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Maleic Anhydride Global market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Maleic Anhydride Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, September 13, 2024 /EINPresswire / -- The maleic anhydride market has experienced robust growth in recent years, expanding from $3.5 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to chemical manufacturing growth, polymer production, construction and infrastructure, automotive industry, furniture and appliances.
Strong Future Growth Anticipated
The maleic anhydride market is projected to continue its strong growth, reaching $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.
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Growth Driver Of 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.
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Major Players And Market Trends
Key players in the maleic anhydride market include Huntsman Corporation, Lanxess AG, Mitsubishi Chemical Corporation, HELM AG, Ningbo Jiangning Chemical Co. Ltd., Nippon Shokubai Co. Ltd.
Major companies operating in the maleic anhydride market are having investments to drive revenues in their market.
Segments:
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, Fumaric Acid
4) By End User: Construction, Automobile, Food and Beverage, Oil Products, Electronics, Personal Care, Pharmaceuticals, Agriculture
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the maleic anhydride market share in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the maleic anhydride market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Maleic Anhydride Market Definition
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.
Maleic Anhydride Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Maleic Anhydride Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on maleic anhydride market size, maleic anhydride market drivers and trends, maleic anhydride market major players, maleic anhydride competitors' revenues, maleic anhydride market positioning, and maleic anhydride market growth across geographies. The maleic anhydride market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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