The maleic anhydride market size is projected to reach USD 3.5 billion by 2024 from USD 2.8 billion in 2019, at a CAGR of 4.5%, during the forecast period. The growing demand for maleic anhydride in countries such as China, India, and Japan from the building & construction and automotive industries is expected to fuel the growth of maleic anhydride in the region. The market is evolving, with major players playing a crucial role in the development of new and advanced products.
APAC is the largest of maleic anhydride market and is expected to witness the highest CAGR between 2019 and 2024. Stable economic growth in the APAC region, coupled with rising disposable income, is driving the market for maleic anhydride. In addition, increased demand for maleic anhydride in key countries, such as China, Japan, and India, are contributing to the growth of the maleic anhydride market in the region.
Huntsman International LLC (US), Huntsman International LLC (US), Nippon Shokubai Co., Ltd. (Japan), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co., Ltd. (China), and LANXESS (Germany) are the major players in this market.
To know about the assumptions considered for the study download the pdf brochure
Huntsman International (US) is focusing on acquisition to meet the growing demand in the market. For instance, in September 2019, Huntsman acquired its remaining 50% interest in the Sasol-Huntsman maleic anhydride joint venture. The acquisition is expected to help Huntsman to fully integrate its European business and cater to the specific needs of its key customers, including construction and coatings.
Nippon Shokubai Co., Ltd. (Japan) is focusing on partnerships to meet the growing demand for maleic anhydride. For instance, in December 2019, the Nippon Shokubai (Japan) and Sanyo Chemical (Japan) have entered into an agreement to merge their respective businesses via a share transfer to form an integrated holding company named Synfomix Co. Ltd. (Kyoto, Japan). The companies plan to establish Synfomix on 1st October 2020. The materials division of Synfomix will manufacture products, including ethylene oxide, ethylene glycols, ethanolamines, acrylates, acrylic hydroxy monomers, superabsorbent polymers, maleic anhydride, and maleic anhydride derivatives.
Polynt-Reichhold Group (Italy) is focusing on expansion to strengthen its position in the maleic anhydride market. For instance, in September 2019, Polynt-Reichhold installed a new reactor for its maleic anhydride plant, with an annual capacity of 60 kilotons per annum at the Ravenna site, which will start its operation in 2021. This will help the company to support its own internal consumption of maleic anhydride and cater to the growing demand from the composites business.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=31705758
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/maleic-anhydride-market-31705758.html