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.
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Further key findings from the study 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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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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