Maleic Acid Market Estimated to Record Highest CAGR by 2028

 

Rise in change of preferences over lighter, stronger and fiberglass composite materials among automotive, aerospace, turbine and construction industries among others has crucially increased over the last few years. This in turn has made an impact on the overall demand for unsaturated polyester resins which are deployed in making the above mentioned composite materials. Maleic anhydride is widely used as one of the key feedstock materials in the overall production of unsaturated resins. Maleic anhydride refers to an acidic anhydride of maleic acid that is usually colorless when compared to white organic compounds and is a versatile chemical intermediate that is broadly deployed to provide crucial chemicals such as 1tetrahydrofuran, ,4-butanediol and gamma butyrolactone across others. Maleic anhydride is basically manufactured using feed stocks such as n-butane and benzene out of which the total production of maleic anhydride from n-butane accounts for a considerable share when compared to benzene


Rising per capita disposable incomes along with increasing infiltration of spandex in numerous products such as medical textiles, sportswear and compression stockings among others has contributed to a significant extent in surging the demand for 1,4-butanediol. Thus, it is projected to increase the global demand for maleic anhydride over the forecast period. In addition to this, escalating growth majorly in the construction engineering in India, China, Korea and Indonesia among others as well as other emerging countries is projected to propel the growth of the global maleic anhydride market during the forecast period. This growth is vastly attributed to rising use of unsaturated polyester resins in high temperature impervious pipes and tanks. Thus, this is probable to increase the complete demand for maleic anhydride throughout the prediction period in the foreseeable years.


The global maleic anhydride market can be segmented on the basis of raw material, application and geography. On the basis of raw material, the global maleic anhydride market can be segmented into N-butane and benzene. On the basis of application, the global maleic anhydride market can be segmented into UPR, 1,4-BDO, additives, copolymers and others. On the basis of geography, the global maleic anhydride market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The robust demand especially in the Asia Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Besides, China is further predictable to account for the maximum share in the global market and is expected to maintain its lead in the complete demand during the forecast period. This can be recognized to swift industrialization and growing urbanization during the past few years. The markets in various developing economies such as Russia, Argentina, Brazil, Indonesia, New Zealand, Poland, Korea and India among others are also expected to witness a fast growth throughout the forecast period. In addition to this, growing per capita disposable revenue and flow in the global economy is another key factor which is expected to bring stimulus in the growth of the global market during the estimate period.

 

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Key players operating in the global market are concentrating on some of the major market strategies such as mergers, collaborations, partnerships and acquisitions in order to keep grip in the constantly competitive global market. Additionally, they are aiming on gaining grip on the local players to support their goodwill as well as to develop their market reach in the global market. Some of the key players involved in the manufacture and supply of maleic anhydride include Huntsman Corporation, Polynt SpA, Lanxess AG, Sasol-Huntsman, Flint Hills Resources, DSM N.V. and Ashland among others.
The global maleic anhydride market can be segmented
By Raw Material:
• N-butane
• Benzene
By Application:
• UPR
• 1,4-BDO
• Additives
• Copolymers
• Others
By Region:
• North America
• Latin America
• Europe
• Middle East & Africa
• Asia Pacific
 

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