Growth in Demand from Lubricant & Automotive Industries Expected to Drive World Maleic Anhydride Market over the Forecast Period: Ken Research
Maleic anhydride is an organic compound with formula C2H2 (CO) 2O. It is an acid anhydride of maleic acid. It is a white or colorless solid with an acrid odor. It is versatile chemical intermediate, used to produce tetrahydrofuran (THF), 1, 4-butanediol, and gamma-butyrolactone (GBL). Its molecular structure makes it an excellent crosslinking & conjunction agent. It is soluble in alcohol, acetone & ether and insoluble in carbon tetrachloride & petroleum ether. It is used as an additive in lubricants for increasing the engine’s performance & efficiency by protecting it from scaling & corrosion. It is also used as a corrosion inhibitor in gasoline and as a dispersant in crank oil.
According to study, “World Maleic Anhydride Market Research Report 2024(covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world maleic anhydride market are Huntsman Corporation, Polynt Group, Sasol-Huntsman, Thirumalai Chemicals Ltd., Lanxee AG, Yongsan Chemicals Inc., Flint Hills Resources, DSM, BASF SE, Ashland Inc., Bartek Ingredients Inc., Changzhou Yabang Chemical Co. Ltd., Bluestar Harbin Petrochemical Corp., Compania Espanola De Petroleos, SA, Fuso Chemical Co. Ltd., Mitsui Specialty Chemicals Co. Limited, Helm Chemicals, Marathon Petroleum Corp., Nan Ya Plastics Co., Mitsubishi Chemical Corporation, Nippon Shokubai Co. Ltd., Shandong Hongxin Chemicals Co. Ltd., Ningbo Jiangning Chemical, Zibo Qixiang Tengda Chemical Co., Taiyuan Qiaoyou Chemical Industrial Co. Ltd., Tianjin Bohai Chemical Industry I&E Corp.
Based on type, maleic anhydride market is segmented into molten maleic anhydride and solid maleic anhydride. Based on raw material, market is segmented into benzene and n-butane. N-butane is used in the production of maleic anhydride, synthetic rubber, ethylene, and acetic acid and its by-products. N-butane holds significant share in market owing to environment friendly nature and low production cost. Based on application, market is segmented into copolymers, alkenyl succinic anhydrides, Unsaturated Polyester Resin (UPR), additives (lubricants & oil), fumeric acid, malic acid and others. UPR is widely used as body filler for reconstruction & repair of damaged parts of vehicles. In addition, based on end-use industry, market is segmented into automotive, textile, personal care, construction, food & beverages, pharmaceuticals, agriculture and others.
The maleic anhydride market is driven by growth in demand from lubricant & automotive industries, followed by rise in demand for UPR, increase in disposable income, rise in consumer spending on personal care product and growth of end-user industries in emerging nations. However, increase in government regulations may impact the market. Moreover, upcoming plant projects & involvement of huge capital expenditure and commercialization of bio-based maleic anhydride are key opportunities for market.
Based on geography, China country holds major share in maleic anhydride market owing to growth in automotive & construction industries, low labor & transportation costs and easy availability of land & raw materials in the country. The EU and USA are expected to witness higher growth rate due to rise in oil & gas industry and increase in demand for fuel-efficient vehicles over the forecast period. The market is anticipated to grow at a CAGR of approximately 8.9% over the next five years, will reach US $3730 million in 2024, from US $2240 million in 2019.
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Ankur Gupta, Head Marketing & Communications