Pune India, May 19, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the maleic anhydride market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the maleic anhydride market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the product category, application, technology, end-users and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
Global Maleic Anhydride Market Size by Source (N-Butane and Benzene), Application (Unsaturated Polyester Resins, Lubricating Oil Additives, Food Additives, Copolymers, 1,4-BDO, Plasticizers and Others), End-users (Building and Construction, Automotive, Food and Beverages, Electronics, Pharmaceutical, Personal Care, Agriculture and Others), Distribution Channel (Direct and Indirect) Regions, Segmentation, and forecast till 2029.
The significant players operating in the global maleic anhydride market are Huntsman Corporation, Shanxi Qiaoyou Chemical Co., Ltd., Changzhou Yabang Chemical Co., Ltd., Polynt-Reichhold Group, Mitsubishi Chemical Corporation, Zibo Qixiang Tengda Chemical Co., Ltd., Nippon Shokubai Co., Ltd., Gulf Advanced Chemical Industries Co., Ltd., LANXESS AG, China Bluestar Harbin Petrochemical Co, Ltd., Ningbo Jiangning Chemical Co., Ltd., Nan Ya Plastics, Shijiazhuang Bailong Chemical Co., Ltd., IG Petrochemicals Ltd., MOL Plc., Yongsan Chemical Co., Ltd., Global Ispat Koksna Industrija d.o.o. Lukavac, PT Justus Sakti Raya, Cepsa, Tianjin Bohai Chemical Industry Group Co., Ltd., Yunnan Yunwei Company Limited, Ruse Chemicals, Huanghua Hongcheng Business Corp., Ltd., Shanxi Taiming Chemical Industry Co., Ltd., Gurit Holdings AG and Aekyung Petrochemical Co., Ltd. and others. To achieve a substantial market share in the worldwide maleic anhydride market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Huntsman Corporation and Mitsubishi Chemical Corporation are one of the most significant manufacturers and distributors present in the global maleic anhydride market.
Maleic anhydride is one of the mostly used organic compound. It is highly reactive intermediate which has potential uses in industrial chemistry. The use of maleic anhydride is essential for development of multitude of plastics, resins, industrial chemicals, additives, etc. Maleic anhydride has a distinct odour of acrid. The bifunctional relativity is high and is readily available for commercial use. Maleic acid has high uses in production of polymers and coatings. The additives made using maleic acid is used for improving the fuel efficiency for lubricants.
The increasing demand for lightweight and durable raw material in applications such as automobile, electronics, construction, etc. is one of the most promising drivers of the maleic anhydride market. The wind energy industry is inclined towards the adoption of plasticizers and lubricating additives which is suitable for the construction of the infrastructure. Further, the use of unsaturated polyester resins is also required in automobile applications, as it provides strength to the components and also used in increasing fuel efficiency.
The developing regions are adopting the low-cost manufacturing technology for use in different end-users. The regional government has imposed strict regulations for reduction in greenhouse gas emissions. The installation of wind energy capacity has gained popularity among the countries present in both developed and developing regions. Also, the uprise trend of automotive industry, is providing lucrative opportunities to the maleic anhydride market. The commercialization of bio-based maleic anhydride portfolio is attracting many end-user industries. However, the fluctuating in prices of raw materials is a major restraint to the market. Further, various issues regarding the launch of maleic anhydride and increasing use of electronic vehicles is a challenge for the market growth.
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Report Details
| Report Metric | Information |
| Study Period | 2018-2029 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Source, Application, End-users and Distribution Channel |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Huntsman Corporation, Shanxi Qiaoyou Chemical Co., Ltd., Changzhou Yabang Chemical Co., Ltd., Polynt-Reichhold Group, Mitsubishi Chemical Corporation, Zibo Qixiang Tengda Chemical Co., Ltd., Nippon Shokubai Co., Ltd., Gulf Advanced Chemical Industries Co., Ltd., LANXESS AG, China Bluestar Harbin Petrochemical Co, Ltd., ETC |
Segmentation Analysis
N-butane segment led the maleic anhydride market with a market share of around 65.02% in 2021.
The source segment includes N-Butane and benzene. Among these, n-butane is the major contributor in the source segment. N-butane is a cost-effective substitute as compared to benzene. The use of n-butane is ought to register highest growth rate during the forecast period. N-butane is not as damaging as benzene and thus it is mostly used as the primary feedstock.
Lubricating oil additives segment is expected to be the fastest growing segment in 2021.
The application segment includes unsaturated polyester resins, lubricating oil additives, food additives, copolymers, 1,4-BDO, plasticizers and others. Among these, lubricating oil additives is expected to be the fastest growing application segment. Lubricating oil additives are used in numerous applications including automotive and construction. These additives are used in increasing the fuel efficiency for gasoline, diesel, and other lubricants. This factor is providing lucrative opportunities to the lubricating oil additives segment.
Construction segment is expected to be the fastest growing segment in 2021.
The end-users segment includes building and construction, automotive, food and beverages, electronics, pharmaceutical, personal care, agriculture and others. Out of these, construction segment is expected to be the fastest growing application segment in 2021. Construction sector is booming in most of the countries, in both developing and developed regions. Construction industry is major consumer of unsaturated polyester resins, copolymers and plasticizers. There are different development initiatives launched by regional governments which is expected to boost the constructional activities.
The direct segment led the maleic anhydride market with a market share of around 76.43% in 2021.
The distribution channel segment includes direct and indirect. The direct segment is the dominant distribution channel segment. Maleic anhydride is used by the manufacturers of unsaturated polyester resins and plasticizers. The maleic anhydride market operates in a B2B setting. Thus, the end-users mostly buy in large quantities directly from the manufacturers.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the maleic anhydride include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region dominated the maleic anhydride market and held the 33.19% share of the market revenue in 2021. The growth of the market in the region can be attributed to various factors, such as presence of many global and regional manufacturers, availability of the required technology and abundance of raw materials. The higher pace of industrialization and urbanization has brought tremendous growth in end-user sectors such as construction, automobile, agriculture, electronics, etc. However, North America is projected to register higher growth rate during the forecast period of 2022-2028. The rising investment in wind energy along with technological developments is the significant factor behind the growing market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. The demand for maleic anhydride has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of maleic anhydride were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for maleic anhydride significantly decreased.
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