Maleic Anhydride Market size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1791
Maleic Anhydride Market size may have steady growth over forecasted timeframe owing to positive application outlook in copolymers, adhesives and unsaturated polyester resin (UPR).
Maleic anhydride is manufactured from butane or benzene by oxidation process. Benzene is available at higher cost than butane, which makes butane favourable raw material. Butane oxidation takes place in fluidised or fixed bed reactor.
It is an essential raw material for unsaturated polyester resin (UPR) production. UPR possess good mechanical strength and light in weight thus substitutes metals application in bathroom fixtures, furniture and construction industry. It has excellent flexural, thermal, morphological and mechanical properties and makes it common construction material for automotive parts, wind energy plant, marine vessel and tank manufacturing. It offers corrosion resistance and used in paints & coatings production. Global unsaturated polyester resin market estimated to surpass USD 13 trillion by 2024. Increasing UPR market should have positive influence on maleic anhydride market size.
Maleic anhydride is used in 1, 4- butanediol (BDO) chemical production which has strong application in textiles. Global BDO market is expected to grow at over 8% owing to increasing consumer health & fitness consciousness and rise in athletic professionals. Maleic anhydride improves cloth elasticity, durability and reduces weight; making it ideal material for manufacturing sport wear. Robust growth in sports-wear and textile industry may boost product demand.
Rapid industrialisation mainly in China, India, Brazil and Mexico drives industrial equipment sales and subsequent maintenance requirement. Industrial lubricant is a largest segment with volume of about 15 million ton in 2016. Augmented output in mining, metal & machining sector along with increase in oil field drilling and exploration has led to rise in lubricant industry demand. 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 reduce harmful chemical emission.
Rise in income and increasing consumer spending on personal care product has led to robust market growth. Global personal care market expected to grow at over 5% by 2024. In order to attract consumer from different economies FMCG industry is introducing products at different price range. Maleic anhydride removes dead skin and accelerate wound healing process, thus used in skin care lotions and ointments. It forms a base for formulation of anti-precipitant and covers sweat pores eventually prevents sweat passage.
Hectic lifestyle and rise in living standards has driven global packaged food & beverage market. Maleic anhydride converts to fumaric and maleic acid and acts as a flavour enhancer in beverages. It prevents microbial and fungal growth and commonly used preservative in food industry. Food & beverage industry may witness a steady growth of over 4% and may stimulate maleic anhydride demand.
North America, driven by Canada and the U.S. maleic anhydride market size may show high growth owing to rise in oil & gas industry accompanied with rapid industrialization. Growing concern towards toxic emission and strict regulatory compliances has promoted fuel additive bending in fuels which is likely to drive regional growth.
Europe driven by UK, France & Germany maleic anhydride market size may show significant gains. stringent government regulation pertaining to pollutant may have positive influence on product demand. Developed automotive sector and increasing demand for fuel-efficient car may drive regional industry growth.
Asia Pacific led by Japan, India, and China has witness significant growth in maleic anhydride market size. growing lubricant additive demand accompanied with improving infrastructure may boost product demand. rise in disposable income leading to growth in construction and automotive industry may drive regional industry growth.
Butane & benzene are raw material in manufacturing process and derived from crude oil. Fluctuating market price along with environmental concerns may hamper industry profitability thereby affecting maleic anhydride price trends.
Global maleic anhydride market share is fragmented. Key players are Lanxess, Huntsman, Bartek, Nippon Shokubai, Polynt, Flint Hills, Sasol, MOL Hungarian, Changzhou Yabang, Thirumalai, Zhejiang Jianghshan Chemicals and Mitsubishi Chemicals and Bluestar Harbing petrolchemicals.
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