The global maleic anhydride market research report by Technavio forecasts the market to post a CAGR of more than 7% during the period 2019-2023.
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Technavio has published a new market research report on the global maleic anhydride market from 2019-2023. (Graphic: Business Wire)
A key driver for the global maleic anhydride market is the increase in demand from developing countries. Strong contributions from developing economies such as India, China, Brazil, Mexico, and Indonesia have been contributing to the growth of the global maleic anhydride market. This has resulted in several maleic anhydride vendors shifting their manufacturing activities to these countries. In addition, factors such as easy availability of raw materials and land, low-cost labor, low transportation costs, and lenient government regulations and policies are augmenting market growth in the APAC region.
As per Technavio, the increase in demand for alkyd resins will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global maleic anhydride market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global maleic anhydride market: Increase in demand for alkyd resins
Maleic anhydride is increasingly being used in the production of alkyd resins, which will boost market prospects during the forecast period. Alkyd resins are produced from the reaction of polybasic acids or anhydrides with polyhydric alcohols. The use of maleic anhydride as a partial replacement to phthalic anhydride helps in enhancing various characteristics of paint films such as their strength, durability, and weather resistance.
“Maleic anhydride enhances the condensation time of alkyd resins. It is used prior to the addition of phthalic anhydride as it forms links with the double bonds of vegetable oils. The formation of links helps in improving the stereo chemical structure to enhance the viscosity of resins in a short period of time. For instance, acrylate alkyd resin with a copolymer of maleic anhydride and n-butyl methacrylate provides quick drying time, adhesion, and resistance to scratch in various corrosive environments,” says a senior research analyst at Technavio.
Global maleic anhydride market: Segmentation analysis
This maleic anhydride market analysis report segments the market by application (unsaturated polyester resin (UPR), 1,4-BDO, additives, and others), raw material (benzene and n-butane), and geography (the Americas, APAC, and EMEA).
The UPR segment held the largest maleic anhydride market share in 2018, accounting for nearly 50% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018, followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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