The maleic anhydride market size is projected to reach USD 3.5 billion by 2024 from USD 2.8 billion in 2019, at a CAGR of 4.5%
NEW YORK, March 10, 2020 /PRNewswire/ --
Global maleic anhydride market projected to grow at a CAGR of 4.5%, in terms of value, during the forecast period
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The maleic anhydride market size is projected to reach USD 3.5 billion by 2024 from USD 2.8 billion in 2019, at a CAGR of 4.5%.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.
• By Company Type: Tier 1 - 35%, Tier 2 - 39%, and Tier 3 - 26%
• By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
• By Region: North America - 32%, Europe - 21%, APAC - 28%, Middle East & Africa - 12%, and South America - 7%
The key players profiled in the report include Huntsman International LLC (US), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co. Ltd. (China), Changzhou Yabang Chemical Co. Ltd. (China), Zibo Qixiang Tengda Chemical (China), Polynt-Reichhold Group (Italy), Nippon Shokubai Co., Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), LANXESS (Germany), Gulf Advanced Chemical Industries Co., Ltd. (GACIC) (Saudi Arabia), Ningbo Jiangning Chemical Co., Ltd. (China), Global Ispat Koksna Industrija d.o.o. Lukavac (GIKIL) (Bosnia & Herzegovina), and MOL Plc (Hungary) among others.
Research Coverage
This report segments the market for maleic anhydride based on raw material, application, and region, and provides estimations for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, and key strategies, associated with the market for maleic anhydride.
Reasons to Buy this Report
This research report is focused on various levels of analysis—industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the maleic anhydride market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights into the following pointers:
• Market Penetration: Comprehensive information on maleic anhydride offered by top players in the global market
• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for maleic anhydride across regions
• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global maleic anhydride market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the maleic anhydride market
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