PUBLISHER: Grand View Research | PRODUCT CODE: 1529862
PUBLISHER: Grand View Research | PRODUCT CODE: 1529862
The global maleic anhydride market size is expected to reach USD 5,863.1 million by 2030,registering a CAGR of 4.2% over the forecast period, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the rising demand for unsaturated polyester resins (UPR) in the global construction industry coupled with the flourishing automotive industry which is a major end use industry for the product market.
UPR possesses excellent resistance to chemicals, corrosion, abrasion, and heat, superior structural strength, excellent compressive strength, and high impact strength. Thus, it is widely used in the construction industry as concrete and sealant. In addition to the aforementioned properties, UPR is extensively used as a coating owing to its excellent aesthetic appeal. Moreover, as these composites can be pigmented without losing their structural properties, the demand for these composites is on the rise, and the trend is expected to continue over the forecast period.
According to Global Construction Perspectives and Oxford Economics, the global construction market is expected to reach USD 8 trillion by 2030, driven by the U.S., China, and India. Thus, the growth of the global construction industry, coupled with an increasing demand for UPR composites, coatings, and mortars, is expected to drive the growth of the UPR market over the predicted timeframe which in turn will drive the demand for maleic anhydride.
N-butane and benzene are the primary feedstock used to manufacture maleic anhydride. Globally, the prices of benzene and n-butane depend on the price trend of crude oil and naphtha. Volatility in crude oil prices has been the major reason for the high fluctuation in benzene prices. Crude oil pricing and downstream demand highly influence the global petroleum derivatives industry.