The global market for maleic anhydride is expected to reach USD 6,788.8 million by 2020, according to a new study by Grand View Research, Inc. Increasing demand for unsaturated polyester resins and BDO is expected to augment market growth over the next six years. In addition, an upturn in the lubricant industry in recent times is also expected to mirror in maleic anhydride demand. Growing demand for maleic anhydride in the automotive industry of Asia Pacific, primarily China and India, is also expected to drive the industry. Commercialization of bio-based maleic anhydride is expected to serve as a key market opportunity in the near future.
Unsaturated polyester resins were the largest application segment accounting for maleic anhydride demand of 1,034.8 kilo tons in 2013 and revenue of USD 2,086.5 million. Increasing demand in end-use applications such as marine, automobile and construction industry is expected to surge demand for unsaturated polyester resins over the forecast period. BDO was the second largest application with market share of 19.2% and global demand of 408.0 kilo tons in 2013. The market is expected to witness lucrative growth due to rising demand in elastic fibers, coatings, polyurethanes and polybutylene terepthalate in automotive industry.
Further key findings from the study suggest:
- Global maleic anhydride demand was 2,100.7 kilo tons in 2013 and is expected to reach 3,073.2 kilo tons by 2020, growing at a CAGR of 5.6% from 2014 to 2020.
- Asia Pacific was the leading regional market for maleic anhydride accounting for over 50% of global demand, valued at USD 2,279.8 million, in 2013. The market is expected to show rapid growth.
