Maleic Anhydride Market worth $3.4 billion by 2026 Globally, at a CAGR of 4.2%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, May 09, 2023 (GLOBE NEWSWIRE) -- The global 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", as per the recent study by MarketsandMarkets™. Maleic anhydride is a colorless white crystalline organic compound with a strong acrid odor. It is commercially produced by the oxidation of n-butane or benzene. Maleic anhydride can be produced by various technologies, including fixed bed, fluid bed, and transport bed technology. There is a broad range of maleic anhydride derivatives, such as UPR, 1,4-BDO, lubricating oil additives, styrene copolymers, maleic acid, succinic anhydride, Tetrahydrofuran (THF), Gamma Butyrolactone (GBL), and alpha-olefin succinimides.
n-butane is estimated to have a larger share in the maleic anhydride market, followed by benzene. The n-butane segment is also projected to lead the maleic anhydride market during the forecast period, owing to its growing demand from the building & construction, pipes & tanks, and automotive industries. The advantages of n-butane over benzene are low cost, fewer by-products, less toxicity, and higher productivity of n-butane over benzene, which are expected to drive the market for n-butane in the next five years
The maleic anhydride market size for UPR accounted for the largest share of global maleic anhydride market, in terms of value, in 2020. The demand for maleic anhydride in this application is increasing primarily due to the growing building & construction industry. The continuous R&D activities and increased use of n-butane as raw material are the key factors stimulating the growth of the segment.
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.
Players in the maleic anhydride market are mainly concentrating on mergers & acquisitions, agreements, partnerships, and expansion to meet the growing demand for maleic anhydride for various applications. The growth of the maleic anhydride market has been largely influenced by mergers & acquisitions and expansion that were undertaken between 2016 and 2020. Huntsman Corporation and Polynt-Reichhold Group has adopted organic growth to enhance their market position.
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