Global Maleic Anhydride Market Witnesses Steady Growth, Projected to Reach $4.42 Billion by 2027

LONDON, GREATER LONDON , UK, December 8, 2023 /EINPresswire.com/ -- The global maleic anhydride market has experienced significant expansion, with the market size increasing from $3.26 billion in 2022 to $3.56 billion in 2023, marking a commendable compound annual growth rate (CAGR) of 9.2%. Despite challenges posed by the Russia-Ukraine war, disrupting global economic recovery from the COVID-19 pandemic, the market is expected to continue its upward trajectory, reaching $4.42 billion by 2027, with a CAGR of 5.6%.

Automobile Industry Drives Market Growth
The global demand for automobiles has been a key contributor to the maleic anhydride market's growth. Unsaturated polyester resin (UPR) derived from maleic anhydride finds extensive use in the automobile industry for building lightweight and mechanically robust parts. The rise in automobile sales, as reported by major players like General Motors, Toyota, and Volkswagen, has positively impacted the maleic anhydride market, reflecting increased demand for its products.

Major Players in the Market
Key players shaping the maleic anhydride market landscape include Huntsman Corporation, Lanxess AG, Mitsubishi Chemical Corporation, Helm AG, and Ashland Inc., among others. These industry leaders are instrumental in driving innovation, ensuring product quality, and maintaining market competitiveness.

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R&D Investments Fuel Market Trends
A notable trend in the maleic anhydride market is increased investments in research and development (R&D). Pharmaceutical companies operating in this market are exploring the potential of L-malic acid in dietary supplements, responding to the growing demand for cardioprotective and immunity-boosting ingredients globally. The market outlook anticipates a moderate-to-high growth rate, with major companies focusing on launching new products and solutions while optimizing R&D budgets.

Strategic Acquisitions and Expansion
In January 2020, AOC Materials LLC, a prominent US-based producer of unsaturated polyester and vinyl ester resin, acquired Ashland Global Holdings Inc.'s maleic anhydride business and manufacturing facility. This strategic acquisition aims to enhance AOC Materials' focus on specialty ingredients, thereby improving overall company margins.

Regional Insights: Asia-Pacific Leads and Grows Rapidly
Asia-Pacific emerged as the largest region in the maleic anhydride market in 2022 and is anticipated to maintain its position as the fastest-growing region throughout the forecast period. The comprehensive report provides detailed insights into regional dynamics, market trends, and growth opportunities.

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Maleic Anhydride Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Maleic Anhydride Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on maleic anhydride market size, maleic anhydride market drivers and trends, maleic anhydride market major players, competitors' revenues, market positioning, and market growth across geographies. The maleic anhydride market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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