Maleic Anhydride Market By Raw Material (n-butane and benzene), By Application (Unsaturated polyester, 1,4 - butanediol, additives, and others), and Region - Global Forecast to 2028

Global Maleic Anhydride Market: Introduction

The global maleic anhydride market is expected to value at more than US$ 2.5 Bn in 2019, and is expected to register a CAGR of 6.6%. The global maleic anhydride market is segmented on the basis of raw material, application, and region.

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Maleic anhydride is an organic compound with the formula C₂H₂(CO)₂O. It is a colorless or white solid with an acrid odor and is produced in large quantities for applications in coatings and polymers.

Maleic anhydride is used in the production of unsaturated polyester resin as well as in the manufacture of coatings, pharmaceutics, agricultural products, surfactants, and as an additive to plastics.

Increasing demand for maleic anhydride in the different sectors such as automotive, construction & manufacturing, and marine industries, is a major factor driving the growth of the global market currently. Moreover, the growing automotive industry, rapid industrialization, and increasing disposable income of consumers.

Favorable growth in the construction sector in emerging countries is expected to drive the growth of unsaturated polyester resins over the forecast period. In addition, the growing demand for maleic anhydride-based 1,4-butanediol from the textile industry is another factor expected to fuel the growth of the target market during the forecast period.

However, increasing government regulations and fluctuating raw material prices are among some of the major factors expected to hamper the growth of the global target market to a certain extent. Increasing Adoption and preference for bio-based products will help to gain major revenue share in markets across the globe.

Market analysis by raw material:

On the basis of raw material segmentation, the n-butane segment is expected to contribute a major revenue share and is estimated to maintain its dominance over the forecast period. This dominance is attributed due to its low-cost production process and less harmful nature. The n-butane segment is estimated to register the highest CAGR of over 6.5% during the forecast period.

Market analysis by application:

On the basis of application, the unsaturated polyester segment is expected to contribute a major revenue share of the market and is expected to maintain its dominance over the forecast period. The unsaturated polyester segment is projected to register a significant CAGR of over 6.8%, over the forecast period.

Properties such as good mechanical strength and lightweight nature are expected to support the revenue growth of the segment. Increasing the application scope of unsaturated polyester resin in industries such as marine, aerospace, automotive, construction, and chemicals is expected to propel revenue growth of the target market over the forecast period.

Analysis by Region/Country:

The market in the Asia Pacific accounted for a significant revenue share in the global maleic anhydride market in 2018. The Asia Pacific maleic anhydride market is expected to register a CAGR of over 7% over the forecast period. This can be attributed to the increasing demand for maleic anhydride in major end-use applications such as construction, and automotive industries.

Increasing adoption of maleic anhydride in the production of bulk molding compounds and fiberglass reinforced plastics, which have wide applicability in the automotive sector. Growing automotive production in emerging economies such as India and China is the major factor expected to drive the growth of the maleic anhydride market in the Asia Pacific.

In addition, the increasing adoption of maleic anhydride in the production of detergents and the growing number of R&D initiatives related to maleic anhydride are among some of the major factors expected to support the growth of the Asia Pacific maleic anhydride market.

In addition, the rising adoption of maleic anhydride in the rubber industry for strengthening natural rubber products is another factor expected to support the growth of the maleic anhydride market in this region.

The maleic anhydride market in Europe is expected to grow at a steady growth rate over the forecast period. Increasing demand for unsaturated polyester resins in construction utilities, coupled with technological advancements in the lubricant additives industry are other factors expected to fuel the growth of the target market in this region.

The increasing use of maleic anhydride in cosmetic products such as hair sprays, and polishes is a major factor driving the growth of the market in the region. In addition, increasing the adoption of maleic anhydride in applications such as water treatment chemicals, detergents, and insecticides is another factor expected to drive revenue growth of the market in the region.

The China market is projected to register a significant CAGR in the global maleic anhydride market during the forecast period. Rising demand for maleic anhydride from various end-use industries, especially the automotive industry, is driving the growth of the China market currently, and the trend is expected to continue over the forecast period.

Moreover, increasing investment by public and private sectors boosting discovery and development of construction that have less harmful is another factor expected to drive the growth of the China market over the forecast period.

The Japanese market accounts for a considerable revenue share in the global maleic anhydride market. Increasing demand for maleic anhydride in major applications such as automotive and construction industries, coupled with increasing demand for unsaturated polyester resins used in a wide range of applications, including pleasure boats, bathroom fixtures, storage tanks, pipes, and various others are major factors driving the growth of the Japan market currently.

Maleic anhydride acts as a lubricating oil additive in crankcase oils for gasoline and diesel engines to reduce friction, boost performance, and control various factors such as alkalinity, static and dust, emulsification, flotation, corrosion inhibition, dewatering, and dispersion, which is expected to fuel the growth of the target market in the country.

Global Maleic Anhydride Market Segmentation:

Segmentation on the Basis of Raw Material:

• N-butane
• Benzene

Segmentation on the basis of Application:

• Unsaturated Polyester
• 1,4- butanediol
• Additives
• Others

Segmentation on the Basis of Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa