CHICAGO, March 4, 2020 /PRNewswire/ -- According to the new market research report "Maleic Anhydride Market by Raw Materials (N-butane and Benzene), Application (Unsaturated Polyester Resins (UPR), 1,4-butanediol (1,4-BDO), Lubricating Oil Additives, and Copolymers), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Maleic Anhydride Market is projected to reach USD 3.5 billion by 2024, at a CAGR of 4.5% from USD 2.8 billion in 2019.
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The market is driven by the growing automotive industry and rapid industrialization in the APAC region. The growing automotive industry in emerging economies, such as China, India, and Japan, is fueling the growth of the maleic anhydride market in the region. Another major factor contributing to the growth of the maleic anhydride market is rising global demand for UPR and 1,4-BDO.
N-butane-based maleic anhydride to register the highest CAGR in the global maleic anhydride market, between 2019 and 2024
The maleic anhydride market is segmented by raw material into n-butane and benzene. N-butane is the widely used raw material and witnesses the highest CAGR in the global maleic anhydride market. The factors driving the n-butane-based maleic anhydride market are its low-cost process with higher productivity, low risk involved, and less complex production process. It is also less harmful to the environment and therefore preferred over benzene.
UPR to be the fastest-growing application segment of the global maleic anhydride market during the forecast period
UPR is projected to be the fastest-growing application of maleic anhydride during the forecast period. This is due to the rapid growth of the building & construction, automotive, and marine industries in the APAC region. In addition, the increasing demand for automobiles can be attributed to the increasing disposable income of people and industrial growth in this region.
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APAC to be the largest as well as the fastest-growing market for maleic anhydride during the forecast period
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.
The key Maleic Anhydride Market players profiled in the report include Huntsman International LLC (US), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co., Ltd. (China), LANXESS (Germany), Nippon Shokubai Co., Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), Ningbo Jiangning Chemical Co., Ltd. (China), and Gulf Advanced Chemical Industries Co., Ltd. (GACIC) (Saudi Arabia) among others.
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