NEW YORK, Dec. 21, 2022 (GLOBE NEWSWIRE) -- IndexBox recently published a new report on the global maleic anhydride market. Here are some of the most interesting takeaways.
Market Outlook
The global maleic anhydride market is expected to reach USD 17.6 billion by 2030, from USD 14.0 billion in 2022, at a CAGR of 2.9% during the forecast period. Rising demand for unsaturated polyester resins (UPRs) in construction, electrical & electronics, and automotive applications is expected to drive the market growth over the forecast period.
Maleic anhydride is a white, crystalline solid with a strong, unpleasant odor. Maleic anhydride is used as a monomer in the production of several polymers such as unsaturated polyesters, alkyd resins, and nylon 66. It is also used as a drying agent for paints and varnishes and as an intermediate in the manufacture of dyes, pesticides, pharmaceuticals, and plasticizers. It is also used as a food additive. Maleic anhydride is produced by the partial oxidation of benzene or butane.
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Maleic anhydride is a key raw material used in the production of UPRs. These resins are widely used in the construction industry for manufacturing fiber-reinforced plastic (FRP) pipes, sheets, and tanks. They are also used in the automotive industry for manufacturing bumpers, fenders, door panels, and dashboards. Moreover, UPRs find application in electrical & electronics industries for producing printed circuit boards (PCBs) and electronic casings. The rising demand for these applications is anticipated to fuel the growth of the maleic anhydride market during the forecast period.
The increase in the demand for unsaturated polyester resins (UPRs) and alkyd resins is the major factor driving the growth of the maleic anhydride market. UPRs are extensively used in the production of fiber-reinforced plastics (FRPs), which are used in various applications such as construction, automotive, and marine. Alkyd resins are used in coatings, adhesives, and sealants. They offer superior properties such as durability, resistance to environmental factors, and flexibility. The growing demand for these resins is expected to drive the growth of the maleic anhydride market during the forecast period.
The construction industry is expected to continue to be the largest consumer of maleic anhydride over the forecast period. The automotive industry is projected to be the fastest-growing consumer of maleic anhydride during the forecast period. The growing demand for lightweight and fuel-efficient vehicles is expected to drive the demand for maleic anhydride in the automotive industry.
Market Challenges
The global maleic anhydride market faces some challenges that could hamper its growth. These include:
Volatile raw material prices: Maleic anhydride is derived from naphtha or butane, both of which are petroleum products with volatile prices. This makes it difficult for manufacturers to predict and manage their costs, which could lead to margin pressure.
Dependence on China: A large portion of the world's maleic anhydride supply is produced in China, making the market vulnerable to disruptions in Chinese production.
Intense competition: The maleic anhydride market is highly competitive, with a large number of manufacturers vying for market share. This intense competition could lead to lower prices and margins.
Market Trends
The major factors driving the growth of the market are the increasing demand from the automotive and construction industries and the growing preference for bio-based products.
The automotive industry is the largest consumer of maleic anhydride, accounting for more than 30% of the total demand. The growth of the automotive industry is expected to boost the demand for maleic anhydride over the forecast period. Maleic anhydride is used in a variety of applications in the automotive industry, such as engine coolants, fuel additives, lubricants, and coatings.
The construction industry is another major consumer of maleic anhydride. Maleic anhydride is used as a curing agent in concrete and mortar, as well as in adhesives and sealants. The growth of the construction industry is expected to drive the demand for maleic anhydride over the forecast period.
The growing preference for bio-based products is another factor driving the growth of the maleic anhydride market. Maleic anhydride can be produced from biomass, such as sawdust and straw. This makes it a sustainable and environmentally friendly option compared to fossil fuel-based options.
Market Restrictions
The global maleic anhydride market is expected to be restricted by environmental regulations in the future. Maleic anhydride is a substance that is classified as a volatile organic compound (VOC) under the Montreal Protocol. VOCs are known to contribute to the formation of ground-level ozone, which is a key component of smog.
As more countries ratify the Montreal Protocol and begin to implement its provisions, the production and use of maleic anhydride is likely to become increasingly restricted. This could have a significant impact on the global maleic anhydride market, as demand for the substance would likely decrease.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Zibo Qixiang Tengda Chemical Co., Ltd., Daqing Fine Chemical Industry Co., Ltd., Wuxi Suntec Chemical Industry Co., Ltd.
Sources
World - Maleic Anhydride - Market Analysis, Forecast, Size, Trends and Insights
EU - Maleic Anhydride - Market Analysis, Forecast, Size, Trends and Insights
Asia - Maleic Anhydride - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Maleic Anhydride - Market Analysis, Forecast, Size, Trends and Insights
