Maleic Anhydride Market size worth $ 3.45 Billion, Globally, by 2028 at 3.24% CAGR: Verified Market Research®
- Increasing demand for unsaturated polyester resin, building & construction additives, and Technological advancements in manufacturing industries are significant factors driving the development of the market
JERSEY CITY, N.J., Sept. 22, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Maleic Anhydride Market" By Raw Material (Benzene and N-Butane), By Application (Polyester Resins, Lubricating Oil Additives, Copolymers, And Others), and By Geography. According to Verified Market Research, the Global Maleic Anhydride Market size was valued at USD 2.68 Billion in 2020 and is projected to reach USD 3.45 Billion by 2028, growing at a CAGR of 3.24% from 2021 to 2028.
MAN is an organic intermediate that produces industrial chemicals, like maleic acid, UPRs, lubricating oil additives, and alkenyl succinic anhydrides. These resins are synthesized using maleic anhydride, phthalic anhydride, propylene glycol, and adipic acid. UPR produces lighter and stronger fiberglass composites for cars, construction, wind turbine blades, and various consumer products. UPRs are widely used as body fillers for the reconstruction and repair of damaged parts of vehicles. Change in preference towards more lightweight, more robust, and fiberglass composite materials in automotive, aerospace, turbine, and construction industries have increased rapidly in the past five years. This, in turn, has positively impacted the demand for UPR. The rising global demand for UPR and the growth of end-user industries in developing nations are the significant factors driving the market's growth.
The major restraint for the market is Fluctuating crude oil resources all over the world. N-butane and benzene, the primary feedstock for manufacturing MAN feedstock's, highly depend on the crude and naphtha outputs. In addition, market growth may get hampered due to growing government regulations.
Key Developments inMaleic Anhydride Market
In September 2019, Huntsman International LLC acquired 50% interest in the Sasol-Huntsman maleic anhydride joint venture from Sasol. Huntsman now owns 100% of the entity with manufacturing assets located in Moers, Germany, with the capacity to produce 230 million pounds of maleic anhydride.
In September 2020, AOC, a leading global resins and specialty materials supplier, announced it had successfully acquired the maleic anhydride business and manufacturing facility in Neal, West Virginia, from Ashland Global Holdings. The purchase of the maleic anhydride business fortifies the supply chain for a critical ingredient in producing unsaturated polyester resins (UPR)—AOC's primary business – and provides new opportunities within the maleic anhydride merchant market which were unattainable before the acquisition.
The major players in the market are Huntsman International LLC, Mitsubishi Chemical Corporation, LANXESS, Gulf Advanced Chemical Industries Co., Ltd., Ningbo Jiangning Chemical Co., Ltd., Zibo Qixiang Tengda Chemical, Global Ispat Koksna Industrija Lukavac, Huanghua Hongcheng Business Corp., Ruse Chemicals, and Shijiazhuang Bailong Chemical Co. Ltd.
Verified Market Research has segmented the Global Maleic Anhydride Market On the basis of Raw Material, Application, and Geography`.
Maleic Anhydride Market, By Raw Material
Maleic Anhydride Market, By Application
Unsaturated Polyester Resins
Lubricating Oil Additives
Maleic Anhydride Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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