Maleic Anhydride Market Forecast: Projections and Growth Opportunities and 2024 Forecast Study

Market Overview

The Maleic Anhydride Market is on a trajectory of growth, expected to reach a valuation of USD 4,867.7 million by 2033, with an estimated Compound Annual Growth Rate (CAGR) of 4.8% from 2024 to 2033. This growth is primarily attributed to the increasing demand for Unsaturated Polyester Resins (UPR), which are integral in fiberglass-reinforced resins, prominently used in various industries. Maleic anhydride serves as a fundamental component across multiple sectors, including resins, plastics, pharmaceuticals, and agrochemicals, with a notable role in producing durable and lightweight products such as countertops, sinks, and tubs.

Maleic Anhydride Market Growth Analysis

Key Takeaways

  1. Raw Material Dynamics: The n-butane category is anticipated to maintain its dominance in 2024, with significant revenue share. Additionally, benzene-based raw materials are expected to exhibit substantial growth potential.
  2. Application Dominance: Unsaturated Polyester Resins (UPR) are poised to dominate with a 50.3% revenue share in 2024, reflecting their extensive usage in various industries.
  3. Regional Influence: The Asia Pacific region is projected to lead the market, capturing 53.8% of the revenue share in 2024, driven by burgeoning construction, pharmaceutical, and personal care industries.

Use Cases

  • Manufacturing Fiberglass-Reinforced Plastics: Maleic anhydride is pivotal in producing unsaturated polyester resins, enhancing the strength and versatility of composite materials.
  • Agricultural Sector: Derivatives of maleic anhydride play a crucial role in enhancing the stability and efficacy of pesticides and herbicides.
  • Lubricant Additives: Maleic anhydride improves viscosity and thermal stability in lubricants, thereby enhancing overall performance.
  • Paper Industry: Acting as a sizing agent, maleic anhydride enhances water resistance and printability of paper.
  • Surfactants and Detergents: Maleic anhydride derivatives contribute to improving the emulsifying and dispersing properties of surfactants and detergents, facilitating effective cleaning.
  • Water Treatment: Maleic anhydride acts as a coagulant aid, aiding in impurity removal processes for cleaner water.

Get a Complimentary PDF Sample Copy Here@ https://dimensionmarketresearch.com/report/maleic-anhydride-market/request-sample/

Market Dynamics

The rising demand for unsaturated polyester resin, driven by its numerous advantages, has propelled the utilization of maleic anhydride. Its role extends beyond just resin production, encompassing critical functions in copolymer formation, particularly for sustainable applications like corrosion inhibition and protective coatings. The versatility of unsaturated polyester resins, coupled with increasing demand from sectors such as construction and sanitary ware, indicates a promising trajectory for maleic anhydride demand.

Research Scope and Analysis

By Raw Material

The dominance of n-butane as a raw material is expected to persist, owing to its robust demand from sectors like automotive and construction. This dominance is further reinforced by stringent regulations favoring eco-friendly substitutes, thereby bolstering the demand for n-butane-based maleic anhydride.

By Application

The dominance of Unsaturated Polyester Resins (UPR) is poised to continue, driven by its extensive applications in construction and aerospace industries. Additionally, emerging applications such as 1,4-Butanediol (BDO) further underscore the versatility and importance of maleic anhydride across industries.

Buy this exclusive report here@ https://dimensionmarketresearch.com/checkout/maleic-anhydride-market/

Regional Analysis

The Asia Pacific region is anticipated to maintain its leadership position, driven by robust growth in construction, pharmaceuticals, and personal care industries. Other regions, such as the Middle East & Africa, are also witnessing significant growth, fueled by demand from sectors like agriculture and construction.

Competitive Landscape

The Maleic Anhydride Market is characterized by intense competition, with both small- and large-scale manufacturers vying for market share. Strategic initiatives such as acquisitions and expansions are commonplace among industry participants to maintain their competitive edge.

Recent Developments

  1. Indian Oil Corporation: Approved the creation of India's first large-scale Maleic Anhydride Plant, emphasizing the company's commitment to expanding its product offerings.
  2. NEXTCHEM (MAIRE): Received a technology licensing and catalyst supply award, underscoring the company's focus on innovation and sustainability.
  3. BASF Environmental Catalyst and Metal Solutions (ECMS): Announced the acquisition of Arc Metal AB, aligning with the company's sustainability efforts and expanding its smelting capacity.
  4. PETRONAS Chemicals Group Berhad (PCG): Decided to fully acquire a Maleic Anhydride plant, reflecting the company's strategic growth initiatives.
  5. McDermott: Secured project management consultancy for a Maleic Anhydride unit, demonstrating the company's expertise and capabilities in executing large-scale projects.
  6. In December 2023, NEXTCHEM (MAIRE) received a technology licensing and catalyst supply award in China.
  7. In December 2023, BASF Environmental Catalyst and Metal Solutions (ECMS) acquired Arc Metal AB in Sweden.
  8. In June 2023, PETRONAS Chemicals Group Berhad (PCG) decided to fully acquire a Maleic Anhydride plant.
  9. In May 2023, McDermott secured project management consultancy from India Oil Corporation Limited for a Maleic Anhydride unit.
  10. In June 2022, Polynt unveiled its plan for an expansion project, involving setting up a new esterification plant in Mexico.

Conclusion

The Maleic Anhydride Market is poised for robust growth, driven by increasing demand from various industries and regions. With a focus on sustainability and innovation, industry players are continuously exploring new opportunities and expanding their product offerings to maintain a competitive edge in the market.

Posted in Default Category on April 01 2024 at 11:35 AM

Comments (0)

No login