The global Europe Maleic Anhydride Market is expected to reach USD 4,967.0 Million by 2028, according to a new report by Reports and Data. The market growth of Europe Maleic Anhydride is attributed to its growing application in several resins and plastics, petroleum additives, agricultural and industrial chemicals, water treatment chemicals, pharmaceuticals, epoxy curing agents, flavor enhancers, and copolymers, among others.
Unsaturated polyesters are the third most used thermoset molding resins worldwide and are primarily used in the manufacturing of fiber-reinforced plastics and filled plastic products, comprising sanitary-ware, pipes, tanks, gratings, and high-performance components for the transportation and marine industry including closure and body panels, boat decks and other large glass fiber reinforced plastic products. Also, the material is used in trucks, aircraft, coaches, and buses as it is suitable for lower volume applications. Unsaturated polyester resins also find uses in coatings and adhesives. Unsaturated polyester resin-based products offer a wide range of materials with tailored performance features for a variety of markets.
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Top Leading Players: DSM NV, Huntsman Corporation, Lanxess AG, Ashland Inc., Flint Hills Resources, Mitsubishi Chemicals, Merck Co., Inc., Sasol, Tianjin Bohai Chemicals, and Nippon Shokubai Co. Ltd., among others.
Further key findings from the report suggest:
- By form, the solid form of Europe Maleic Anhydride contributed to the largest market share in 2020 and is likely to grow at a rate of 5.8% in the forecast period.
- By application, unsaturated polyester resins accounted for the largest market share in 2020 and is expected to experience a growth rate of 6.0% in the forecast period. Unsaturated polyester resins find extensive usage in a variety of applications owing to their range of mechanical properties, low weight, and corrosion resistance. These resins are commonly used for coatings, clear casting resins, body fillers, buttons, work-surfaces (for example, polyester marble), polyester concrete (for applications comprising road drainage) and in the production of Gel Coats (used to enhance surfaced finish).
- By industry verticals, the automotive industry is likely to witness the fastest growth rate of 6.5% in the period 2019-2028. Europe Maleic Anhydride finds application in the automotive industry for the production of parts comprising body panels, bumper beams, sunroof frames, dashboard carriers, seat structures, catalytic converter heat shields, and battery supports, among others. Also, apart from weight reduction, automotive parts made from unsaturated polyester resins are used to reduce painting costs.
- Europe held the second-largest market share in 2020 and is likely to grow at a rate of 5.4% in the forecast period. The market demand in Europe is primarily owing to the growth of the construction and automotive industries in the region.
Europe Maleic Anhydride Market Growth:
The global Europe Maleic Anhydride market is expected to witness moderate growth over the forecast period (2021-2028). Europe Maleic Anhydride is widely used in various end-use industries such as construction, automotive, and electronics, which are expected to drive market growth.
The rising demand for unsaturated polyester resins (UPRs) in various applications, including building materials, marine, and automotive, is one of the primary factors driving the growth of the Europe Maleic Anhydride market. The growing demand for plasticizers, additives, and coatings in the construction and automotive industries is also expected to boost market growth.
Moreover, the increasing use of Europe Maleic Anhydride in the production of 1,4-butanediol (BDO), which is used in the production of spandex fibers, thermoplastic polyurethanes, and engineering plastics, is expected to drive market growth.
The Asia-Pacific region is expected to dominate the Europe Maleic Anhydride market during the forecast period, owing to the rapidly expanding construction and automotive industries in countries such as China and India. North America and Europe are also expected to contribute significantly to market growth due to the growing demand for UPRs in the construction industry.
Overall, the Europe Maleic Anhydride market is expected to witness steady growth in the coming years, driven by the increasing demand for UPRs, plasticizers, and coatings in various end-use industries.
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The global Europe Maleic Anhydride market is segmented into:
Form Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Solid
- Brittle
- Molten
Applications Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Unsaturated Polyester Resins
- 1, 4-Butanediol
- Additives
- Co-Polymers
- Others
Industry Vertical Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Construction
- Automotive
- Textile
- Food Beverage
- Pharmaceutical
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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