Market Research Report
Maleic Anhydride Market by Raw Material (n-butane and Benzene), Application (Unsaturated Polyester Resin (UPR), 1,4-butanediol (1,4-BDO), Lubricating Oil Additives, and Copolymers)), and Region - Global Forecast to 2026
|Maleic Anhydride Market by Raw Material (n-butane and Benzene), Application (Unsaturated Polyester Resin (UPR), 1,4-butanediol (1,4-BDO), Lubricating Oil Additives, and Copolymers)), and Region - Global Forecast to 2026|
Published: January 10, 2022
Content info: 235 Pages
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The maleic anhydride market size is estimated to be USD 2.8 billion in 2021 and is projected to reach USD 3.4 billion by 2026, at a CAGR of 4.2% between 2021 and 2026. Factors such as increasing demand for UPR in the automotive industry, high growth in the construction and wind energy industries, and growing demand of 1,4-BDO in various end-use industries are major driving factors. Commercialization of bio-based maleic anhydride is the major growth opportunity for the market. However, growth in demand for hybrid vehicles, rising battery price parity, and increase in governmental regulations are the major restraining factors in this market. Fluctuation in crude oil prices still remains a challenge for the maleic anhydride market.
"n-butane is estimated to be the fastest-growing raw material in the maleic anhydride market between 2021 and 2026."
The n-butane-based maleic anhydride accounted for the larger share, in terms of both volume and value, in 2020. This dominance is expected to continue during the forecast period, owing to its high demand from the growing building & construction and automotive industries. The n-butane segment is projected to witness higher growth, in terms of both volume and value, during the forecast period, owing to stringent policies and regulations on the use of benzene for maleic anhydride production.
"UPR was the largest application for maleic anhydride market in 2020"
UPR is the largest application of maleic anhydride. It is widely used in reinforced plastic laminates for marine construction, bath & kitchenware, synthetic marble castings, electrical components, pipes & tanks, windmill blades, and sheet molding compounds for the automotive and transportation industries. It is also used as an insulation coating as it has good mechanical properties and offers excellent thermal and weather resistance.
The increase in demand for UPR from emerging economies, such as China and India, and low prices of UPR as compared to other epoxy resins are driving the market for UPR. This growth is mainly due to the increasing applicability of this resin in various industry verticals, owing to its high-strength fiber-based properties, easy availability, and low-cost price range. The market growth in developing economies, such as Brazil, South Africa, and Saudi Arabia, is driven by an increase in the 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.
"APAC is estimated to be the largest maleic anhydride market in 2020, in terms of value."
Asia Pacific is projected to be the largest maleic anhydride market, in terms of value, in 2020 due to the rise in the automotive production. The maleic anhydride market in the Asia Pacific is also projected to grow at the highest CAGR, in terms of value, during the forecast period. This dominance is attributed to the growing domestic industries, increasing demand from end-use industries, and growing use of maleic anhydride in different applications, such as agricultural chemicals and pharmaceuticals. The demand for maleic anhydride is growing and is expected to register higher growth in Asia Pacific and the Middle East & Africa than in the other regions.
The key market players profiled in the report include Huntsman Corporation (US), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co., Ltd. (China), Mitsubishi Chemical Corporation (Japan), Nippon Shokubai Co., Ltd.(Japan), LANXESS AG( Germany), Gulf Advanced Chemical Industries Co., Ltd. (Saudi Arabia), Ningbo Jiangning Chemical Co., Ltd. (China), China Bluestar Harbin Petrochemical Co, Ltd.(China), Nan Ya Plastics (Taiwan), Shijiazhuang Bailong chemical Co., Ltd.( China), Yongsan Chemical Co., Ltd.( South Korea), IG Petrochemicals Ltd.( India), MOL Plc. ( Hungary), PT Justus Sakti Raya (Indonesia ), Global Ispat Koksna Industrija d.o.o. Lukavac (Bosnia & Herzegovina), Tianjin Bohai Chemical industry group Co., Ltd.( China), Cepsa (Spain), Ruse Chemicals (Bulgaria), Yunnan Yunwei Company Limited (China), Shanxi Taiming Chemical Industry Co., Ltd.( China), Huanghua Hongcheng Business Corp., Ltd. (China), , and Aekyung Petrochemical Co., Ltd. (South Korea).
This report segments the market for maleic anhydride on the basis of raw material, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, expansions, and mergers & acquisitions associated with the market for lubricating oil additives.
Reasons to buy this report
This research report is focused on various levels of analysis - industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the maleic anhydride market; high-growth regions; and market drivers, restraints, opportunities and challenges