At a CAGR of 5% from 2022 to 2032, the maleic anhydride market is anticipated to increase from US$ 4.87 billion in 2022 to US$ 5.49 billion by 2032. Growth is attributed to composite materials' expanding use in the building, aerospace, and automotive sectors.
Over the past few years, there have been more road accidents due to the high demand for automobiles and the infrastructure's relatively modest growth. UPR (Unsaturated Polyesters Resins) is additionally employed in the production of high-performance components for the automobile sector.
Thus, during the forecast period, the demand for maleic anhydride is anticipated to rise as a result of rising UPR demand in the automotive sector. The primary force has been the high need for UPR and additives in building and construction, along with advancements in manufacturing processes.
The modernization of the US infrastructure is opening up new opportunities for the maleic anhydride sector to make high revenue. Moreover, the adoption of maleic anhydride in the US over the coming years is anticipated to be boosted by the expansion of the marine and automotive sectors.
| Attributes | Details |
|---|---|
| Market CAGR (2022 to 2032) | 5% |
| Market Size (2022) | US$ 4.87 billion |
| Market Size (2032) | US$ 5.49 billion |
The top five businesses on the global market are Yabang Jiangsu, Polynt, Huntsman, Qiaoyou Shanxi, and Tianjin Bohai. The market structure is widely segmented. Together, these firms represented more than 30% of the entire volume in 2018.
In 2018, Huntsman held over 9.5% of the global maleic anhydride market share and was the sole manufacturer. Huntsman International LLC announced the completion of its acquisition of Sasol's remaining 50% interest in the Sasol-Huntsman joint venture for maleic anhydride in September 2019.
With the ability to create 230 million pounds of maleic anhydride, the company's manufacturing facilities are situated in Moers, Germany, and Huntsman presently owns 100% share of it.
Over the past few years, there have been more road accidents due to the high demand for automobiles and the infrastructure's relatively modest growth. UPR (Unsaturated Polyesters Resins) is additionally employed in the production of high-performance components for the automobile sector.
Thus, during the forecast period, the demand for maleic anhydride is anticipated to rise as a result of rising UPR demand in the automotive sector. The primary force has been the high need for UPR and additives in building and construction, along with advancements in manufacturing processes.
The modernization of the US infrastructure is opening up new opportunities for the maleic anhydride sector to make high revenue. Moreover, the adoption of maleic anhydride in the US over the coming years is anticipated to be boosted by the expansion of the marine and automotive sectors.
According to the US Census Bureau, the total number of housing construction units increased at an average annual rate of 1,353,000 in March 2020, an increase of 5% above the pace of 1,288,000 in March 2019.
The top five businesses on the global market are Yabang Jiangsu, Polynt, Huntsman, Qiaoyou Shanxi, and Tianjin Bohai. The market structure is widely segmented. Together, these firms represented more than 30% of the entire volume in 2018.
In 2018, Huntsman held over 9.5% of the global maleic anhydride market share and was the sole manufacturer. Huntsman International LLC announced the completion of its acquisition of Sasol's remaining 50% interest in the Sasol-Huntsman joint venture for maleic anhydride in September 2019.
With the ability to create 230 million pounds of maleic anhydride, the company's manufacturing facilities are situated in Moers, Germany, and Huntsman presently owns a 100% share of it.
Change in preference towards lighter, strongerand fiberglass composite materials in automotive, aerospace, turbine, and construction industries among others has increased rapidly in past five years. This in turn, has positively impacted the demand for unsaturated polyester resins (which are used to make aforementioned composite materials). Maleic anhydride is used as a one of the feedstock in the manufacturing of unsaturated polyester resins.
Maleic anhydride is an acid anhydride of maleic acid, colorless to white organic compound and versatile chemical intermediate which is used to produce 1,4-butanediol, tetrahydrofuran (THF) and gamma-butyrolactone (GBL). It is primarily produced from feed stocks such as n-butane and benzene of which production from n-butane holds significant share.
This is mainly attributed to low production cost and environment friendly nature of n-butane as compared to benzene. As benzene is toxic in nature and constitute high production cost. It can be used in the manufacture of alkyd resins, which is used for paint and coatings production. It is a vital component of gelling agents, food preservatives and flavor enhancers by converting maleic anhydride into maleic acid and fumeric acid. Moreover, it is also used to make elastane fibers; which are used in the production of spandex, paper sizing, hair sprays, hardeners for epoxy curing and water treatment chemicals.
Rising disposable income coupled with increasing penetration of spandex in compression stockings, sportswear and medical textiles among others has resulted into surge in demand for 1,4-butanediol. Hence, it is expected to increase the demand for maleic anhydride over the forecast period. The escalating growth in construction industry in BRIC and other developing countries is expected to drive the growth of the unsaturated polyester resins over the forecast period.
This is mainly attributed to use of unsaturated polyester resins in heat resistant pipes and tanks. Thus, this is expected to increase the demand for maleic anhydride over the forecast period. Moreover, use of maleic anhydride with bio-based feed stocks polymers is projected to fuel the growth of the maleic anhydride market during forecast period.
However, maleic anhydride is primarily produced from butane as a feedstock. Thus, rising concerns pertaining to depletion of crude oil is expected to challenge the growth of the maleic anhydride market over the forecast period. In addition to this, use of bio based succinic acid as an alternative to maleic anhydride can be the challenging factor for the growth of the maleic anhydride market over the forecast period.
North America and Western Europe have witnessed moderate growth in global maleic anhydride market and it is expected to witness the same growth over the forecast period. This is mainly attributed to environmental concerns pertaining to greenhouse gases emission resulted into slowdown of the production of alkyd resins and 1,4-butandiol among others.
However, growth in the construction industry in developing countries is expected to increase the production of alkyd resins and 1,4-butandiol which in turn is expected to surge in demand for maleic anhydride over the forecast period. Thus, Asia Pacific excluding Japan, Latin America and Middle East and Africa are expected to witness significant growth over the forecast period. Furthermore, Asia Pacific excluding Japan (APEJ) region holds the largest value share in global maleic anhydride market.
Some of the major players identified in the global maleic anhydride market are as follows:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The market is likely to register a CAGR of 5% through 2032.
The market is currently valued at US$ 4.87 Bn in 2022.
The market is likely to grow to a valuation of US$ 5.49 Bn by 2032
North America is likely to be a leading market during the forecast period.
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Maleic Anhydride Market
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