Maleic
anhydride is a colorless and crystalline organic compound commercially derived
from the oxidation of benzene or butane. The chemical is crucial for the
manufacture of unsaturated polyester resins, apart from which it is also widely
used in automobile bodies, construction, furniture, pipes and ducts,
corrosion-resistant tanks, radar domes, bathroom fixtures, paints and coatings,
and fiberglass-reinforced plastics.
The
demand for unsaturated resins and BDO has risen considerably in the recent
years. This in turn is translated into an increased demand for maleic anhydride
in the global scenario, since it is a crucial raw material used in the
manufacture of unsaturated polyester resins. Apart from this, the global maleic anhydride market also
hugely benefitted from the expansion of lubricant market.
Robust
Growth of end-use Markets to Boost Demand for Maleic Anhydride
Maleic
anhydride finds applications in several end users, which include
automotive/transportation, building & construction, wind energy, pipes
& tanks, marine, and electrical & electronics. It is also widely used
in the manufacture of corrosion-resistant tanks, paints and coatings, fiberglass-reinforced
plastics, and bathroom fixtures.
Most of
these end-use segments have registered robust growth in the last couple of
years, thereby creating an environment for the maleic anhydride market to
thrive considerably. For instance, the low cost of manufacturing augments the
use of unsaturated polyester resins for structural and decorative applications
as a preferred substitute for metals. The rise in demand for polyester resins
directly corresponds to a rise in demand for maleic anhydride. In response to these
growth drivers, the global market for maleic anhydride market will exhibit
growth at a 6.4% CAGR between 2012 and 2018.
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BDO,
copolymers, additives (lubricants and oil), and unsaturated polyester resins
constitute the major application segments of the market. Of these, unsaturated
polyester resins led the maleic anhydride market with a 49% share of the total
market in 2012. BDO holds the next largest share of the global market for
maleic anhydride.
Surging
Demand for Bio-based Chemicals to Limit Market Growth
Despite
enjoying a strong run in the global market, manufacturers of maleic anhydride
are likely to face more limitations than ever in the coming years. Surging
demand for alternatives to petro-based maleic anhydride such as bio-based
chemicals can go grossly against the maleic anhydride market. In addition,
fluctuating crude oil prices will also restrict market growth to an extent,
since benzene is derived from crude oil.
However,
these hindrances can be averted by appropriately investing in research and
development initiatives to find ways to derive bio-based maleic anhydride from
non-crude oil sources such as animal fat and vegetable oils. A key market
player, Myriant, has already taken an initiative to fund R&D activities on
similar lines.
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Asia
Pacific to Continue its Dominance in the Market
Accounting
for over 55% of the volume consumed globally, Asia Pacific was the largest
market for maleic anhydride in 2012. Fed by the expansion of the automotive
industry in emerging economies such as China, South Korea, and India, the
demand for maleic anhydride showcased sustainable growth in the last few years.
Moreover, improved living standards, rapid economic growth, escalating
disposable incomes, and the accelerating population in China and India will
foster market growth in the near future as well.
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The
global market for maleic anhydride is highly fragmented, with companies from
different end-use industries contending to establish a strong presence. Typical
end-use industries for maleic anhydride include construction, electrical,
transportation, synthetic fibers, roofing, and agricultural materials.
Companies such as Huntsman, Ashland, BP Chemicals, and BASF SE dominate the
maleic anhydride market value chain. Other prominent companies operating in the
market are Polynt SpA, Flint Hills Resources, Lanxess AG, and Ashland, DSM N.V.
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