The global Maleic Anhydride Market is expected to be valued at USD 4.70 Billion in 2027 from USD 2.71 Billion in 2018, registering a CAGR of 6.2% in the forecast period. The growth of the market is primarily driven by the growing application of maleic anhydride in numerous resins, plastics, petroleum additives, water treatment chemicals, epoxy curing agents, copolymers, flavor enhancers, agricultural and industrial chemicals, and pharmaceuticals.
Unsaturated polyesters are one of the most used thermoset molding resins across the globe. They are predominately used in the production of fiber-reinforced plastics and filled-plastic products comprising sanitary-ware, tanks, pipes, gratings, and high-performance components. These components are extensively used in the transportation and marine sector, including closure and body panels, boat decks, and several other substantial glass-fiber-reinforced plastic items. The material is also used in trucks, coaches, aircraft, and buses due to its applicable nature for lower volumes. Unsaturated polyester resins are also used in coatings and adhesives, and the products offer a broad spectrum of materials with specific performance features.
Increasing use of maleic anhydride in the manufacturing of 1,4-butanediol is projected to bolster the market growth in the forecast timeframe. The compound is generally used to produce paint thinner, floor stripper, and other solvent materials. It is an essential commodity chemical that is extensively used as a starting point chemical in the synthesis procedure of various chemicals and polymers such as polybutylene terephthalate, which is a remarkable engineering thermoplastic.
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Key Highlights from Report:
- The solid maleic anhydride form sub-segment is foreseen to occupy the largest share of the market in the upcoming years and expand at a significantly high CAGR of 5.8% through the timeframe.
- The unsaturated polymer application sub-segment held the largest share of the market in 2018 and is foreseen to proliferate at a CAGR of 6.0% in the timeframe. The growth can be accredited to the increasing application of unsaturated polymer in various verticals owing to their excellent mechanical properties, low weight, and higher resistance to corrosion. The resins are extensively used in coatings, body fillers, buttons, work-surfaces, and clear casting resins.
- The automotive industry is forecast to register the fastest growth in the projected timeframe, expanding at a CAGR of 6.5% in the period. Maleic anhydride is primarily used in the automotive industry in the production of parts such as body panels, bumper beams, dashboard carriers, catalytic converter heat shields, seat structures, and others. Automotive parts produced from unsaturated polyester resins are also used to minimize the costs of painting.
- Europe accounted for the second-largest share of the industry in 2018 and is projected to proliferate at a CAGR of 5.4% in the projected timeframe. The market demand in Europe can be accredited to the accelerated expansion of the construction and automotive sectors in the region.
- Major companies operating in the market include Merck & Co., Inc., DSM NV, Lanxess AG, Huntsman Corporation, Nippon Shokubai Co. Ltd., Ashland Inc., Mitsubishi Chemicals, Flint Hills Resources, Sasol, and Tianjin Bohai Chemicals, among others.
For the purpose of this report, Reports and Data has segmented the Global Maleic Anhydride Market on the basis of form, application, industry vertical, and region:
Form Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Unsaturated Polyester Resins
- 1, 4-Butanediol
Industry Vertical Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Food & Beverage
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA