- The rising inclination of clients towards sustainable products and those with high performance is estimated to have a considerable impact on the maleic anhydride market in the years ahead. Innovations in technologies facilitate the substitution of a petroleum-based chemical with an eco-friendly one. This factor is predicted to steer the demand for the market.
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Supportive financial conditions across the globe and augmented monetary activities in emergent regions are stimulating further demand for unsaturated polyester resins. This also adds income to the maleic anhydride market. Maleic anhydride is generated via the oxidation of benzene or butane. It is a white crystalline and crude solid and has unpleasant smell.
Most of the maleic anhydride produced is utilized in unsaturated polyester resins. Thus, accentuating demand for unsaturated polyester resins is likely to escalate the usage of maleic anhydride, thereby propelling the sales of the maleic anhydride market. Surging demand for maleic anhydride from the sectors of copolymers, additives, BDO and others is also projected to propel the market forward.
The prime consumer sectors of the maleic anhydride market are construction, automotives, infrastructure, chemicals and footwear. Greater demand for maleic anhydride across these sectors is predicted to drive the growth of the maleic anhydride market. The worldwide market is also steered ahead by expansion in the industries of lubricants and automobiles. Robust demand for 1, 4 Butanediol is anticipated to push the sales of the market.
The application of commercial principles on bio-based maleic anhydride holds tough prospects in the coming three years. Accelerated demand for maleic anhydride in various chemicals is also expected to be a vital propeller of the maleic anhydride market. Heightening construction and infrastructural spendings in the developing BRICS nations are likely to boost the demand for colpolymers.
This is forecast to drive the sales of the maleic anhydride market. The worldwide market is bifurcated on the basis of two categories. These are applications and geographies.
With regard to application sectors, unsaturated polyester resins dominated the maleic anhydride market in 2013. These resins accounted for the biggest sector and captured more than 45 percent volume. Further expansion in automotives and construction in Latin America and Asia Pacific is estimated to push the sales of unsaturated polyester resin products over the coming years.
1, 4 butanediol followed unsaturated polyester resins in 2013. It occupied more than 15 percent of the overall demand for the maleic anhydride market. Enhanced demand for specialty additives would also drive the demand for the market.
The various regions under the maleic anhydride market include Asia Pacific, rest of the world, Europe and North America. Asia Pacific dominated the market in 2013. It made up for more than 55 percent of the overall demand. Boosting investments in the industries of automotives and construction in Indonesia, China and India are expected to steer this region forward.
The Asian Pacific maleic anhydride market is projected to witness the most swift development in the future. Europe occupied about 15 percent of the worldwide consumption in 2013. The rest of the world and North American regions are expected to witness moderate growth over the forecast phase.
Information Source: Grand View Research
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