New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global maleic anhydride market size is expected to expand at ~10% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 23 billion by the end of 2035, up from a revenue of ~USD 12 billion in the year 2022.Maleic Anhydride is a crucial chemical intermediate used in the production of various products. It is commonly employed in the manufacture of unsaturated polyester resins, which, in turn, are used in the production of fiberglass-reinforced plastics. The demand for Maleic Anhydride is directly linked to the growth of end-user industries such as construction, automotive, and consumer goods. The overall economic growth of regions like Asia-Pacific and the Middle East has a significant impact on the demand for Maleic Anhydride as these regions are key consumers of the chemical.
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The cost of raw materials, such as benzene and butane, plays a vital role in determining the overall production cost and thus affects the pricing of Maleic Anhydride. Stringent environmental regulations on chemical production and emissions could impact the maleic anhydride market by affecting manufacturing processes or limiting market access. Innovations and improvements in production technologies can influence market dynamics and competitiveness. The production of Maleic Anhydride often involves the oxidation of butane or benzene feedstocks. Compliance with environmental regulations is an important consideration for companies in the chemical industry, including those involved in Maleic Anhydride production.
Increasing demand from the construction industry across the Globe to Boost Market Growth
Maleic Anhydride is used in the production of unsaturated polyester coating resins, which are widely used in the construction industry for various applications like pipes, tanks, and building materials. Maleic Anhydride is utilized in the production of automotive coatings, adhesives, and sealants, which are in high demand due to the growing automotive industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production reached approximately 92 million units in 2020, indicating a steady demand for automotive-related chemicals. Maleic Anhydride is used in the production of various consumer goods like packaging materials, toys, and household items, which are in constant demand. Global population growth and urbanization have led to increased demand for residential and commercial infrastructure, including housing, office spaces, and retail establishments. Governments and private sectors in many countries are investing heavily in infrastructure projects such as roads, bridges, airports, and public facilities. These projects drive the demand for construction materials and services. The demand for commercial spaces, including offices, shopping malls, and entertainment complexes, is on the rise. This is fueled by economic growth, urbanization, and changing consumer preferences. In developed economies, there is a significant focus on renovating and retrofitting existing infrastructure to meet modern standards, improve energy efficiency, and enhance overall functionality.
Maleic Anhydride Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapid Urbanization and Infrastructure Development to Drive the Market Growth in Asia Pacific Region
The maleic anhydride market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The rapid pace of urbanization in the Asia Pacific region has fueled increased demand for infrastructure development, including residential and commercial construction. According to the Asian Development Outlook 2021, Asia's urban population is expected to increase by 1.1 billion people by 2050, creating a significant demand for construction materials and, consequently, Maleic Anhydride. The construction industry's expansion, driven by rising populations and economic development, significantly contributes to the demand for Maleic Anhydride in applications such as unsaturated polyester resins. The automotive industry's growth in the Asia Pacific region, particularly in countries like China and India, propels the demand for lightweight materials, including those derived from Maleic Anhydride. Substantial government investments in infrastructure projects, such as roads, bridges, and airports, create a consistent demand for construction materials, including Maleic Anhydride-based products.
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Growing Renovation and Retrofitting Projects to Propel the Growth in the North America Region
The North America maleic anhydride market is estimated to garner the highest CAGR by the end of 2035. The focus on renovating and retrofitting existing structures contributes to the demand for construction materials, including those containing Maleic Anhydride. Renovation spending in the U.S. is projected to reach USD 318 billion by 2022, according to a report by Harvard University's Joint Center for Housing Studies. Ongoing advancements in chemical manufacturing processes enhance the efficiency and cost-effectiveness of producing Maleic Anhydride, contributing to market growth. The rising demand for plastics and polymers in various industries, including packaging and consumer goods, drives the need for Maleic Anhydride as a key component in their production. Growing awareness of environmental sustainability is promoting the use of Maleic Anhydride in green construction practices and eco-friendly materials. Increased emphasis on infrastructure development, supported by government initiatives and investments, fuels demand for Maleic Anhydride in applications such as adhesives and coatings.
Maleic Anhydride, Segmentation by Type
- Molten
- Solid
Amongst these segments, the solid segment in maleic anhydride market is anticipated to hold the largest share over the forecast period. Solid Maleic Anhydride can be used in different types of reactors and processes, making it a versatile option for chemical manufacturers. Solid Maleic Anhydride is often more cost-effective than molten Maleic Anhydride, contributing to its popularity among end-users. Solid Maleic Anhydride finds applications in various industries, including unsaturated polyester resin production, additives and copolymers, agricultural chemicals, and lubricant components. According to industry reports and studies, the global unsaturated polyester resin sales was valued at over USD 12 billion in 2020, reflecting the significant demand for solid maleic anhydride in this application. Solid Maleic Anhydride is a crucial component in the production of Unsaturated Polyester Resins (UPR), which are extensively used in the manufacture of fiberglass-reinforced plastics. Solid Maleic Anhydride is utilized in construction materials such as concrete additives and coatings, contributing to the growth of the construction industry.
Maleic Anhydride, Segmentation by End User
- Construction
- Automotive
- Chemical
Amongst these segments, the automotive segment in maleic anhydride market is anticipated to hold a significant share over the forecast period. The rising demand for electric vehicles (EVs) is a significant driver for the automotive industry. As more countries set ambitious targets for EV adoption, automakers are investing heavily in electric models. Advancements in autonomous vehicle technology are reshaping the automotive landscape. The pursuit of self-driving cars is driving investments in sensors, AI, and connectivity solutions. Consumer preferences are shifting towards SUVs and crossovers, driven by their versatility, spacious interiors, and perceived safety. Automakers are adjusting their production strategies to meet this demand. SUVs accounted for over 40% of the global car sales in 2020, and this trend is expected to continue. Automotive manufacturers are increasingly establishing global supply chains to optimize production costs and enhance efficiency. This involves collaborations with suppliers worldwide, driving international growth. There's a growing emphasis on sustainability in the automotive sector, driving the adoption of eco-friendly materials and manufacturing practices.
Few of the well-known indsutry leaders in maleic anhydride market that are profiled by Research Nester are Huntsman Corporation, Ashland Global Holdings Inc., Lanxess AG, Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO., LTD., Bartek Ingredients Inc, and other key market players.
Recent Development in the Maleic Anhydride Market
- Ashland Global Holdings Inc. announced in March 2023 that it would acquire Albemarle Corporation's catalysts business for USD 1.15 billion. The acquisition is expected to close in the second half of 2023.
- Lanxess announced that it would acquire Emerald Performance Materials, a specialty chemicals company based in the United States. The acquisition was completed in January 2020. Emerald Performance Materials is a leading producer of specialty amines, which are used in a variety of applications, including agricultural fumigants, plastics, and coatings.
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