Maleic Anhydride Market to Reach Valuation of USD 3.1 Billion by 2028 – Rising Penetration of Composite Materials in the Aerospace, Construction, and Automotive Industries Drives the Market

In terms of revenue, the Global Maleic Anhydride Market is expected to reach USD 3.1 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.80% from 2022 to 2028.

Maleic Anhydride is used in several industrial chemicals, including lubricating oil additives, fumaric acid, UPRs, malic or maleic acid, and succinic anhydrides. Growing UPR demand in the automotive sector, rising wind energy industries, and increasing demand for 1,4-Butanediol (BDO) are some major factors augmenting the growth of the Maleic Anhydride Market in the coming years.

Key Highlights from Report:

· N-butane raw material segment is anticipated to be the fastest growing segment in the Maleic Anhydride Market during the forecast period. The increasing demand from the construction and automotive sector is the crucial reason for the segmental growth of the market. In addition, stringent government rules for developing maleic anhydride are expected to boost the segmental growth of the Maleic Anhydride Market.

· The Lubricating Oil Additives, from the Application segment, held the largest share of the Maleic Anhydride Market in 2021. This growth is primarily accounted for owing to the extensive use of maleic anhydride in developing hydraulic fluids and lubricating oil. In addition, this oil is also used to prevent corrosion and dispersion of diesel and gasoline engines, bolsters the segmental growth of the Maleic Anhydride Market.

· Asia Pacific is accounted to have the potential growth of the Maleic Anhydride Market in 2021. Factors such as growing demand from end-use industries, increasing domestic sectors, and extensive usage of maleic anhydride in different applications, such as pharmaceuticals, chemicals, and agriculture, are expected to witness the growth of the Maleic Anhydride Market during the forecast period in this region.

Market Dynamics:

Maleic anhydride is used in UPR, which is further used to make automotive parts such as body panels, fenders, closure panels, heat shields, headlamp reflectors, pick-up boxes, and Grille Opening Reinforcement (GOR). In addition, there is a rapid increase in the sales of commercial and passenger vehicles, which automatically increases the automotive industry demand. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), the total sale of a passenger vehicle has increased from 2,711,457 to 3,069,499 units from April 2020 to March 2021. Thus, increasing passenger and commercial vehicle demand is expected to fuel the growth of the Maleic Anhydride Market over the projected period. In addition, the increased motorization rate in developed and developing countries is accelerating the development of the Maleic Anhydride Market in recent years.

Asia Pacific is accounted to have the potential growth of the Maleic Anhydride Market in 2021. This growth is accelerated owing to the rising demand from the automotive industry in this region. In addition, favorable government initiatives and growing construction spending in developing countries such as India, Indonesia, and China are predicted to boost the growth of the Maleic Anhydride Market during the forecast period in this region. Furthermore, increasing engagement of multiple leading players for their strategic development is also responsible for the regional growth of the market. For instance, Nippon Shokubai and Sanyo Chemical have merged their respective businesses to form an integrated holding company named Synfomix Co. Ltd. (Kyoto, Japan).

The Global Maleic Anhydride Market is Segmented as follows:

• Raw Material
  • N-Butane
  • Benzene
• Application
  • UPR
  • 1,4-BDO
  • Lubricating Oil Additives
  • Copolymers
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of Key Players of the Global Maleic Anhydride Market is:

Huntsman Corporation (US), Changzhou Yabang Chemical Co. Ltd. (China), Shanxi Qiaoyou Chemical Co. Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co. Ltd. (China), Mitsubishi Chemical Corporation (Japan), Nippon Shokubai Co. Ltd.(Japan), LANXESS AG( Germany), Gulf Advanced Chemical Industries Co. Ltd. (Saudi Arabia), Ningbo Jiangning Chemical Co. Ltd. (China), China Bluestar Harbin Petrochemical Co. Ltd.(China), Nan Ya Plastics (Taiwan), Shijiazhuang Bailong chemical Co. Ltd. (China), Yongsan Chemical Co. Ltd. (South Korea), IG Petrochemicals Ltd. (India), MOL PLC (Hungary), PT Justus Sakti Raya (Indonesia), Global Ispat Koksna Industrija D.O.O. Lukavac (Bosnia & Herzegovina), Tianjin Bohai Chemical Industry Group Co. Ltd. (China), Cepsa (Spain), Ruse Chemicals (Bulgaria), Yunnan Yunwei Company Limited (China), Shanxi Taiming Chemical Industry Co. Ltd.( China), Huanghua Hongcheng Business Corp. Ltd. (China), Aekyung Petrochemical Co. Ltd. (South Korea)

The Global Maleic Anhydride Market Scope can be tabulated as below: