Report ID:
SQMIG15A2443 |
Region:
Global |
Published Date: November, 2024
Pages:
173
|Tables:
0
|Figures:
0
Global Maleic Anhydride Market size was valued at USD 4,386.1 Million in 2022 and is poised to grow from USD 4570.32 Million in 2023 to USD 6095.65 Million by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).
Unsaturated polymer resins are widely used as body fillers for rapid automotive replacement and repair of damaged automotive parts. Cysts are also used for automotive painting in the automotive industry. The use of UPR removes debris and smooths the vehicle. Furthermore, it also improves adhesion to the paint. UPR is commonly used for bumpers, doors, roof, and furniture to repair damage in the event of an accident. Thus, increasing traffic accident cases across the globe are expected to drive the demand for UPR, which in turn will drive the demand for maleic anhydride market growth.
Maleic anhydride is used in a variety of industries, including automotive, construction, pharmaceuticals, personal care & cosmetics, and more. The increasing demand for unsaturated polyester resins (UPR) in automotive is expected to drive the demand for maleic anhydride market growth. Furthermore, the use of additives to improve fuel efficiency and reduce emissions will increase the demand for maleic anhydride. N-butane and benzene are the main feedstocks for the synthesis of maleic anhydride. Worldwide, benzene and n-butane prices depend on crude oil and naphtha price movements. Crude oil fluctuations have been a major driver of significant changes in benzene prices. Crude oil prices and downstream demand greatly affect the maleic anhydride industry.
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
CAGR
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The maleic anhydride market is segmented by application and region. Based on application the market is segmented as, unsaturated polymer resin (UPR), 1-4, butanediol (BDO), additives, copolymers, others. Based on end user the market is segmented as, construction, automobile, food and beverage, oil products, electronics, personal care, pharmaceuticals, and agriculture. Based on sales channel the market is segmented as, direct, indirect. Based on Region the market is segmented as, North America, Asia-Pacific, Europe, Latin America, Middle East and Africa.
Analysis by Application
Unsaturated polyester resin (UPR) is the dominating segment in the maleic anhydride market analysis. The unsaturated polyester resin (UPR) segment is projected to reach US$ 2,953.8 million in 2030. Unsaturated polymer resin is one of the most popular thermostat polymers used as a matrix in various applications such as aerospace and construction. It has strength excellent resistance to abrasion, corrosion, chemicals and heat, good indoor strength, high output strength, and outstanding compressive strength. It is an excellent choice for marine, construction, transportation and aerodynamic applications Power and electricity industries. Maleic anhydride introduces reactive double bonds in the polyester chains, allowing them to interact with the vinyl monomer, usually styrene. This cross-linking is important for building a complex three-dimensional structure that is essential for UPR activation.
1,4-Butanediol (BDO) is another application that is expected to witness fastest growth during the maleic anhydride market forecast. 1, 4-Butanediol (BDO) is synthesized by Davy Process Technology (DPT) from maleic anhydride. BDO is also used as an intermediate to produce polybutylene terephthalate (PBT), polytetramethylene ether glycol (PTMEG), tetrahydrofuran (THF), gamma-butyrolactone (GBL), and polyurethane (PU) These compounds are used industrially in plastics, chemicals, fibers, cosmetics, pccurs in pesticides, synthetic leather, hardeners, solvents, plasticizers and corrosion inhibitors.
The inclusions are expected to grow rapidly during the forecast period owing to the growing automotive industry across the globe. Additives are primarily used to improve the performance of gasoline, diesel, and crude oil to change the rate of heating and cooling at high temperatures; and reduce carbon emissions. Growing environmental concerns about toxic gas emissions have prompted regulations around the world, such as the Clean Fuels Program in the US. Such mandates have led oil marketers to continue mixing specialty additives.
Analysis by End User
Construction is the dominant segment in the maleic anhydride industry. In the construction segment maleic anhydride is mainly used in the manufacture of unsaturated polyester resins (UPR), which are the base materials for fiberglass reinforced plastics, These UPR-based materials are lightweight, strong, corrosion resistant for buildings such as pipes, tanks, panels and cladding. With the growing development in the construction industry and the demand for advanced building materials that reduce overall weight and increase performance, maleic anhydride is used in this sector is gradually increasing as a push for greener construction policies and energy-efficient infrastructure.
Automotive is the fastest growing segment in the market. Maleic anhydride is used in the automotive segment to produce lubricants and oil additives as well as UPR-treated products, which are widely used in vehicles to reduce weight and improve fuel efficiency. Stability UPR allows production of smaller products that are better if lower carbon emissions and contributes to fuel economy, in line with the auto industry shift to sustainable solutions. Lubricating oil with maleic anhydride has been developed to improve engine performance, improve fuel efficiency, reduce wear and extend the life of automotive engines as automakers continue to focus on sustainability and maleic anhydride a key factor in producing products that support these environmental goals.
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Asia pacific is the dominant segment in the maleic anhydride market. Asia Pacific is now characterized by rapid technological development, a growing automobile industry, and significant manufacturing growth in key countries such as China, India, Japan and South Korea. The domestic automotive industry is a major user of maleic anhydride derivatives such as unsaturated polyester resin (UPR), adhesives and China has a well-established manufacturing base, which not only supports local demand but also contributes significantly to the global supply chain. Ample raw materials, low labour costs and good government policies sustain Asia Pacific dominance in the market.
While North America is less dominant in terms of overall maleic anhydride market share, that strong growth is largely seen due to increasing demand from U.S.-based construction, automotive and pharmaceutical companies have invested in advanced manufacturing technologies, bio-based malec to meet increasing environmental standards. The industry’s stringent environmental regulations are encouraging manufacturers to use clean technology and innovate, especially when focusing on bio-based products on the sustainability. This attribute, coupled with the region’s high-value end-use potential, positions North America as a key growth maleic anhydride market growth trend for maleic anhydride.
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Drivers
Expanding Automotive Industry
Rising Demand in Construction and Infrastructure
Restraints
Fluctuating Raw Material Prices
Environmental and Legal Pressures
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The maleic anhydride market is highly competitive, with global and regional players trying to gain market share through capacity expansion, product acquisition and technological advancement standards. Some of the key players in the maleic anhydride market are Huntsman Corporation, BASF SE, Lanxess AG, Polint-Reichhold Group, Mitsubishi Chemical Corp. These companies because of their strong manufacturing capabilities, their extensive distribution networks, and established customer relationships in various sectors, such as automotive, manufacturing and food additives. As market holders so large shareholders, BASF SE and Huntsman have a global footprint, enabling them to better serve many demanding areas.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, increasing demand of automotive and construction sectors is driving the market growth of maleic anhydride. While the market benefits from these drivers, it faces challenges in the form of volatile raw material prices and stringent environmental regulations. Especially innovations in bio-based maleic anhydride are expanding applications in various industries, creating new opportunities and increasing market volatility. Overall, maleic anhydride market is poised for sustainable growth while adapting to evolving technological needs and sustainability standards.
Report Metric | Details |
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Market size value in 2022 | USD 4,386.1 Million |
Market size value in 2031 | USD 6095.65 Million |
Growth Rate | 4.2% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Maleic Anhydride Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Maleic Anhydride Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Maleic Anhydride Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Maleic Anhydride Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15A2443
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