Maleic Anhydride Market size worth $ 3.45 Billion, Globally, by 2028 at 3.24% CAGR: Verified Market Research®
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Global Maleic Anhydride Market Overview
MAN is an organic intermediate that produces industrial chemicals, like maleic acid, UPRs, lubricating oil additives, and alkenyl succinic anhydrides. These resins are synthesized using maleic anhydride, phthalic anhydride, propylene glycol, and adipic acid. UPR produces lighter and stronger fiberglass composites for cars, construction, wind turbine blades, and various consumer products. UPRs are widely used as body fillers for the reconstruction and repair of damaged parts of vehicles. Change in preference towards more lightweight, more robust, and fiberglass composite materials in automotive, aerospace, turbine, and construction industries have increased rapidly in the past five years. This, in turn, has positively impacted the demand for UPR. The rising global demand for UPR and the growth of end-user industries in developing nations are the significant factors driving the market's growth.
The major restraint for the market is Fluctuating crude oil resources all over the world. N-butane and benzene, the primary feedstock for manufacturing MAN feedstock's, highly depend on the crude and naphtha outputs. In addition, market growth may get hampered due to growing government regulations.
Key Developments in Maleic Anhydride Market
The major players in the market are Huntsman International LLC, Mitsubishi Chemical Corporation, LANXESS, Gulf Advanced Chemical Industries Co., Ltd., Ningbo Jiangning Chemical Co., Ltd., Zibo Qixiang Tengda Chemical, Global Ispat Koksna Industrija Lukavac, Huanghua Hongcheng Business Corp., Ruse Chemicals, and Shijiazhuang Bailong Chemical Co. Ltd.
Verified Market Research has segmented the Global Maleic Anhydride Market On the basis of Raw Material, Application, and Geography`.
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