According to ChemAnalyst report, “Global Maleic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, 2015-2032”, The Maleic Anhydride market will likely experience a significant rise and reach approximately 3500 thousand tonnes in 2032, at an expected CAGR of 4.76% during the forecast period by 2032. The rising demand of Maleic Anhydride by Unsaturated Polyester Resin, 1,4-butandiol, Fumaric Acid, Lube Oil Additives, and Other end-use industries is expected to result in expansion of the Maleic Anhydride market in the forecast period.
The organic compound maleic anhydride has the chemical formula C2H2(CO)2O. This colourless-white compound is synthesized by conducting vapor-phase oxidation of n-butane along with vanadium-phosphorus oxide as a catalyst. Maleic anhydride is a popular choice of raw material for synthesizing resins and lubricative oils for industrial applications. It is one of the most extensively used chemical in applied chemistry. Maleic Anhydride also finds application as a precursor or additive in lubricants and food additives. Maleic anhydride is used to produce various commodities such as epoxy hardening agents, paper sizing, copolymers, hair care products, pharmaceuticals, sugar substitutes, paints, coatings, insecticides, and detergents.
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The Maleic Anhydride market globally is driven by its usage as a feedstock to produced industrially significant resins and polymers such as Unsaturated Polyester Resin. Unsaturated Polyester Resin Industry solely consumed approximately 50% of global Maleic Anhydride in 2021. Construction and transportation industries both use unsaturated polyester resin. Unsaturated polyester resins are mostly utilised for manufacturing cladding, tankers, pipelines, and bathroom accessories. This is likely to drive the global Maleic Anhydride market in the forecast period.
The global Maleic Anhydride market is segmented based on end-use, sales channel, and region. Based on demand, Asia Pacific dominates the global Maleic Anhydride market, making up approximately half of the global Maleic Anhydride market in 2021. The ongoing modernization, industrialization, and construction in response to the multiplying population are all expected to have an impact on the region’s market. It is anticipated that Asia Pacific will continue to dominate the market in the forecast years as well. Moreover, a strong demand for Maleic Anhydride from emerging economies like China, India and Japan is likely to propel the market growth of Maleic Anhydride.
Based on end-uses, the Maleic Anhydride market is segregated into Unsaturated Polyester Resin, 1,4-butandiol, Fumaric Acid, Lube Oil Additives, and Others. Out of all these sectors, the Unsaturated Polyester Resin Industry is the biggest consumer. 1,4-butandiol and Lube Oil Additives are the other major consumers of Maleic Anhydride.
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“Global Maleic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Company Share, 2015-2032”, the significant players employed in the Maleic Anhydride market are Qixiang tengda chemical, Huntsman Corporation, BASF, Taiyuan Qiaoyou Chemical Industrial, Shanxi Qiaoyou Chemical Co., Ltd, Sasol-Huntsman GmbH & Co., Lanxess, and Ningbo Jiangning Chemical Co. Ltd.
“The surging demand for Maleic Anhydride to produce industrially significant compounds and resins, primarily the Unsaturated Polyester Resin which is utilized by the construction and automobile industry is anticipated to drive the Global Maleic Anhydride market in the forecast period until 2032. Furthermore, its demand from the Lube Oil Additives is also expected to further contribute to the Global Maleic Anhydride market in the forecast period. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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