Global Maleic Anhydride Market - Segmented by Type, End-user Industry, and Geography – Growth, Trends, and Forecast (2018 - 2023)
The global maleic anhydride market was estimated at USD 2,379.95 million (in terms of revenue) and 1,792.71 thousand tons (in terms of volume) in 2017. The market is projected to reach USD 3,178.39 million and 2,149.04 thousand tons by 2023, at an estimated CAGR of 5.96% and 3.69%, respectively, during the forecast period, 2018-2023. Copolymers based on Maleic anhydride enable the use of more sustainable raw materials, binding wood fibers into plastic, corrosion inhibitors, and protective coatings for wire and water repellants in screens. Through conversion to fumaric and malic acids, maleic anhydride is a vital component of gelling agents, flavor enhancers, and food preservatives.
Unsaturated Polyester Resin is expected to dominate the Market
The increasing global demand for unsaturated polyester resins (UPR) in the lubricant & automotive industry is likely to have a positive impact in the market. The market is driven primarily by the high demand of the polyester resin industry, and the increase of production capacity in China. Over half of the global maleic anhydride produced is used to manufacture unsaturated polyester resins, which in turn, are used in the production of sheet molding compounds, bulk molding compounds and fiberglass reinforced plastics that are used in a diverse range of consumer products, including boats, automobiles, buildings, piping, and electrical goods.
Asia-Pacific to Lead the Market
Asia-Pacific is the largest market for maleic anhydride. The second largest market is Europe, followed closely by North America. The growing automotive and construction industries in Asia-Pacific is anticipated to drive the demand for reinforced glasses and polymers in the region, which is expected to drive the demand for maleic acid in Asia-Pacific. This region is also expected to be the fastest-growing region, during the forecast period.
Notable Developments in the Market:
March 2018: Huntsman acquires Demilec, a leading North American spray polyurethane foam insulation manufacturer. Demilec has annual revenues of approximately $170 million and two manufacturing facilities located in Arlington, Texas and Boisbriand, Quebec.
Dec 2017: The Polynt–Reichhold Group announces strategic coating resins distribution alignment throughout the United States, Canada, and the Caribbean
Major Players: Huntsman Corporation, Jiangsu Yabang Group, Bohai Chemicals, Sasol-Huntsman, and Polynt, among others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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