(MENAFN- GetNews) According to report published by Grand View Research, Rising UPR demand in various end-use industries including construction and automotive is expected to drive maleic anhydride market growth over the next eight years. Growing maleic anhydride demand for additives manufacturing for fuel oils and lubricants is expected to drive Maleic Anhydride market growth in near future.
According to a report,"Maleic Anhydride Market Analysis By Application (Unsaturated Polyester Resins (UPR), 1,4-Butanediol (BDO), Additives, Copolymers) And Segment Forecasts To 2024", published by Grand View Research, Inc., the global maleic anhydride market is anticipated to reach USD 4.11 billion by 2024. Rising UPR demand in various end-use industries including construction and automotive is expected to drive growth over the next eight years.
Key Takeaways from the report:
The global maleic anhydride market demand was 1,845.0 kilo tons in 2015 and is expected to reach 2,987.2 kilo tons by 2024, growing at a CAGR of 5.5% from 2016 to 2024
Asia Pacific was the leading regional market with demand share estimated at 57.6% in 2015. In addition, the region is expected to grow at fastest rates over the next eight years owing to increasing UPR consumption in construction and automotive industries particularly in China, India, and Indonesia.
North America maleic anhydride demand accounted for 14.7% of the global volume in 2015.The U.S. MAN market is estimated to grow at a CAGR of 4.7% to reach a total demand of 327.4 kilo tons by 2024.
Central & South America MAN demand in lubricant and oil additives is anticipated to reach a net worth of USD 22.6 million by 2024. Significant developments in lubricant and fuel oil industries coupled with technological advancements are expected to steer demand in the sector.
Major players operating in the industry include Huntsman, DSM NV, Lanxess AG, Yabang Jiangsu, Nippon Shokubai Co Ltd, Polynt SpA, Ashland Chemical Co, and Flint Hills Resources.
U.S. maleic anhydride market volume by application, 2014 - 2024 (Kilo Tons)
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The majority of product produced globally is utilized for the production of UPR. The application segment accounted for 50.5% of the total demand in 2015. Growing construction, automotive and marine industry, especially in BRICS economies is expected to drive demand over the next eight years.
BDO is anticipated to witness the fastest growth over the next eight years owing to wide acceptance of the product in manufacturing synthetic chemicals such as polyurethane and tetrahydrofuran. The segment is anticipated to reach a net revenue of USD 435.9 million in China market by 2024, growing at an estimated CAGR of 8.7% from 2016 to 2024.
Grand View Research has segmented the global maleic anhydride market on the basis of application and region.
Global Maleic Anhydride Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Global Maleic Anhydride Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
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North America
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Europe
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Asia Pacific
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Middle East & Africa
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Central & South America
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass , by Grand View Research, Inc. About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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