LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global maleic anhydride market is expected to grow at a CAGR of almost 7% during the forecast period.
This research report titled ‘Global Maleic Anhydride Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global maleic anhydride market is expected to grow during the forecast period. The feedstocks for maleic anhydride are n-butane and benzene. The consumption of n-butane as a feedstock is rising due to the surge in prices of benzene. By application, the UPR segment of the market is expected to witness the maximum rise in consumption. By geography, APAC is expected to witness the highest growth due to the rise in the automotive industry, increased infrastructural development, rising disposable income, and positive economic conditions.
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Technavio’s chemicals and materials research analysts categorize the global maleic anhydride market into the following segments by application. They are:
- UPR
- 1,4-BDO
- Additives
- Copolymers
- Others
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The top three revenue-generating application segments of the global maleic anhydride market are discussed below:
UPR
UPRs are synthetic resins, which are formed by the reaction of dibasic organic acids and polyhydric alcohols. Unsaturated polyester helps in cross linking. The major application of UPRs is the manufacture of thermostat products. These products have enhanced mechanical and chemical properties, such as resistance and flexibility, which lead to their increased adoption.
According to Hitesh Bhatia, a lead specialty chemicals research analyst from Technavio, “The global maleic anhydride market by UPR is expected to grow steadily due to the low cost and high versatility of a UPR. The major reasons contributing toward the increased use are customization, i.e., the UPR can be tailored to meet specific requirements, and increased adoption in end-user applications, such as marine, construction, and automobile.”
1,4-BDO
BDO accounted for 23% of the global maleic anhydride market in 2016. BDO is an organic compound and is a colorless and viscous liquid. It is used to produce thermoplastic polyurethanes, elastic fibers, pharmaceuticals, solvents, plant protection, and coating and electronic chemicals. It is also used for the manufacture of solvents such as polyester polyols.
“The global solvent market is growing, owing to increase in investments in infrastructural development and long-term projects in emerging economies. China, India, Brazil, and countries in the Middle East are likely to increase their investments in the infrastructure segment. The growth in the solvent market will increase the demand for BDO, which will ultimately drive the global maleic anhydride market,” adds Hitesh.
Additives
Maleic anhydride is used as an additive in plastics, petroleum, lubricants and oil, agricultural chemicals, paints and coatings, and food and pharmaceuticals. Maleic anhydride is converted to maleic and fumaric acid to enhance the flavor of food and to improve their shelf life. It is also used as an artificial sweetener in food and beverages.
With the change in lifestyle and increasing awareness to stay fit, consumers have become conscious about their calorie intake, which leads them to opt for artificial sweeteners. This is also fueling the growth of the global maleic anhydride market.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Huntsman International
- LANXESS
- Ashland
- Polynt
- Flint Hills Resources
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