The global maleic anhydride market is anticipated to reach USD 4.11 billion by 2024, according to a new report by Grand View Research, Inc. Rising UPR demand in various end-use industries including construction and automotive is expected to drive growth over the next eight years.
Growing maleic anhydride demand for additives manufacturing for fuel oils and lubricants is expected to drive market growth in near future. N-butane is the preferred raw material in MAN manufacturing owing to low cost, high productivity, less complex production process, and environment-friendly nature.
The majority of product produced globally is utilized for the production of UPR. The application segment accounted for 50.5% of the total demand in 2015. Growing construction, automotive and marine industry, especially in BRICS economies is expected to drive demand over the next eight years.
BDO is anticipated to witness the fastest growth over the next eight years owing to wide acceptance of the product in manufacturing synthetic chemicals such as polyurethane and tetrahydrofuran. The segment is anticipated to reach a net revenue of USD 435.9 million in China market by 2024, growing at an estimated CAGR of 8.7% from 2016 to 2024.
U.S. maleic anhydride market volume by application, 2014 – 2024 (Kilo Tons)
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Further key findings from the report suggest:
- The global maleic anhydride market demand was 1,845.0 kilo tons in 2015 and is expected to reach 2,987.2 kilo tons by 2024, growing at a CAGR of 5.5% from 2016 to 2024
- Asia Pacific was the leading regional market with demand share estimated at 57.6% in 2015. In addition, the region is expected to grow at fastest rates over the next eight years owing to increasing UPR consumption in construction and automotive industries particularly in China, India, and Indonesia.
- North America maleic anhydride demand accounted for 14.7% of the global volume in 2015.The U.S. MAN market is estimated to grow at a CAGR of 4.7% to reach a total demand of 327.4 kilo tons by 2024.
- Central & South America MAN demand in lubricant and oil additives is anticipated to reach a net worth of USD 22.6 million by 2024. Significant developments in lubricant and fuel oil industries coupled with technological advancements are expected to steer demand in the sector.
- Major players operating in the industry include Huntsman, DSM NV, Lanxess AG, Yabang Jiangsu, Nippon Shokubai Co Ltd, Polynt SpA, Ashland Chemical Co, and Flint Hills Resources.
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