DUBLIN--(BUSINESS WIRE)--The "Maleic Anhydride Market by Raw Materials (N-butane and Benzene), Application (Unsaturated Polyester Resins (UPR), 1,4-butanediol (1,4-BDO), Lubricating Oil Additives, and Copolymers), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The maleic anhydride market was worth USD 2,653 million in 2018 and is projected to reach USD 3,454 million by 2024, registering a CAGR of 4.5% from 2019.
The demand for maleic anhydride is growing in developing regions due to rapid industrialization and increasing use of maleic anhydride and its derivatives in various applications. The rapid growth in the end-use industries, including automotive, building & construction, manufacturing, marine, food processing, personal care, agrochemicals, and pharmaceuticals, is expected to drive the demand for maleic anhydride in the next five years. Stringent governmental rules and regulations in developed regions and rising use of green chemicals are, however, restraining the growth of the maleic anhydride market.
N-butane to be the larger raw material segment in the global maleic anhydride market
N-butane is projected to be the larger raw material segment in the global maleic anhydride market from 2019 to 2024. N-butane-based maleic anhydride is the most widely used maleic anhydride owing to its less environmental effects and relatively lower price. The production of maleic anhydride from n-butane does not result in the formation of toxic by-products and gaseous emissions. Moreover, the rising demand from the construction and transportation industries is expected to drive the demand for n-butane-based maleic anhydride.
UPR to be the largest application of maleic anhydride during the forecast period
UPR is expected to be the largest application segment of the global maleic anhydride market from 2019 to 2024. The increase in demand for UPR from emerging economies, such as China and India, is 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 demand for residential construction and new non-residential buildings.
APAC to be the fastest-growing market during the forecast period, in terms of both volume and value
APAC is the largest maleic anhydride market owing to the growing domestic demand, increasing income levels, rapid industrialization, and urbanization in the region. The market in the region is projected to witness the highest growth 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.
- Growing Automotive Industry in APAC and the Middle East & Africa
- High Growth in Construction and Wind Energy Industries
- Growing Demand From UPR and 1,4-BDO
- Growth of End-Use Industries in the Emerging Nations
- Growth in Demand for Hybrid Vehicles and Increasing Battery Price Parity
- Increasing Governmental Regulations
- Growing Domestic Income and Rising Population in Emerging Economies of APAC
Commercialization of Bio-Based Maleic Anhydride
- Huntsman International LLC
- Nippon Shokubai Co., Ltd.
- Mitsubishi Chemical Corporation
- Polynt-Reichhold Group
- Changzhou Yabang Chemical Co., Ltd.
- Shanxi Qiaoyou Chemical Co., Ltd.
- Zibo Qixiang Tengda Chemical
- Gulf Advanced Chemical Industries Co., Ltd. (GACIC)
- Ningbo Jiangning Chemical Co., Ltd.
- China Bluestar Harbin Petrochemical Co., Ltd.
- Tianjin Bohai Chemical Industry Group
- Ruse Chemicals
- Global Ispat Koksna Industrija D.O.O. Lukavac (GIKIL)
- Yunnan Yunwei Company Ltd.
- Shanxi Taiming Chemical Industry Co., Ltd.
- Huanghua Hongcheng Business Corp, Ltd.
- Aekyung Petrochemical Co., Ltd
- PT Justus Sakti Raya
- MOL PLC
- IG Petrochemicals Ltd.
- Yongsan Chemicals, Inc.
- Shijiazhuang Bailong Chemical Co., Ltd.
- Nan Ya Plastics Corporation
For more information about this report visit https://www.researchandmarkets.com/r/llqqkn