United Stated, Rockville, MD, June 21, 2022 (GLOBE NEWSWIRE) -- As per a recent report by Fact.MR, the global maleic anhydride market is poised to grow at a CAGR of 3.4% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 1.2 Billion, expected to close at a valuation of US$ 4.1 Billion. From 2015 to 2021, the market for Maleic Anhydride grew at a CAGR of 4.0%. As of 2022, the industry is likely to reach US$ 2.9 Billion.
The use of bio-based feedstock has its own advantages over conventional ones. The oil resources are limited, and the extraction of benzene and its further oxidation are expensive procedures. In addition, the manufacturers have to rely on tougher technologies and sophisticated equipment, which directly affects the manufacturing cost of maleic anhydride. In order to overcome these constraints, the commercialization of bio-based maleic anhydride on a large scale is essential.
According to the Fact.MR report, the increasing sales of passenger cars and commercial vehicles drive the maleic anhydride market in the automotive industry. Maleic anhydride is used as an ingredient in UPR, which is further used to manufacture automotive composites, such as closure panels, body panels, fenders, Grille Opening Reinforcement (GOR), heat shields, headlamp reflectors, and pick-up boxes. Maleic anhydride copolymers are also used to manufacture lubricant additives, such as viscosity index improver, pour point depressant, and dispersant. The increasing sales of passenger and commercial vehicles, globally, are driving the overall maleic anhydride market.
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Additionally, the motorization rate has increased over the past five years in developed and the developing countries, owing to the increasing disposable income of people and industrial growth. The consistent rise in the number of vehicles is increasing the demand for engine oil, functional fluids, and automotive components in the emerging economies; thus, positively influencing the maleic anhydride market.
Key Takeaways from the Market Study
- Global Maleic Anhydride Market to flourish at a value of US$ 4.1 Bn from 2022-2032
- N-butane to be top raw material, flourishing at a 3.4% CAGR until 2032
- By Application, the Lubricating Oil Additives segment of the Maleic Anhydride to expand at a CAGR of 3.3%
- The US to emerge as the fastest growing Maleic Anhydride Market, documenting a 3.2% CAGR
- China to be the second most opportunistic market, expected to be valued at US$ 293.5 Million in 2032
- Japan, UK & South Korea to yield $ opportunities worth US$ 236.7 Million, US$ 168.2 Million, and US$ 147.7 Million respectively
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Competitive Landscape
The global market for Maleic Anhydride is characterized by the presence of multiple vendors, aiming to offer extensive products to consumers. Additionally, key makers are focusing on developing the technologies supported by the implementation of stringent government regulations, and are offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.
- In July 2020, Polynt-Reichhold Group announced to build a 50,000 tons capacity greenfield maleic anhydride plant, to be located at its Morris, Illinois site.
- In September 2019, Huntsman Corporation acquired its remaining 50% interest in the Sasol-Huntsman maleic anhydride joint venture. The acquisition helped Huntsman fully integrate its European business and cater to the specific needs of its key customers, including construction and coatings.
- In December 2019, Nippon Shokubai and Sanyo Chemical merged their respective businesses via a share transfer to form an integrated holding company named Synfomix Co. Ltd. (Kyoto, Japan). The materials division of Synfomix will manufacture products, including ethylene oxide, ethylene glycols, ethanolamines, acrylates, acrylic hydroxy monomers, superabsorbent polymers, maleic anhydride, and maleic anhydride derivatives.
Key Segments Covered in the Maleic Anhydride Industry Report
- Maleic Anhydride Market By Raw Material :
- n-butane
- Benzene
- Maleic Anhydride Market By Application :
- UPR
- 1,4 – BDO
- Lubricating Oil Additives
- Copolymers
- Others
- Maleic Anhydride Market By Region :
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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More Valuable Insights
The study, in its new offering, presents an unbiased analysis of the global Maleic Anhydride Market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
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About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the chemicals and materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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