The maleic anhydride market size is projected to reach USD 3.5 billion by 2024 from USD 2.8 billion in 2019, at a CAGR of 4.5%. The growing automotive industry in APAC and high growth in construction and wind energy industries are expected to drive the maleic anhydride market during the forecast period. In addition, the increasing demand for slip additives from emerging economies, such as India and South Korea, is expected to fuel the market across the globe.
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UPR is projected to be the largest application segment during the forecast period
UPR is expected to lead the global maleic anhydride market during the forecast period, followed by 1,4-BDO and lubricating oil additives. The growth is attributed to an increase in demand for UPR from emerging economies, such as China and India, and its lower price than the other epoxy resins. The growth is also due to the increasing applicability of this resin in various industry verticals, owing to its high-strength fiber-based properties and easy availability. The market growth in developing economies, such as Brazil, South Africa, and Saudi Arabia, is driven by an increase in demand for residential construction and new non-residential buildings. The increasing demand for pipes and tanks for chemical storage is a crucial factor contributing to the rise in demand for UPR, thus fueling the maleic anhydride market in this segment.
N-butane-based maleic anhydride to witness the highest growth during the forecast period.
On the basis of raw material, the global maleic anhydride market has been segmented into n-butane- and benzene-based maleic anhydride. N-butane-based maleic anhydride is expected to lead the global maleic anhydride market during the forecast period, followed by benzene-based maleic anhydride. N-butane-based maleic anhydride leads the market due to its low production cost and environmental advantages as compared to benzene.
APAC is the largest of maleic anhydride market and is expected to witness the highest CAGR between 2019 and 2024. Stable economic growth in the APAC region, coupled with rising disposable income, is driving the market for maleic anhydride. In addition, increased demand for maleic anhydride in key countries, such as China, Japan, and India, are contributing to the growth of the maleic anhydride market in the region.
The key market players profiled in the report include Huntsman International LLC (US), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co., Ltd. (China), LANXESS (Germany), Nippon Shokubai Co., Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), Ningbo Jiangning Chemical Co., Ltd. (China), and Gulf Advanced Chemical Industries Co., Ltd. (GACIC) (Saudi Arabia) among others.
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