic anhydride market over the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the maleic anhydride market. In 2019, the market of maleic anhydride has been consolidated by the top five players accounting for xx% of the share. Major players in the maleic anhydride market are Huntsman International LLC, Changzhou Yabang Chemical Co., Ltd., Shanxi Qiaoyou Chemical Co., Ltd., Polynt-Reichhold Group, Zibo Qixiang Tengda Chemical Co., Ltd., LANXESS, Nippon Shokubai Co., Ltd., Mitsubishi Chemical Corporation, Ningbo Jiangning Chemical Co., Ltd., and Gulf Advanced Chemical Industries Co., Ltd. (GACIC) among others.
Product Launch/ Acquisition
In September 2018, INEOS acquired Flint Hills Resources chemical intermediary business operations. The business operations inclusive of but not limited to maleic anhydride with production site located in Chicago, Illinois, United States, along with distribution centers and accompanying offices at various other locations throughout the world.
The acquisition resulted in greater production capabilities as the workforce of Flint Hills Resources is expected to be integrated with INEOS’.
In March 2018, MFG Chemical, LLC acquired Gulf Bayport Chemicals LP with its offices situated in Texas, United States. This acquisition helped MFG Chemicals expand their customer base of Gulf Coast as well as their capabilities of production of maleic anhydride along with its derivatives.
New product developments and increasing investments in research and development of maleic anhydride are expected to drive the growth of this market.
Unsaturated polyester resin dominated the market with a significant share and is expected to witness a healthy growth rate during the forecast period.
Asia Pacific dominated the maleic anhydride market.
Related Reports :
A. Maleic Acid Market
B. Tetrahydrofuran Market
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.