IMARC Group, a leading market research company, has recently releases report titled “Maleic Anhydride Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global maleic anhydride market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the maleic anhydride market?
The global maleic anhydride market size reached US$ 3.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4.31% during 2024-2032.
Factors Affecting the Growth of the Maleic Anhydride Industry:
- Growth of the automotive industry:
Maleic anhydride is a critical raw material in the production of unsaturated polyester resins (UPRs), which are extensively used in manufacturing various automotive components. UPRs are favored in the automotive industry due to their excellent mechanical properties, durability, and resistance to chemicals and heat. These resins are used in making body panels, fenders, bumpers, and other parts that require high strength and lightweight characteristics, essential for improving fuel efficiency and vehicle performance. The continuous advancements in automotive technology, alongside the rising demand for electric and hybrid vehicles, further boosts the consumption of maleic anhydride. This is because new vehicle designs and materials are continually being developed, many of which rely on UPRs and other maleic anhydride derivatives, aiding the market growth.
- Expanding construction sector:
Maleic anhydride-based products, particularly UPRs, are extensively utilized in the construction industry for applications such as fiberglass-reinforced plastics, coatings, adhesives, and sealants. The demand for these materials is driven by the need for durable, lightweight, and corrosion-resistant construction materials. Infrastructure development, urbanization, and increasing construction activities in emerging economies contribute to the rising demand for maleic anhydride. The growing trend of green buildings and sustainable construction practices also propels the market, as maleic anhydride-based resins are integral to producing energy-efficient and environmentally friendly building materials. These materials help in improving the longevity and performance of construction projects, aligning with the global push towards sustainability and energy conservation, bolstering the market demand.
- Increasing demand for UPRs:
The rising demand for unsaturated polyester resins is a crucial factor driving the maleic anhydride market. UPRs are versatile and widely used in various industries, including automotive, construction, marine, and electrical. Their excellent mechanical properties, thermal stability, and resistance to corrosion make them ideal for manufacturing diverse products such as pipes, tanks, gratings, and electrical components. The increasing use of UPRs in producing composites and laminates, which offer superior performance compared to traditional materials, fuels the demand for maleic anhydride. Additionally, the growing preference for lightweight and high-strength materials in various applications further enhances the consumption of UPRs. The development of new formulations and applications for UPRs continues to expand the market, driven by ongoing research and innovation in the field, strengthening the market growth.
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Maleic Anhydride Market Report Segmentation:
Breakup By Raw Material:
- n-butane
- Benzene
N-butane dominates the market due to its cost-effectiveness and higher yield efficiency.
Breakup By Application:
- Unsaturated Polyester Resin (UPR)
- 1-4, Butanediol (BDO)
- Additives
- Copolymers
- Others
Unsaturated polyester resin (UPR) represents the majority of shares due to its extensive use in various industries for producing durable and versatile composite materials.
Breakup By End Use Industry:
- Construction
- Automobile
- Food and Beverage
- Oil Products
- Electronics
- Personal Care
- Pharmaceuticals
- Others
Construction accounts for the majority of shares because of the high demand for UPR-based materials in building and infrastructure projects.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Asia Pacific enjoys the leading position due to rapid industrialization, urbanization, and significant growth in the automotive and construction sectors.
Global Maleic Anhydride Market Trends:
The increasing application in the production of bio-based chemicals and polymers, as industries shift towards more sustainable and eco-friendly raw materials to meet environmental regulations and consumer demand for greener products impelling the market growth. Besides this, rising use in water treatment chemicals and agricultural products, where it serves as a key ingredient in formulations that enhance water quality and improve crop yields, meeting the growing demand for effective solutions in these sectors, providing an impetus to the market growth. Furthermore, increasing use in the production of pharmaceuticals and personal care products, where it serves as a key intermediate in the synthesis of active ingredients and specialty chemicals, meeting the rising global demand for healthcare and hygiene products, supporting the market growth.
Who are the key players operating in the industry?
The report covers the major market players including:
- Helm AG
- Huntsman Corporation
- INEOS Group Limited
- Lanxess AG
- Merck KGaA
- Mitsubishi Chemical Corporation
- MOL Group
- Nan Ya Plastics Corporation
- Ningbo Jiangning Chemical Co. Ltd.
- Nippon Shokubai Co. Ltd.
- Polynt S.p.A
- Thirumalai Chemicals Limited
- Tianjin Bohai Chemical Industry Group Supply and Sales Co. Ltd.
- Zibo Qixiang Tengda Chemical Co. Ltd.
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