Maleic Anhydride Market worth $3.4 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 10, 2022 /PRNewswire/ -- According to the new market research report "Maleic Anhydride Market by Raw Material (n-butane and Benzene), Application (Unsaturated Polyester Resin (UPR), 1,4-butanediol (1,4-BDO), Lubricating Oil Additives, and Copolymers)), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Maleic Anhydride Market is projected to reach USD 3.4 billion by 2026, at a CAGR of 4.2% from USD 2.8 billion in 2021. Maleic anhydride is an organic compound produced by the vapor-phase oxidation of n-butane or benzene. It is a colorless solid with an acrid odor. Maleic anhydride acts as a chemical intermediate. It is used to manufacture various end-use products, such as Unsaturated Polyester Resins (UPR), 1,4-BDO, lubricating oil additives, and copolymers. Maleic anhydride can be derived from the raw materials such as n-butane and benzene. UPR is the largest application segment of the maleic anhydride market. Asia Pacific was the largest market for maleic anhydride in 2020, in terms of value. The growth of the market in Asia Pacific is primarily propelled by the growing building & construction and automotive industries. The growth of end-use industries, rapid industrialization, availability of feedstock, and improved living standards of people in Asia Pacific are among the factors driving the maleic anhydride market.
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n-butane is estimated to be the fastest-growing raw material in the maleic anhydride market for the forecast period.
The n-butane-based maleic anhydride accounted for the larger share, in terms of both volume and value, in 2020. This dominance is expected to continue during the forecast period, owing to its high demand from the growing building & construction and automotive industries. The n-butane segment is projected to witness higher growth, in terms of both volume and value, during the forecast period, owing to stringent policies and regulations on the use of benzene for maleic anhydride production.
The use of benzene to produce maleic anhydride has decreased considerably due to US EPA - 54 FR 38044 standards, which include national emission standards for hazardous air pollutants, benzene emissions from maleic anhydride plants, and other reasons, such as high production cost, complex operation, and costly process control, due to which, the n-butane-based maleic anhydride is being used by industries on a large scale
1,4-BDO was the second major application for the maleic anhydride market in 2020 in the world.
The maleic anhydride market size for 1,4-BDO accounted for the second-largest share of global maleic anhydride after UPR, in terms of value, in 2020 this was led by the demand from various industries.
1,4-BDO is a colorless, viscous liquid derived from butane by the placement of alcohol groups at each end of its molecular chain; it is one of the four stable isomers of butanediol. 1,4-BDO is used in the production of spandex fibers, urethane elastomers, and copolyester ethers. It is used for the synthesis of gamma-butyrolactone (GBL). In the presence of phosphoric acid and high temperature, it dehydrates to the solvent tetrahydrofuran (THF). GBL is used in various industries, such as electronics, pharmaceuticals, agrochemicals, and high-performance polymers.
THF, Polybutylene Terephthalate (PBT), GBL, and PU are the major products of 1,4-BDO. It can be used as a plasticizer, an adhesive (in leather, polyurethane footwear, and plastics), a carrier solvent in printing inks, and as a cleaning agent. The increase in population is expected to drive the consumption of 1,4-BDO in the textile industry, which, in turn, will increase the consumption of maleic anhydride in this segment.
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Asia Pacific is estimated to be the largest region in maleic anhydride market in 2020.
Asia Pacific is projected to be the largest maleic anhydride market, in terms of value, in 2020 due to the rise in the automotive production. The maleic anhydride market in the Asia Pacific is also projected to grow at the highest CAGR, in terms of value, during the forecast period. This dominance is attributed to the growing domestic industries, increasing demand from end-use industries, and growing use of maleic anhydride in different applications, such as agricultural chemicals and pharmaceuticals. The demand for maleic anhydride is growing and is expected to register higher growth in Asia Pacific and the Middle East & Africa than in the other regions.
The key market players profiled in the report include Huntsman Corporation (US), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co., Ltd. (China), Mitsubishi Chemical Corporation (Japan), Nippon Shokubai Co., Ltd.(Japan), LANXESS AG( Germany), Gulf Advanced Chemical Industries Co., Ltd. (Saudi Arabia), Ningbo Jiangning Chemical Co., Ltd. (China), China Bluestar Harbin Petrochemical Co, Ltd.(China), Nan Ya Plastics (Taiwan), Shijiazhuang Bailong chemical Co., Ltd.( China), Yongsan Chemical Co., Ltd.( South Korea), IG Petrochemicals Ltd.( India), MOL Plc( Hungary), PT Justus Sakti Raya (Indonesia ), Global Ispat Koksna Industrija d.o.o. Lukavac (Bosnia & Herzegovina), Tianjin Bohai Chemical industry group Co., Ltd.( China), Cepsa (Spain), Ruse Chemicals (Bulgaria), Yunnan Yunwei Company Limited (China), Shanxi Taiming Chemical Industry Co., Ltd.( China), Huanghua Hongcheng Business Corp., Ltd. (China), and Aekyung Petrochemical Co., Ltd. (South Korea).
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