Press release
Maleic Anhydride Market Recent Trends, Development, Growth and Forecast by 2031
The global maleic anhydride market size stood at US$ 2.7 billion in 2022 and is expected to reach US$ 4.2 billion by 2031, growing at a CAGR of 4.9%. This growth is driven by increasing demand for unsaturated polyester resins, 1,4-butanediol, and other maleic anhydride derivatives across diverse industries.
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Market Size and Growth:
The projected CAGR of 4.9% indicates steady market expansion, fueled by increasing industrialization and urbanization.
Asia Pacific is expected to lead the growth due to the expanding construction and automotive sectors in the region.
Europe and North America hold significant market shares, but growth is anticipated to be slower due to market maturity.
Market Segmentation:
By Application:
Unsaturated polyester resins (UPRs) dominate the market, used in construction, transportation, and other industries.
1,4-butanediol is witnessing significant growth due to its use in polybutylene terephthalate (PBT) production.
Other applications include food & beverage additives, pharmaceuticals, and lubricants.
By Industry Vertical:
Construction is the largest end-user, fueled by rising infrastructure development and urbanization.
Automotive and transportation sectors are witnessing robust growth due to lightweighting demands.
Food & beverage, pharmaceuticals, and electronics industries also contribute significantly.
Regional Analysis:
Asia Pacific leads the market, driven by China and India's booming economies and expanding industrial bases.
Europe and North America hold significant shares but face slower growth due to market maturity.
Latin America and the Middle East & Africa regions exhibit promising growth potential.
Market Drivers and Challenges:
Drivers:
Rising demand for UPRs, 1,4-butanediol, and other derivatives.
Growing construction and automotive industries in developing economies.
Increasing focus on lightweight materials and fuel efficiency.
Expanding applications in food & beverage, pharmaceuticals, and electronics.
Challenges:
Volatility in feedstock prices, primarily butane.
Stringent environmental regulations impacting production processes.
Intense competition from substitutes and alternative technologies.
Market Trends:
Growing demand for bio-based maleic anhydride for sustainable production.
Technological advancements in production processes for cost efficiency.
Focus on developing novel applications across diverse industries.
Increasing investments in R&D to explore new functionalities and applications.
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Future Outlook:
The maleic anhydride market is poised for steady growth, driven by expanding applications and regional demand. Sustainability, technological advancements, and innovative applications will shape the market's future.
Key Market Study Points:
Impact of COVID-19 pandemic on market dynamics.
Strategies adopted by key players to address challenges and capitalize on opportunities.
Potential mergers and acquisitions shaping the competitive landscape.
Regulatory environment and its influence on market growth.
Competitive Landscape:
Leading players include Ashland Global Holdings Inc., BASF SE, LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, and Vertellus Holdings LLC. These companies are focusing on expanding production capacities, diversifying product portfolios, and investing in R&D to maintain their competitive edge.
Recent Developments:
Expansion of production capacities in Asia Pacific by leading players.
Investments in bio-based maleic anhydride production facilities.
Development of new applications in the electronics and healthcare industries.
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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