WASHINGTON, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Maleic Anhydride Market finds that the soaring demand for unsaturated polyester resin is accelerating the market growth. In addition, the increasing demand for lubricating oil additives in different regions and technological advancements in manufacturing technologies are anticipated to enhance the Global Maleic Anhydride Market growth during the forecast period.
The Global Maleic Anhydride Market revenue is expected to reach a value USD 3.1 Billion in 2028.
The Global Market revenue was valued at USD 2.5 Billion in 2021 and is expected to grow and exhibit a Compound Annual Growth Rate (CAGR) of 3.9% during the forecast period; states Vantage Market Research, in a report, titled “Maleic Anhydride Market Size, Share & Trends Analysis Report by Raw Material (N-Butane, Benzene), by Application (UPR, 1,4-BDO, Lubricating Oil Additives, Copolymers), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
The global Maleic Anhydride Market was valued USD 2.5 Billion in 2021 and is all set to surpass USD 3.1 Billion by 2028, exhibiting a CAGR of 3.9% during the forecast period 2021-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Maleic Anhydride industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
A Rise in Demand for UPR & 1, 4-BDO in the Automotive Industry to Drive the Market Growth
The growth in the selling of passenger cars and commercial vehicles is expected to propel the Maleic Anhydride Market in the automotive manufacturing industry. In addition, Maleic Anhydride Market is utilized as an ingredient in UPR that is further used in manufacturing automotive composites like body panels, closure panels, fenders, Grille Opening Reinforcement, headlamp reflectors, heat shields, and pick-up boxes. Also, Maleic Anhydride Market copolymers produce lubricant additives such as viscosity index improver, pour point depressant, and dispersant. As a result, the rising sales of passenger and commercial vehicles across the globe are enhancing the Maleic Anhydride Market growth.
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Furthermore, in the past five years, the motorization rate has been augmented in developed & developing regions. This is mainly because of the increase in disposable income of people and the industrial expansion. Besides, the consistent growth in the number of vehicles is escalating the demand for functional fluids, engine oil, and automotive components in developing countries; as a result, influencing the Maleic Anhydride Market growth indeed.
Lubricating Oil Additives
Middle East & Africa
The report on Maleic Anhydride Market highlights:
Assessment of the market
Historic Data, Estimates, and Forecast
Global and Regional Dynamics
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Asia Pacific Dominated the Global Maleic Anhydride Market
Asia Pacific is dominating the Global Maleic Anhydride Market and is expected to continue its dominance during the forecast period owing to the increase in automotive production. Moreover, the increasing domestic industries, growing demand from end-use industries, and rise in use of Maleic Anhydride Market in several applications like pharmaceuticals and agricultural chemicals.
The Asia Pacific has emerged as the prominent manufacturer and consumer owing to the favorable government initiatives by the Indian and Chinese governments. In this region, most of the demand will likely come from the construction and plasticizers businesses. As a result, the growth in the construction industry is one of the critical aspects fuelling the applications of Maleic Anhydride Market in the region. Also, the increase in disposable income, rapid industrialization, and the surge in construction expenses in developing economies such as India, China, Japan, and Indonesia will propel the product demand.
List of Prominent Players in Maleic Anhydride Market:
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)
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)
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Maleic Anhydride Market Size, Share & Trends Analysis Report by Raw Material (N-Butane, Benzene), by Application (UPR, 1,4-BDO, Lubricating Oil Additives, Copolymers), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
May 2021: The first phase of Ibn Sina Petrochemical Company's Maleic Anhydride Market project will be introduced in Mahshahr soon. Under the National Petrochemical Company, the project will be the first plant to complete the butane feedstock supply value chain. The first phase of the Maleic Anhydride Market project consists of the butane separation unit and is likely to be put into operation shortly; adding Maleic Anhydride Market is extensively used in the production of the unsaturated resin and is now a big part of the country's needs in the production of unsaturated polyesters is met through imports.
September 2020: AOC Resins, a leading producer and supplier of resins and specialty materials, announced it had successfully acquired the Maleic Anhydride Market business and manufacturing facility in Neal, West Virginia, from Ashland Global Holdings. The purchase of the Maleic Anhydride Market business strengthens the supply chain for vital ingredients in making the unsaturated polyester resins (UPR)—AOC’s primary business. Also, it creates new opportunities in the Maleic Anhydride Market merchant market that was unattainable before the acquisition.
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Maleic Anhydride Market for the base year and forecast period?
This market titled “Maleic Anhydride Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
• Raw Material
Region & Counties Covered
• North America
• Huntsman Corporation (US)
Market growth drivers, restraints, opportunities, Porter’s five forces analysis,
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