North America Maleic Anhydride Market Forecast 2022-2026
The North America maleic anhydride market share is expected to increase by USD 169.94 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.00%. The growth of the market depends on factors such as increasing demand for UPR and 1,4-BDO from the automotive industry, increasing demand for lubrication oil additives, and rising automotive industry in Canada and Mexico.
What will the Market Size During the Forecast Period?
Download the Free Report Sample to Unlock More
Key Drivers, Trends, and Challenges
The increasing demand for UPR and 1,4-BDO from the automotive industry is notably driving the market growth in North America, although factors such as rise in demand for hybrid vehicles and increasing battery price parity may impede the market growth.Â
Key Driver
One of the key factors driving growth in the market is the increasing demand for UPR and 1,4-BDO from the automotive industry. The rising sales of passenger cars and commercial vehicles drive the market. Maleic anhydride is used as a key ingredient in UPR, which is further used in the manufacturing of several automotive composites such as closure panels, body panels, fenders, Grille Opening Reinforcement (GOR), heat shields, headlamp reflectors, and pick-up boxes. The increasing sales of passenger and commercial vehicles globally are driving the regional market. Furthermore, the automobile sales rate has increased over the past five years in developed and developing countries, owing to the increasing disposable income of people and industrial growth. The consistent rise in the number of vehicles is increasing the demand for engine oil, functional fluids, and automotive components in emerging economies. Thus, it will further positively impact the market growth and trends.
Significant Trends
The commercialization of bio-based maleic anhydride is a major market trend that is expected to impact the industry positively in the coming years. Traditionally, it is produced through the oxidation of aromatic compounds. The key companies in the market are significantly innovating alternative feedstock to develop bio-based products. This is due to the growing awareness regarding the toxicity of benzene and other aromatic compounds used in the manufacturing. The use of bio-based feedstock has its own advantages over conventional ones. As the oil resources are limited, the extraction of benzene and its further oxidation is highly expensive. In addition, the manufacturers have to rely on advance technologies and sophisticated equipment, which significantly increases the manufacturing cost. So, to cater to such challenges, the commercialization of bio-based on a large scale is essential.
Major Challenge
The rise in demand for hybrid vehicles and increasing battery price parity will be a major challenge for the market during the forecast period. Hybrid vehicles contain both a small internal combustion engine (ICE) and an electric motor for optimum power utilization and reducing emissions from vehicles. Furthermore, the growing number of hybrid vehicles is expected to reduce the demand for engine oil, functional fluid, and transmission fluid per vehicle by half the quantity required in an ICEs. Such factors, coupled with the increasing battery ranges and declining cost of lithium-ion batteries, are expected to negatively hamper the market. Furthermore, the cost of batteries of electric vehicles is decreasing gradually, and the driving range per charge is increasing. The demand for electric vehicles is expected to increase, which, in turn, will reduce the overall engine oil consumption and lead to a decrease in the demand for maleic anhydride in lubricating oil additives.
This market research and growth report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Who are the Major Market Companies?
The market forecasting report analyzes the market’s competitive landscape and offers information on several market companies, including:
- Ashland Global Holdings Inc.
- BASF SE
- DuPont de Nemours Inc.
- Huntsman Corp.
- LANXESS AG
- Merck and Co. Inc.
- Mitsubishi Chemical Corp.
- Nippon Shokubai Co. Ltd.
- Polynt Spa
- Zibo Qixiang Tengda Chemical Co. Ltd.
This statistical study of the market encompasses successful business strategies deployed by the key companies. The market is concentrated and the companies are deploying growth strategies such as new product launches, acquisitions and R&D activities to compete in the market.
Product Insights and News
-
Ashland Global Holdings Inc. - The company offers a wide range of maleic acid products such as Aquaflex, Omnirez and Gantrez.
The market growth and forecasting report offers in-depth insights into key company profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Value Chain Analysis
Our market growth analysis report provides extensive information on the value chain analysis for the market, which companies can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help companies drive costs and enhance customer services during the forecast period.
The value chain of the diversified chemicals market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Support activities
- Innovation
The market trends and analysis report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Regional Analysis
For more insights on the market share of various regions Request for a FREE sample now!
83% of the market’s growth will originate from US during the forecast period. US, Canada, and Mexico are the key markets for maleic anhydride in North America. Market growth in this region will be faster than the growth of the market in other regions.
The rising production of automobiles will facilitate the maleic anhydride market growth in US over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for companies, which will assist in creating efficient business plans.
Market Segmentation
To gain further insights on the market contribution of various segments Request for a FREE sample
The market share growth in North America by the n-butane segment will be significant during the forecast period. The n-butane based maleic anhydride has captured the highest market share in the maleic anhydride market in North America in 2021. This is attributed to its high demand from the growing building and construction and automotive industries. Furthermore, the rise in residential and commercial construction activities and rising investments in infrastructure development in several countries across the region will present considerable opportunities for growth in the market. The increasing adoption of green buildings, new building construction regulations, and the focus on reducing energy consumption in buildings will also drive the growth of the market in focus during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market and actionable market insights.
Market Analyst Overview
The Maleic Anhydride Market in North America is pivotal for manufacturing firms, optimizing production capacities and competitive positions in sectors like oil & gas, metals & mining, and food & beverages. It enhances efficiency and profit margins while addressing waste in discrete industries. Industrial PCs play a vital role in manufacturing processes, ensuring productivity, accuracy, and uniformity, prioritizing safety and data privacy. Cybersecurity concerns, mitigated by Industrial Control Systems Security (ICS) and Internet-enabled IPCs, remain a restraint.
The integration of IPCs in oil & gas, energy & power, and food & beverage sectors enables real-time control, enhancing efficiency. In process industries, cost-effective products, IoT devices, and advanced technologies support operational intelligence, asset management, and workforce management. The market caters to diverse applications in refineries, developing economies in Asia Pacific, and critical sectors such as military, traffic, transportation, and medical, leveraging advancements for seamless manufacturing operations.
Â
|
Maleic Anhydride Market Scope in North America |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.00% |
|
Market growth 2022-2026 |
USD 169.94 million |
|
Market structure |
Concentrated |
|
YoY growth (%) |
5.00 |
|
Regional analysis |
North America |
|
Performing market contribution |
US at 83% |
|
Key consumer countries |
US, Canada, and Mexico |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
Ashland Global Holdings Inc., BASF SE, DuPont de Nemours Inc., Huntsman Corp., LANXESS AG, Merck and Co. Inc., Mitsubishi Chemical Corp., Nippon Shokubai Co. Ltd., Polynt Spa, and Zibo Qixiang Tengda Chemical Co. Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive market growth during the next five years
- Precise estimation of the market size in North America and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the indnustry across US, Canada, and Mexico
- A thorough analysis of the market’s competitive landscape and detailed information on companies
- Comprehensive details of factors that will challenge the growth of market companies in North America
We can help! Our analysts can customize this report to meet your requirements. Get in touch