New York, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The maleic anhydride market is foreseen to reach a valuation of USD 4.70 Billion by 2027. The market growth is primarily attributed to maleic anhydride’s application in various plastics and resins, industrial and agricultural chemicals, petroleum additives, pharmaceuticals, chemicals for water treatment, flavor enhancers, epoxy curing agents, and copolymers.
Unsaturated polyesters are majorly used thermoset molding resins globally and are predominantly used in the production of filled plastic products and fiber-reinforced plastics, comprising pipes, sanitary-ware, gratings, tanks, and high-performance materials for the marine and the transportation industry, including boat decks, closure and body panels, and several other large fiber reinforced plastic products. Moreover, the material is highly used in aircraft, trucks, buses, and coaches as it is appropriate for various lower volume applications. Unsaturated polyester resins also find extensive applications in adhesives and coatings. The polyester resin-based products offer a broad array of materials with superior performance features for different markets.
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The rising use of maleic anhydride in the manufacturing of 1, 4-Butanediol is propelling the industry’s growth. It is widely used for making floor stripper, paint thinner, and various other solvent products. Furthermore, 1, 4-Butanediol is an essential commodity chemical, finding widespread usage as a starting chemical for producing or synthesizing other polymers and chemicals, such as the polybutylene terephthalate—an engineering thermoplastic.
Further key findings from the report suggest
- Based on form, the solid sub-segment showcased the highest share in the industry in 2019 and has been projected to rise at a 5.8% CAGR in the estimated timeframe.
- Based on application, the unsaturated polyester resins sub-segment contributed to the highest share and is foreseen to observe a stellar 6.0% CAGR in the estimated timeline. Unsaturated polyester resins are highly used in distinct applications due to their low weight, several mechanical properties, and superior corrosion resistance. These resins are mostly used for clear casting resins, coatings, body fillers, work-surfaces (polyester marble), buttons, polyester concrete, and in the manufacturing of Gel Coats (for enhancing surfaced finish).
- In terms of industry verticals, the automotive industry is predicted to witness the fastest CAGR of 6.5% during 2020-2027. Maleic anhydride finds application, especially in the manufacturing of automotive parts, including bumper beams, body panels, sunroof frames, battery supports, seat structures, dashboard carriers, and catalytic converter heat shields. Furthermore, automotive parts made from unsaturated polyester resins are used for reducing painting costs.
- Europe held the second-largest market size in 2018 and is projected to rise at a CAGR of 5.4% over the commenced period. The market demand in Europe is primarily due to the fast development of the automotive and construction industries.
- Leading participants in the sector include Huntsman Corporation, DSM NV, Lanxess AG, Flint Hills Resources, Ashland Inc., Mitsubishi Chemicals, Sasol, Merck & Co., Inc., Nippon Shokubai Co. Ltd., and Tianjin Bohai Chemicals.
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For the purpose of this report, Reports and Data has segmented the global maleic anhydride market on the basis of form, application, industry vertical, and region:
Form Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Solid
- Brittle
- Molten
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Unsaturated Polyester Resins
- 1, 4-Butanediol
- Additives
- Copolymers
- Others
Industry Vertical Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- Construction
- Automotive
- Textile
- Food & Beverage
- Pharmaceutical
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Europe
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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