Maleic Anhydride Market To Record A Sluggish CAGR of 6.7% By 2025: Grand View Research Inc.

Maleic Anhydride Market To Record A Sluggish CAGR of 6.7% By 2025: Grand View Research Inc.

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According to report published by Grand View Research,Maleic Anhydride (MAN) is an organic intermediate used for the production of several industrial chemicals, such as malic or maleic acid, UPRs, lubricating oil additives, alkenyl succinic anhydrides, and fumaric acid.

According to a report, “Maleic Anhydride Market Size, Share & Trends Analysis Report By Application (1,4-BDO, UPR, Additives, Copolymers), By Region (Asia Pacific, North America, Europe, Central & South America, MEA), And Segment Forecasts, 2019 – 2025″,published by Grand View Research, Inc., The global maleic anhydride market size is projected to reach USD 4.38 billion by 2025 registering a CAGR of 6.7%. Maleic anhydride is used to manufacture 1,4-Butanediol (BDO), which has a high demand from the textile industry and the manufacturers of Tetrahydrofuran (THF) and Polyurethane (PU). 1,4-BDO is an organic compound used as an industrial solvent & cleaner and glue remover.

It is a key raw material for manufacturing spandex via producing polytetramethylene ether glycol. 1,4-BDO has majorly replaced rubber in most textile applications, such as foundation garments, girdles, suspenders, waistbands, hosiery, and socks. One of its major products, spandex, is widely used for manufacturing stretchable clothing as it is flexible and durable. Increasing demand for fibers with ‘memory’ and high-quality blends that offer suppleness and comfort to leather products has driven the demand for 1,4-BDO.

Key Takeaways from the report:

  • Unsaturated Polyester Resin (UPR) application segment accounted for over 50% of the overall share in 2018 owing to increasing application scope in construction and automotive industries

  • Rising THF and spandex demand for sports apparels is anticipated to fuel the BDO segment over the forecast period

  • Increasing number of global sport events, such as Olympics and FIFA World Cup, is expected to have a positive impact on the segment growth

  • Central & South America is emerging as a significant market. Growing demand, sufficient availability of raw material, and increasing economic status have led major European companies to shift their manufacturing bases to this region

  • Major companies in the maleic anhydride market include Bartek Ingredients, Baotie Hebei, Thirumalai Chemicals Limited, Nippon Shokubai Co., Ltd., MOL Hungarian Oil and Gas PLC, BASF, and Mitsubishi Chemicals

U.S. maleic anhydride market

The European market is expected to witness a steady growth owing to rising demand in end-use industries and innovation in the lubricant sector. The thriving marine activities in the region are expected to boost demand for marine lubricants. Growing construction sector in Eastern Europe will further augment the demand for maleic anhydride.

Application Insights

Unsaturated polymer resins were the largest application segment accounting for over 50% of global market share in 2018 and are expected to grow at a significant pace over the forecast period. These resins are used in various industries including electrical, automotive, marine, and construction on account of their cost effectiveness, high performance, and eco-friendly characteristics.

Growth of end-user industries, such as automotive and construction, in the developing economies of Central & South America and Asia Pacific regions is expected to drive the segment. Application of UPR gives a smooth surface to the vehicles and also provides good adhesion for the paint, thereby, increasing the shelf life of the applied coat. These resins are widely used in the production of bumpers, doors, roofs, and interiors and to repair damages caused during accidents.

Additives are primarily used to improve fuel efficiency for diesel, gasoline, distillate fuels, and other lubricants. They also add to the fuel efficiency by reducing the combustion rates, under high temperatures, prolong oil change intervals, improve engine efficacy, and decrease harmful emissions.

Growing demand for specialty fuel additives across various regional markets is expected to remain a key driving factor for this segment. Rising environmental concerns regarding toxic emissions have prompted regulatory agencies across the globe to mandate norms, for instance, cleaner diesel fuel program in U.S.

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Regional Insights

Construction is one of the largest end-use industries in North America. U.S. has implemented a National Infrastructure Plan to attract USD 590 billion in infrastructure investment from 2014 to 2018. Such developmental initiatives are expected to increase the spending in construction sector, thereby boosting the demand for UPR. Growth of the marine and automotive sectors is also expected to propel the demand for UPR and MAN in the region over the next few years.

Global maleic anhydride market

 

Asia Pacific emerged as the largest manufacturer as well as consumer and is estimated to continue its dominance over the forecast years. Favorable government initiatives by the Indian and Chinese governments is expected to fuel region’s growth. Majority of demand is expected to come from the construction and plasticizers industries in the region. Increasing construction spending in emerging economies of China, India, and Indonesia is further expected to drive the product demand in APAC.

Grand View Research has segmented the global maleic anhydride market on the basis of application and region.

Maleic Anhydride Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

  • Unsaturated Polymer Resin (UPR)

  • 1-4, Butanediol (BDO)

  • Additives

  • Copolymers

  • Others

Maleic Anhydride Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S

    • Canada

  • Europe

    • Germany

    • France

    • Italy

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Middle East & Africa

  • Central & South America

    • Brazil

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