The global maleic anhydride market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Maleic anhydride (MA) is a colourless or white crystalline organic compound with strong pungent odour. It is produced by the oxidation of benzene or butane. The butane-based process is the commercial process used by most producers. Maleic anhydride is mostly used to make unsaturated polyester resins (UPR), which are used in a wide range of applications including construction and automobiles. The second largest outlet for MA is 1,4 butanediol (BDO).
Maleic anhydride has additional applications that include in derivatives tetrahydrofuran (THF) and gamma-butyrolactone (GBL), plasticizers, surface coatings, agrochemicals, lubricants, fumaric acid and malic acid.
Rising demand for unsaturated polyester resins from various industries such as construction, automobiles and others are likely to drive the maleic anhydride market. As MA is a primary additive for UPR, demand for these is expected to fuel the growth of this market. Demand from construction, automobiles and others is increasing due to the growing population and extra income in developing countries. Additionally, rising demand from 1,4 butanediol and other outlets are likely to drive maleic anhydride market.
Drivers and Restraints of Maleic Anhydride Market
Growing investments in downstream industries in regions like the Asia, Americas and the Middle East are likely to offer tremendous possibilities for maleic anhydride market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Maleic anhydride is exposed to the probability of volatility in supply and prices of butane and benzene. Slow growth of Chinese economy will hinder the growth of global MA market.
Maleic Anhydride Market by Region
Asia was the largest consumer of maleic anhydride and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China, Japan and South Korea were the largest consumers of maleic anhydride in this region, whereas India is likely to grow at a higher pace. Growing demand from construction, automobiles and other industries will drive maleic anhydride market in Asia. Consumption of maleic anhydride in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. With major production capacities in Asia and the Middle East, the region is likely to grow in terms of global supply capability. North America is likely to grow at a significant rate due to demand from construction and automobiles. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Top players in this market include Ashland Inc, Compania Espanola de Petroleos, S.A, DSM N.V., Flint Hills Resources, Huntsman Corporation, Lanxess A.G., Mitsubishi Chemicals, MOL Hungarian Oil & Gas Plc, Merck & Co., Inc, Nippon Shokubai Co., Ltd., Polynt S.p.A., Thirumalai Chemicals Ltd., Changzhou Yabang Chemical Co. Ltd, Shanxi Qiaoyou Chemical Industrial Group Co. Ltd., Tianjin Bohai Chemicals and Sasol among others
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth