According to ChemAnalyst report, “Maleic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Maleic Anhydride market witnessed a demand of around 2.4 million tons globally in 2020 and is anticipated to grow at a significant rate with a healthy CAGR of 4.5% until 2030 owing to its surging demand for the production of UPRs and other derivatives.
Maleic Anhydride is a clear, colorless or white colored solid organic compound with a very solid strong and bitter smell. It is highly reactive in nature, easily miscible with water, ethanol, acetone and dioxane but partially soluble in benzene, chloroform, and toluene. Malic Acid is formed when MAN is dissolved in water. Maleic Anhydride is produced commercially by the oxidation of butane or benzene at a very high temperature (400-430oC). By Butane production method, it can be produced in either fixed bed or fluidized bed reactor. Fluidized bed process is preferred over fixed bed owing to its several advantages like no requirement of premixing coupled with the limited air hydrocarbon concentration in the feedstock. However, there are certain disadvantages also such as low by product formation, low conversion rates and catalyst abrasions. For large scale productions of Maleic Anhydride, Butane route is considered economically viable while Benzene route is preferred for medium scale productions.
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Maleic Anhydride (MAN) is prominently used for the production of Unsaturated Polyester Resin (UPR) that is further employed in several industrial applications. UPRs are used in the manufacturing of high-performance components that are utilized in transportation and marine industries such as closure and body panels, fenders, boat hulls/ decks and other large components. Unsaturated Polyester Resins also employed in manufacturing fiber reinforced plastics and filled plastic products like sanitary ware, pipes, tanks, gratings etc. The growing Building and Construction sector along with Automotive is going to drive the demand for Maleic Anhydride in the forecast period.
Maleic Anhydride also acts as a vital ingredient in the production of 1,4-butanediol and tetrahydrophthalic anhydrides (curing agents), MAN copolymers and Plasticizers. Moreover, Maleic Anhydride also finds application as a precursor, intermediate, or an additive in lubricants, Paints and resins, surfactants (water treatment detergents), food additives (fumaric acid, succinic acid & malic acid) and taste enhancers, pharmaceuticals, paper sizing, agrochemicals (Insecticides and pesticides), hairsprays, fuel additives, chemicals, and artificial sweeteners. The surging demand for Maleic Anhydride from Food and Beverages is expected to boost its market in the upcoming years.
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Based on its major derivatives, its market is segmented into product types such as Unsaturated Polyester Resin (URP),1,4-Butanediol, tetrahydrophthalic anhydrides, Plasticizers, Resins, Surfactants, Lubricant Additives, MA copolymers, Food Additives and Others. On the basis of the applications of MAN, the major end use industries are Automotive, Building and Construction, Food and Beverage, Agriculture, Electronics, Personal Care, Pharmaceutical, and Others. The growth in Automotive and Construction sector is likely to fuel the demand for Maleic Anhydride in the forecast period. However, the key raw materials, Butane and Benzene used for the production of MAN are derived from petrochemicals thus fluctuations in the prices of the crude oil directly influence the prices of Maleic Anhydride and its derivatives, which may hamper the growth of its market in the predicted years.
The sudden outbreak of the COVID-19 virus in the first half of 2020, across the globe led to the imposition of nationwide lockdown by the major economies. It resulted in trade restrictions. disruption in the functioning of several manufacturing plants, and disturbance in value and demand chain. The Maleic Anhydride market was also affected in the first wave of COVID-19 because its major end use industries such as Automobile, Construction and Electronics were drastically affected in the first wave of COVID -19. However, overall Maleic Anhydride industry was not much affected despite the pandemics due to the steady demand for MAN from food & beverages, pharmaceuticals, agriculture, and personal care sectors amid-Covid 19. Moreover, after the exemption of lockdown restrictions and resumption in the operations of all the industries in the second half of 2020, an improvement was witnessed in the Maleic Anhydride market as end use industries such as construction, Automotive and Electronics recovered rapidly and is expected to drive the demand for Maleic Anhydride in the forthcoming years.
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Region wise, Asia Pacific holds the maximum demand share of the Maleic Anhydride market and is expected that its Maleic Anhydride market would grow at a promising pace through 2030 owing to rapid industrialization, urbanization, and a huge manufacturing as well as consumer base in the region coupled with the ongoing construction projects and growing automobile and Pharmaceutical’s sector in the region. Additionally, China is the leading producer of electronics and agrochemicals which is likely to fuel the market for Maleic Anhydride in the forecast period.
According to ChemAnalyst report, “Maleic Anhydride Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Maleic Anhydride globally are Huntsman Corporation LLC., Polynt, LANXESS AG, HELM AG, Mitsubishi Chemical Corporation, Thirumalai Chemicals Ltd., Nippon Shokubai Co. Ltd., MOL Hungarian Oil & Gas Plc., Royal DSM N.V., and Others.
“Maleic Anhydride is identified as a highly used chemical, that is employed in almost all the chemical industries. Hence, its wide range industrial applications are anticipated to propel the Maleic Anhydride market growth in the forecast period. UPRs, Butanediols and tetrahydrophthalic anhydrides, Malic Acid are the major derivatives of Maleic Anhydride and finds applications in various end use industries. 1, 4 Butanediol is used in the production of fine chemicals, high performance polymers and solvents which are further utilized in numerous end use industries. Owing to all these applications of Maleic Anhydride and its derivatives, a surge in its demand is anticipated to drive its market growth through the forecast period and offer several opportunities for manufacturers to expand their capacities to fill demand and supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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