Maleic Anhydride Market Value Share, Analysis and Segments 2016-2026
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Change in preference towards lighter, strongerand fiberglass composite materials in automotive, aerospace, turbine, and construction industries among others has increased rapidly in past five years. This in turn, has positively impacted the demand for unsaturated polyester resins (which are used to make aforementioned composite materials). Maleic anhydride is used as a one of the feedstock in the manufacturing of unsaturated polyester resins. Maleic anhydride is an acid anhydride of maleic acid, colorless to white organic compound and versatile chemical intermediate which is used to produce 1,4-butanediol, tetrahydrofuran (THF) and gamma-butyrolactone (GBL). It is primarily produced from feed stocks such as n-butane and benzene of which production from n-butane holds significant share. This is mainly attributed to low production cost and environment friendly nature of n-butane as compared to benzene. As benzene is toxic in nature and constitute high production cost. It can be used in the manufacture of alkyd resins, which is used for paint and coatings production. It is a vital component of gelling agents, food preservatives and flavor enhancers by converting maleic anhydride into maleic acid and fumeric acid. Moreover, it is also used to make elastane fibers; which are used in the production of spandex, paper sizing, hair sprays, hardeners for epoxy curing and water treatment chemicals.
Global Maleic Anhydride Market: Market Dynamics
Rising disposable income coupled with increasing penetration of spandex in compression stockings, sportswear and medical textiles among others has resulted into surge in demand for 1,4-butanediol. Hence, it is expected to increase the demand for maleic anhydride over the forecast period. The escalating growth in construction industry in BRIC and other developing countries is expected to drive the growth of the unsaturated polyester resins over the forecast period. This is mainly attributed to use of unsaturated polyester resins in heat resistant pipes and tanks. Thus, this is expected to increase the demand for maleic anhydride over the forecast period. Moreover, use of maleic anhydride with bio-based feed stocks polymers is projected to fuel the growth of the maleic anhydride market during forecast period.
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However, maleic anhydride is primarily produced from butane as a feedstock. Thus, rising concerns pertaining to depletion of crude oil is expected to challenge the growth of the maleic anhydride market over the forecast period. In addition to this, use of bio based succinic acid as an alternative to maleic anhydride can be the challenging factor for the growth of the maleic anhydride market over the forecast period.
Global Maleic Anhydride Market: Segmentation
On the basis of application, global maleic anhydride market is segmented as below:
On the basis of end-use industries, global maleic anhydride market is segmented as below:
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Global Maleic Anhydride Market: Regional Outlook
North America and Western Europe have witnessed moderate growth in global maleic anhydride market and it is expected to witness the same growth over the forecast period. This is mainly attributed to environmental concerns pertaining to greenhouse gases emission resulted into slowdown of the production of alkyd resins and 1,4-butandiol among others. However, growth in the construction industry in developing countries is expected to increase the production of alkyd resins and 1,4-butandiol which in turn is expected to surge in demand for maleic anhydride over the forecast period. Thus, Asia Pacific excluding Japan, Latin America and Middle East and Africa are expected to witness significant growth over the forecast period. Furthermore, Asia Pacific excluding Japan (APEJ) region holds the largest value share in global maleic anhydride market.
Global Maleic Anhydride Market Participants
Some of the major players identified in the global maleic anhydride market are as follows:
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Nov 15, 2016