The global maleic anhydride market size is expected to grow from $3.07 billion in 2021 to $3.22 billion in 2022 at a compound annual growth rate (CAGR) of 5.10%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global maleic anhydride market size is expected to reach $4.03 billion in 2026 at a CAGR of 5.73%.
What is the Global Maleic Anhydride Market?
The maleic anhydride market consists of sales of maleic anhydride (MAN) by entities (organizations, sole traders, and partnerships) that are 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.
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What drives the Global 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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Global Maleic Anhydride Market Segments
The global maleic anhydride market is segmented:
By Type: Solid Maleic Anhydride, Molten Maleic Anhydride
By Raw Material: Benzene, N-Butane
By Application: Unsaturated Polyester Resin, Copolymers, Lubricant Additives, Alkyl Succinic Anhydrides, Malic Acid, Furmaric Acid
By End-User: Construction, Automobile, Food and Beverage, Oil Products, Electronics, Personal Care, Pharmaceuticals, Agriculture
By Geography: The regions covered in the maleic anhydride market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Maleic Anhydride Global Market Report 2022provides market size and growth forecasts for the global maleic anhydride market, global maleic anhydride market share, maleic anhydride market segments and geographies, maleic anhydride market competitive landscape including leading competitors’ revenues, profiles and market shares. The maleic anhydride market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Maleic Anhydride Industry Playersinclude Huntsman Corporation, Lanxess AG, Mitsubishi Chemical Corporation, Helm AG, Ningbo Jiangning Chemical Co. Ltd, Nippon Shokubai Co. Ltd., Ashland Inc, Changzhou Shuguang Chemical, Bartek Ingredients, BASF, Cepsa, Polynt group, Sasol, Flint Hills Resources, Zibo Qixing Tengda Chemical, Yongsan Chemicals Inc., Tianjin Bohai Chemicals, Thirumalai Chemicals Limited, Gulf Advanced Chemical Industries Co. Ltd., MOL group, Yunnan Yunwei Company Limited, Jiangyin Shunfei Fine chemical, Jiangsu Zhongteng Chemical, Fuso Chemical Co., Mitsui Chemicals, Shandong Hongxin Chemical Co. Ltd, Baotie Hebei, Aekyung Petrochemical Co. Ltd., DSM NV, Merck & Co. Inc., and Bluestar Harbin Petrochemical corp. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
