As per SNS Insider’s research, the maleic anhydride market’s growth is underpinned by its versatile applications across multiple industries and the ongoing pursuit of sustainable and innovative solutions.
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Based on the SNS Insider report, the maleic anhydride market is projected to achieve a valuation of approximately USD 4.30 billion by 2030, marking a significant increase from its 2022 value of USD 3.03 billion, with an anticipated compound annual growth rate (CAGR) of 4.5% during the forecast period spanning from 2023 to 2030.
The Major Key Company Profiles included in Maleic Anhydride market study are:
- Ningbo Jiangning Chemical
- Changzhou Yabang Chemical Co. Ltd
- Ashland Inc.
- Bartek Ingredients Inc.
- Huntsman Corporation
- Lanxess
- Helm AG
- Marathon Petroleum Corp.
- Fuso Chemical Co.
- Mitsubishi Chemical Corporation
- Thirumalai Chemicals Ltd
- Bluestar Harbin Petrochemical Corp.
- Polynt Group
- Nan Ya Plastics Co.
- Nippon Shokubai Co. Ltd
Market Report Scope
Maleic anhydride is a versatile chemical compound with numerous industrial applications, particularly in the production of polymers, chemicals, and various products that enhance our daily lives. One of the most significant uses of maleic anhydride is in the production of polymers. It is a key raw material in the synthesis of various resins and polymers, including polyesters, polyamides, and alkyd resins. These materials are used in the production of paints, coatings, adhesives, and fiberglass.
Market Analysis
The maleic anhydride market has experienced steady growth over the years, driven by a combination of factors that continue to shape its dynamics. The construction industry’s sustained growth is a significant driver for the market. Maleic anhydride is widely used in the production of unsaturated polyester resins, which find applications in construction materials such as fiberglass-reinforced composites, laminates, and coatings. The automotive sector’s rapid expansion contributes significantly to the market. Maleic anhydride is employed in the manufacture of automotive parts, including bumpers, fenders, and interior components, due to its excellent adhesion and lightweight properties. The packaging industry is experiencing substantial growth, driven by e-commerce and changing consumer preferences. Maleic anhydride is used in the production of food packaging materials, adhesives, and coatings, thanks to its ability to enhance the material’s durability and barrier properties.
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The Maleic Anhydride Market Segments and Sub-Segments are Listed Below:
By Raw Material
- N-Butane
- Benzene
By Application
- Unsaturated Polyester Resin (UPR)
- Copolymers
- Lubricant Additives
- Alkenyl Succinic Anhydrides
- Malic Acid
- Fumaric Acid
- Others
By End-users
- Construction
- Automotive
- Food & Beverages
- Textile
- Pharmaceuticals
- Personal Care
- Agriculture
- Others
Impact of Recession
Recessions can have a multifaceted impact on the maleic anhydride market, affecting demand, supply chains, pricing, competition, and innovation. Companies operating in this market need to closely monitor economic conditions and adapt their strategies to navigate the challenges posed by economic downturns. Additionally, government policies and global economic trends can significantly influence the market’s trajectory during a recession.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced a range of challenges and uncertainties to the maleic anhydride market, including disruptions in supply, price volatility, and trade restrictions. However, it has also prompted companies to explore new strategies, such as diversifying suppliers and investing in research and development, to adapt to the changing landscape. The long-term impact of the conflict on the market will depend on various factors, including the duration of the conflict, geopolitical developments, and global economic trends.
Key Regional Development
North America, particularly the United States, is a significant consumer of maleic anhydride. The demand is driven by its use in the automotive, construction, and aerospace industries. The growth of these industries directly influences the market dynamics. As one of the largest chemical manufacturing hubs in Europe, Germany plays a vital role in the maleic anhydride market. The automotive and construction sectors’ health impacts the demand for maleic anhydride in this region. Emerging economies in the Asia-Pacific region, such as India and Southeast Asian countries, are experiencing increased demand due to infrastructure development and the growth of the chemical industry.
Key Takeaway from Maleic Anhydride Market Study
- The market is undergoing a significant transformation, with the benzene segment poised to play a dominant role in shaping its future. Maleic anhydride, a versatile chemical compound, finds extensive applications in various industries, and the benzene segment is emerging as a key contributor to this market’s growth.
- The copolymers segment is poised to dominate the market by offering versatile materials with enhanced performance, facilitating expansion in key industries like packaging, and aligning with sustainability objectives.
Recent Developments Related to Maleic Anhydride Market
- Petronas Chemicals, the Malaysian petrochemical giant, has recently announced its strategic move to acquire a maleic anhydride plant from BASF, a leading global chemical company. This acquisition marks a significant development in the petrochemical industry, with implications for both companies and the broader market.
- Bartek, a leading player in the chemical industry, is celebrating a significant milestone as it proudly announces the successful completion of the first phase of its ambitious capacity expansion project.
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Table of Contents – Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Maleic Anhydride Market Segment, By Raw Material
- Maleic Anhydride Market Segment, By Application
- Maleic Anhydride Market Segment, By End-users
- Regional Analysis
- Company Profile
- Competitive Landscape
- Conclusion
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