Austin, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The Maleic Anhydride Market Size is projected to reach a valuation of USD 5.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2032.
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Maleic Anhydride Market Report Scope
| Report Attribute | Details |
| Market Size in 2023 | USD 10.0 billion |
| Market Size by 2032 | USD 14.9 billion |
| CAGR | 4.5% CAGR by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Trends Influencing the Maleic Anhydride Market
Increased application of high-performance material in a wider industrial scope is one of the main trends raising the entire maleic anhydride market growth. It is a major raw material in the manufacture of unsaturated polyester resins (UPR) used in such applications as automotive parts, construction materials, and electrical equipment. The increasing demand for lightweight and highly durable materials in the automotive and construction industry is driving market growth.
In addition to that, the rising consumption of maleic anhydride for coatings and adhesives is stimulating market growth. The resins for this application could be such as Maleic anhydride which is favored over harsh due to its bonding components, moisture and weather resistance, and increased mechanical strength. With the industry's targeted approach in developing longer-lasting products, maleic anhydride is further popularizing in high-performance coatings and adhesives.
Another trend affecting the market is the move towards bio-based maleic anhydride. As the focus is on sustainability and minimizing the environmental impact of chemicals in a growing area, the bio-based maleic anhydride market is likely to witness an upswing in demand in the automotive and construction sectors, due to their preference for bio-derived materials.
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Which Raw Material is Fastest Growing in the Maleic Anhydride Market During Forecast Period?
N-butane is the fastest-growing segment in the maleic anhydride market in 2023, accounting for around 32% of the market share. N-butane is the primary feedstock used in the production of maleic anhydride, and its cost-effectiveness and availability have made it the preferred choice for manufacturers. The process of producing maleic anhydride from n-butane involves the oxidation of the feedstock in the presence of a catalyst, a method that ensures high yields and efficiency.
The n-butane as a raw material can be attributed to its widespread availability and cost-effectiveness, making it a key enabler of the global maleic anhydride market.
Which Application Dominated the Maleic Anhydride Market in 2023?
The unsaturated polyester resin (UPR) segment held the largest market share, accounting for around 34% in 2023. UPR is primarily used in the production of composite materials for automotive, construction, and marine applications. The demand for lightweight, corrosion-resistant, and durable materials in industries such as automotive and construction is driving the adoption of UPR, making it the leading application for maleic anhydride.
In the automotive sector, UPR is increasingly used for producing parts such as body panels, bumpers, and other components, owing to its excellent mechanical properties and low weight. Additionally, the construction industry's growing demand for cost-effective, durable materials for building and infrastructure projects is further bolstering the use of UPR-based products.
The expansion in the packaging sector accounts for the key driver of the Maleic Anhydride Market
Application of Maleic Anhydride in Packaging Maleic Anhydride is involved in the manufacturing of numerous packaging constituents including coatings, resins, and films, which offers major functionalities in the form of increased strength, moisture resistance, and durability. In the changing landscape of the packaging industry, recyclable and sustainable materials have become of great importance as consumers and commercial businesses alike embrace packaging that encompasses eco-sharing values. High-performance Maleic Anhydride-based products prove to be an endearing alternative to utilize fewer fossil fuels through bio-based resins and coatings shunning their environmental footprints.
In addition, the rising consumer demand for easy-to-use, durable as well and protective packaging from end-use sectors such as food & beverages, electronics, and pharmaceuticals remains a positive influence for Maleic Anhydride demand, while propelling Maleic Anhydride a significant element for modern as well as sustainable packaging products. This trend becomes even more apparent on a global scale, where developing regions are witnessing a rapidly growing packaging applications market with rising industrialization and consumer demand.
Which Region Held the Largest Market Share in the Maleic Anhydride Market?
In 2023, Asia-Pacific held the largest market share, accounting for approximately 42% of the global maleic anhydride market. This region's dominance can be attributed to the strong presence of key industrial sectors such as automotive, construction, and coatings. The rapid economic development, coupled with large-scale infrastructure and urbanization projects in China, India, and Southeast Asia, is driving the demand for maleic anhydride in these regions.
The government's focus on enhancing the infrastructure and automotive sectors through various initiatives, along with the growing demand for energy-efficient products, is contributing to the robust growth in Asia-Pacific. Furthermore, the region's substantial manufacturing capabilities and the presence of major maleic anhydride producers are key factors supporting the market's expansion.
Recent Developments
- In 2023, DSM introduced a new line of bio-based maleic anhydride, catering to the growing demand for sustainable and eco-friendly materials in the automotive and construction sectors. This innovation allows manufacturers to reduce their environmental footprint while still benefiting from the superior performance properties of maleic anhydride-based products.
- In 2023, Lanxess expanded its production capacity for maleic anhydride in China to meet the increasing demand from the automotive and construction industries in the Asia-Pacific region. The company’s investment in advanced production technologies aims to improve production efficiency and reduce costs, positioning it to capture a larger share of the growing market.
Conclusion
The maleic anhydride market is poised for robust growth, driven by increasing demand from end-use industries such as automotive, construction, and coatings. The market's expansion is further supported by emerging opportunities in Asia-Pacific, technological advancements in production processes, and the growing trend toward bio-based materials. With continued innovations and the rising need for high-performance, sustainable materials, the maleic anhydride market is well-positioned for long-term growth through 2032. As industries continue to focus on energy efficiency and durability, maleic anhydride will play a critical role in meeting the demands of modern manufacturing and construction.
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