Maleic Anhydride Market Overview:
The maleic anhydride market is enjoying positive growth rate owing to its percolation in coating and polymer industries. But its well-cemented foothold in the automotive sector is what makes it a gainer. The market is anticipated to achieve a 6.65% CAGR during the forecast period (2018-2023) to reach an impressive valuation of USD 5.50 billion from its previous valuation of USD 3.4 billion in 2017. The report on the same market published by Market Research Future (MRFR) further incorporates a detailed analysis of the drivers such as the production of 1,4-butanediol (BDO), unsaturated polyester resins (UPR) and lubricants to provide an accurate maleic anhydride market scenario.
However, the maleic anhydride market is facing a steep task of overcoming the threats posed by government regulations and green alternatives. Maleic anhydride has side-effects which can have an adverse impact on health. Governments have issued regulations to curb the practice. But bio-based maleic anhydrides are awaiting green signal which can bring the maleic anhydride market back on its growth track.
Maleic Anhydride Market Segmentation Analysis:The global COVID-19 analysis on maleic anhydride market can be segmented by raw material, application, and end-user.
By raw material, the global maleic anhydride industry can be segmented into n-Butane and Benzene. N-Butane has the maximum market share as per the details of 2017.
Based on application, the maleic anhydride market report includes unsaturated polyester resin (UPR), copolymers, lubricant additives, alkenyl succinic anhydrides, malic acid, fumaric acid, and others. UPR, at present, is the market bellwether in terms of volume. But copolymers are about to record the fastest growth rate during the forecast period.
Based on end-users, the maleic anhydride market comprises construction, automotive, food & beverages, textile, pharmaceuticals, personal care, agriculture, and others. Construction segment has the maximum market share, but the automotive segment is about to register the fastest growth rate.
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Maleic Anhydride Market Regional Analysis:Geographic analysis of the maleic anhydride market incorporates North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and Middle East & Africa (MEA).
The APAC has the largest market share. The region is showing extraordinary growth rate in automotive and construction sectors which is squarely pushing the maleic anhydride market forward. Countries such as India, China, and Indonesia are making a substantial contribution to the regional maleic anhydride market growth.
Europe also has a substantial portion of the market. However, the region is expecting dampened speed owing to its slow growth in the construction sector and strict regulations regarding bio-sustainability imposed by governments that bog down the expected growth rate.
North America is also experiencing sluggish pace owing to a slowdown in downstream industries. However, Latin America’s market is expanding as many of the North American companies are shifting their base to Brazil and Argentina.
Prominent maleic anhydride market influencers are Ashland Inc. (US), Bartek Ingredients Inc. (Canada), Bluestar Harbin Petrochemical Corp. (China), Huntsman Corporation (US), Lanxess (Germany), Marathon Petroleum Corp. (US), Fuso Chemical Co. (Japan), Mitsubishi Chemical Corporation (Japan), Nan Ya Plastics Co.(China), Changzhou Yabang Chemical Co. Ltd (China), Helm AG (Germany), Polynt Group (Italy), Ningbo Jiangning Chemical (China), Nippon Shokubai Co. Ltd (Japan), Thirumalai Chemicals Ltd (India), and others.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.