Press release
Chemical Catalyst: Maleic Anhydride Market Trends 2024
Maleic Anhydride Market Trends
The maleic anhydride market size is expected to see strong growth in the next few years. It will grow to $4.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to environmental regulations, plasticizers and resins, transportation industry, electronic devices, packaging industry. Major trends in the forecast period include smart materials and composites, green infrastructure, sustainable chemistry innovations, bio-based maleic anhydride, advanced polymer applications.
Market Overview -
The maleic anhydride is used for the manufacturing of unsaturated polyester resins (UPR), as lubricating oil additives, as dispersants, and corrosion inhibitors. It is a chemical intermediate formed after the oxidation of benzene or butane in the presence of a vanadium oxide catalyst. Maleic anhydride is a colorless or white solid, cyclic dicarboxylic anhydride organic chemical. MAN is used as a food preservative, flavor enhancer, and artificial sweetener after converting to maleic or fumaric acid and has broad applications in pharmaceutics, agricultural products, and surfactants.
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Global Demand For Automobiles Fuels Growth In The Maleic Anhydride Market
The rising demand for automobiles globally has contributed to the growth of the maleic anhydride market. The automobile industry is a business of producing and selling self-powered vehicles, including passenger cars, trucks, farm equipment, and other commercial vehicles. The automobile industry uses unsaturated polyester resin (UPR) derived from maleic anhydride for building parts due to its design versatility, lightweight, and mechanical properties. According to a report from January 2021, General Motors Co. (GM) reported a 4.8% increase in deals, while Toyota and Volkswagen saw their deals rise by 9.4% and 10.8%. This rise has, in turn, boosted the growth of maleic anhydride and its product market.
Competitive Landscape -
Major companies operating in the maleic anhydride market include Huntsman Corporation, Lanxess AG, Mitsubishi Chemical Corporation, HELM AG, Ningbo Jiangning Chemical Co. Ltd., Nippon Shokubai Co. Ltd., Ashland Global Holdings Inc., Changzhou Shuguang Chemical Co. Ltd., Bartek Ingredients Inc., BASF SE, Cepsa Química S.L.U., Polynt S.p.A., Sasol Limited, Flint Hills Resources LP, Zibo Qixing Tengda Chemical Co. Ltd., Yongsan Chemicals Inc., Tianjin Bohai Chemicals, Thirumalai Chemicals Limited, Gulf Advanced Chemical Industries Co. Ltd., MOL Group, Yunnan Yunwei Company Limited, Jiangyin Shunfei Fine Chemical Co. Ltd., Jiangsu Zhongteng Chemical Co. Ltd., Fuso Chemical Co. Ltd., Mitsui Chemicals Inc., Shandong Hongxin Chemical Co. Ltd., Baotie Hebei Chemical Industry Co. Ltd., Aekyung Petrochemical Co. Ltd., DSM NV, Merck & Co. Inc., Bluestar Harbin Petrochemical Corporation, INEOS, NAN YA PLASTICS CORPORATION, China National Chemical Corporation, Hexion Inc., Lonza Group AG, Zibo Qixiang Tengda Chemical Co. Ltd., Zhejiang Weishi Biotechnology Co. Ltd., Zouping Qili Additives Co. Ltd.
Elevated R&D Investments And Innovative Applications Drive Growth In The Maleic Anhydride Market
Increased investments in research and development are a key trend gaining popularity in the maleic anhydride markets. Major pharmaceutical companies operating in the maleic anhydride market are focused on exploring the potential of L-malic acid in dietary supplements. There has been a substantive demand for cardioprotective and immunity-boosting ingredients all over the world. For instance, the current and tenth editions of the global maleic anhydride market size outlook to 2028 estimate the market to register a moderate-to-high growth rate during the forecasted period. Major companies in the maleic anhydride market are working to launch new products and solutions by modestly reducing R&D budgets and looking for investments. Additionally, malic acid has shown promise in treating patients with fibromyalgia, and the therapeutic application has thereby attracted sizable R&D investments from several pharmaceutical companies.
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Key Segments -
The maleic anhydride market covered in this report is segmented -
1) By Type: Solid Maleic Anhydride, Molten Maleic Anhydride
2) By Raw Material: Benzene, N-Butane
3) By Application: Unsaturated Polyester Resin, Copolymers, Lubricant Additives, Alkyl Succinic Anhydrides, Malic Acid, Furmaric Acid
4) By End User: Construction, Automobile, Food and Beverage, Oil Products, Electronics, Personal Care, Pharmaceuticals, Agriculture
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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