The global maleic anhydride market size is projected to reach USD 4.38 billion by 2025 registering a CAGR of 6.7%, according to a new report by Grand View Research, Inc. Maleic anhydride is used to manufacture 1,4-Butanediol (BDO), which has a high demand from the textile industry and the manufacturers of Tetrahydrofuran (THF) and Polyurethane (PU). 1,4-BDO is an organic compound used as an industrial solvent & cleaner and glue remover.
It is a key raw material for manufacturing spandex via producing polytetramethylene ether glycol. 1,4-BDO has majorly replaced rubber in most textile applications, such as foundation garments, girdles, suspenders, waistbands, hosiery, and socks. One of its major products, spandex, is widely used for manufacturing stretchable clothing as it is flexible and durable. Increasing demand for fibers with ‘memory’ and high-quality blends that offer suppleness and comfort to leather products has driven the demand for 1,4-BDO.
The European market is expected to witness a steady growth owing to rising demand in end-use industries and innovation in the lubricant sector. The thriving marine activities in the region are expected to boost demand for marine lubricants. Growing construction sector in Eastern Europe will further augment the demand for maleic anhydride.
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Further key findings from the study suggest:
• Unsaturated Polyester Resin (UPR) application segment accounted for over 50% of the overall share in 2018 owing to increasing application scope in construction and automotive industries
• Rising THF and spandex demand for sports apparels is anticipated to fuel the BDO segment over the forecast period
• Increasing number of global sport events, such as Olympics and FIFA World Cup, is expected to have a positive impact on the segment growth
• Central & South America is emerging as a significant market. Growing demand, sufficient availability of raw material, and increasing economic status have led major European companies to shift their manufacturing bases to this region
• Major companies in the maleic anhydride market include Bartek Ingredients, Baotie Hebei, Thirumalai Chemicals Limited, Nippon Shokubai Co., Ltd., MOL Hungarian Oil and Gas PLC, BASF, and Mitsubishi Chemicals
Grand View Research has segmented the global maleic anhydride market on the basis of application and region.
Maleic Anhydride Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• Unsaturated Polymer Resin (UPR)
• 1-4, Butanediol (BDO)
• Additives
• Copolymers
• Others
Maleic Anhydride Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
• North America
o U.S
o Canada
• Europe
o Germany
o France
o Italy
o U.K.
• Asia Pacific
o China
o India
o Japan
o South Korea
• Middle East & Africa
• Central & South America
o Brazil