The global Maleic Anhydride Market size is projected to reach USD 4.38 billion by 2025 registering a CAGR of 6.7%, according to a new report by Grand View Research, Inc. Maleic anhydride is used to manufacture 1,4-Butanediol (BDO), which has a high demand from the textile industry and the manufacturers of Tetrahydrofuran (THF) and Polyurethane (PU). 1,4-BDO is an organic compound used as an industrial solvent & cleaner and glue remover.
It is
a key raw material for manufacturing spandex via producing polytetramethylene
ether glycol. 1,4-BDO has majorly replaced rubber in most textile applications,
such as foundation garments, girdles, suspenders, waistbands, hosiery, and
socks. One of its major products, spandex, is widely used for manufacturing
stretchable clothing as it is flexible and durable. Increasing demand for
fibers with ‘memory’ and high-quality blends that offer suppleness and comfort
to leather products has driven the demand for 1,4-BDO.
The
European market is expected to witness a steady growth owing to rising demand
in end-use industries and innovation in the lubricant sector. The thriving
marine activities in the region are expected to boost demand for marine
lubricants. Growing construction sector in Eastern Europe will further augment
the demand for maleic anhydride.
Related Press
Release@ Maleic Anhydride Market Report
Maleic Anhydride Market Report Highlights
- Unsaturated
Polyester Resin (UPR) application segment accounted for over 50% of the
overall share in 2018 owing to increasing application scope in
construction and automotive industries
- Rising THF
and spandex demand for sports apparels is anticipated to fuel the BDO
segment over the forecast period
- Increasing number
of global sport events, such as Olympics and FIFA World Cup, is expected
to have a positive impact on the segment growth
- Central
& South America is emerging as a significant market. Growing demand,
sufficient availability of raw material, and increasing economic status
have led major European companies to shift their manufacturing bases to
this region
- Major
companies in the maleic anhydride market include Bartek Ingredients,
Baotie Hebei, Thirumalai Chemicals Limited, Nippon Shokubai Co., Ltd., MOL
Hungarian Oil and Gas PLC, BASF, and Mitsubishi Chemicals
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