The global Maleic Anhydride Market size is expected to value at USD 4.11 billion by 2024, due to the growing usage as a platform chemical for production of a broad range of chemicals such as co-polymers, 1,4-butanediol (BDO) and unsaturated polyester resins (UPR). Exponential growth in the lubricant industry, in the recent years is anticipated to drive the market demand for maleic anhydride over the forecast period.
Growth Drivers:
Increasing demand for maleic anhydride from various end-use industries such as automotive industry and construction sector, particularly in China and India, is predicted to boost the market growth over the next seven years. Globally, the maleic anhydride industry is predicted to grow at CAGR of 5.5% in forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Increasing maleic anhydride usage for production of fuel oil and lubricant additives is estimated to boost industry growth over the forecast period. Primary materials required for maleic anhydride include benzene and n-Butane. Some of the manufacturing techniques include use of transport bed, fluidized bed, fixed bed, and recovery from phthalic anhydride technologies. Increasing adoption of n-butane over the traditional benzene compound due to reduce the effect of volatile crude oil prices is expected to favor market expansion over the coming years.
Other factors responsible for the sustained growth of maleic anhydride market, in the recent years, include steady supply and demand regime and stability in cost of raw materials and spot prices. However, volatility in cost of crude oil and availability of alternate materials are expected to limit market growth to a certain extent over the forecast period.
Substantial growth in construction sector owing to the higher infrastructural spending and improving infrastructure, particularly in BRICS economies such as Brazil, Russia, India, China and South Africa are expected raise copolymer and UPR demand over the next seven years. These factors are estimated to stimulate the growth of maleic anhydride industry in the near future. However, increasing adoption of bio-based feedstock over the synthetic compounds for production of co-polymer and butanediol (BDO) is forecast to be a major threat for industry growth in upcoming years.
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Top Companies:
The key players in the maleic anhydride industry are Huntsman Co., Polynt Group, Jiangsu Yabang Pharmaceutical Group Co., Ltd., Tianjin Bohai Chemical Industry Group Co., Ltd., Flint Hills Resources, Inc., Polynt S.p.A, Lanxess AG, Ashland Chemical Co., Nippon Shokubai Co., Ltd., Royal DSM N.V., and Qiaoyou Shanxi.
Application Outlook:
The maleic anhydride market is broadly categorized into four major segments based on the application type such as unsaturated polyester resin (UPR), 1-butanediol (BDO) & 4-butanediol (BDO), additives, and copolymers. The unsaturated polyester resin (UPR) is considered as one of the fastest growing segment in the maleic anhydride industry with substantial revenue generation in the last few years.
Growing popularity of the unsaturated polyester resin (UPR) segment is attributed to the increasing demand from various end-user industries such as building & construction and automotive, majorly in developing economies of Asia Pacific and Latin America region. The butanediol (BDO) segment has also witnessed substantial growth owing to the growing adoption for production of methyl ethyl ketone (MEK) and 1,3 butadiene.
Regional Outlook:
The maleic anhydride market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in building & construction sector, increase in the number of research development activities in the region, and existence of well-established manufacturing infrastructure.
Asia-Pacific region is predicted to hold major market share in the maleic anhydride with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth in the region, rapid growth in automotive sector, and significant investment by leading industry players considering potential growth opportunities in the region.
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