Wilmington, Delaware, United States, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The maleic anhydride market was valued at US$ 2.7 billion in 2022. A CAGR of 4.9% is expected between 2023 and 2031, reaching US$ 4.2 billion. A growing focus on sustainability might make maleic anhydride an ideal material for producing biodegradable polymers. As a result, eco-friendly materials would be in demand.
The raw material maleic anhydride is an essential ingredient in manufacturing unsaturated polyester resins. A wide range of applications can be achieved with these resins, including manufacturing plastics reinforced with fiberglass, laminates, and coatings. The industries that require this end-product are construction, automotive, and marine. Sustainable practices are becoming more common in the chemical industry, including those related to maleic anhydride production. Maleic anhydride is being produced through bio-based alternatives due to a growing demand for sustainable solutions.
A variety of adhesives and sealants that are based on maleic anhydride are produced. Due to the continuous growth of the construction and manufacturing industries, it is reasonable to conclude that maleic anhydride may also have an increased role in these sectors. Maleic anhydride has occasionally been used as a chemical component in the manufacture of water treatment chemicals. Water quality regulations and regulations related to environmental protection could drive opportunities in this segment in the near future.
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A variety of consumer items, such as coatings, adhesives, and packaging materials, are produced using maleic anhydride. Maleic anhydride is in high demand generally due in part to the demand for these products. Manufacturers of maleic anhydride may find opportunities to invest in sustainable and green production processes with a growing awareness of environmental concerns. These investments could result in environmentally friendly products being in demand.
Key Findings of the Market Report
- The maleic anhydride industry share in the Asia Pacific region exceeded 50% share in 2022.
● Unsaturated polyester resin (UPR) demand to drive maleic anhydride Market
- Governments are adopting toxic emission regulations as a response to growing environmental concerns.
- With maleic anhydride being increasingly used in pharmaceuticals and construction, Europe holds the largest share of the global market.
Global Maleic Anhydride Market: Growth Drivers
- Plasticizers like polybutene succinic anhydride are produced with maleic anhydride. Plasticizers are essential for enhancing plastic's flexibility and durability in the construction and automotive industries. Certain agrochemicals, such as pesticides and herbicides, are produced using maleic anhydride. Maleic anhydride becomes more popular as the agricultural sector thrives and the need for crop protection solutions grows.
- The urbanization and development of infrastructure have increased the demand for building materials, including those derived from maleic anhydride resins. Due to the need for lightweight and durable components, the automotive industry consumes a great deal of materials made from maleic anhydride. With the expansion of the automotive sector, the demand for maleic anhydride increases.
- Researchers are working on improving maleic anhydride production and developing new applications. Innovations in technology that increase productivity and lower production costs have a special impact. Eco-friendly and sustainable materials are becoming more and more popular as environmental concerns develop. Some bio-based products require the usage of maleic anhydride, and as environmental laws change, there might be a greater need for these substitutes.
Global Maleic Anhydride Market: Regional Landscape
- Due to its rapid economic development and industrialization, the Asia Pacific region has become a large chemical product consumer. Therefore, raw materials like maleic anhydride are in high demand. Unsaturated polyester resins, used in manufacturing and construction, can be created using maleic anhydride. As these sectors grow, the demand for these resins increases.
- Rising demand for agriculture in developing countries such as India and China is expected to drive the market. Certain pesticides and herbicides are also made from maleic anhydride. Production and demand for these chemicals can be affected by the health and growth of the agriculture sector. In terms of global trade, Asia Pacific plays a major role. International consumer demand and changes in global market dynamics may influence the regional demand for maleic anhydride.
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Global Maleic Anhydride Market: Key Players
Many domestic and international players participate in the global maleic anhydride industry. As global competition intensifies, leading companies acquire and merge to stay competitive.
- Ashland
- Huntsman
- BASF SE
- Polynt SpA
- Lanxess AG
- Flint Hills Resources
- DSM N.V.
Key Developments
- In February 2023, Huntsman sold its Textile Effects division for $593 million to Archroma, a US-based polyurethanes and epoxy resins company owned by private equity firm SK Capital Partners.
- In June 2023, Petronas Chemicals Group Bhd (PetChem) will complete the acquisition of 113 kilotons per annum of maleic anhydride (MAn) production facility in Gebeng, Kuantan, from BASF Petronas Chemicals Sdn Bhd. To strengthen PetChem's derivative product offerings further, the plant will broaden its product portfolio and derivative products.
Global Maleic Anhydride Market: Segmentation
By Application
- Unsaturated Polyester Resins (UPR)
- Additives (Lubricants & Oils)
- Copolymers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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