Increase of Butane based Maleic Anhydride Production Capacity in China
China is the world’s largest producer of maleic anhydride. In the years 2014 to 2016, the country increased its lead, with the setting up of new butane based maleic anhydride plants, adding a total of 610 kilotons per annum to the total production capacity of the country. Consequently, the production distribution of the country has changed from 7% to 43% butane based maleic anhydride. Butane being cheaper than benzene reduces the overall production cost of maleic anhydride, increasing the profit margin of producers. Since, China and rest of the Asia account for the highest market share in the global market, this increase in production capacity and reduction in cost is propelling the growth of the market.
Fumaric Acid Applications are expected to Increase
Fumaric acid, chemically known as trans-butenedioic acid, is a white crystallized chemical compound, widely found from natural sources. It is mostly prepared by catalytic isomerization of maleic acid in aqueous solutions at low pH values. It is being used as a food additive since the 1940s. The growth in the Foods & Beverages market accounts for the major driver in the growth of fumaric acid. Fumaric acid is widely used in bakeries and confectioneries, as it acts as a preservative agent, thereby increasing the shelf life. It also finds significant use in animal feeds and desserts. Increasing population coupled with changing lifestyle is expected to propel the food & beverage industry in Asia-Pacific. This, in turn, is expected to increase the demand for furmaric acid during the forecast period.
India is expected to have the Highest Growth
India is a fast growing economy with a promising future for market growth. With a GDP growth rate of more than 7% in 2017, the country is expected to maintain a stable growth rate through 2018. In line with the growth in economy, Indian total annual household consumption is likely to triple, making India the fifth largest consumer market by 2030. Owing to this expansion of the consumer market, the end-user industries of maleic anhydride, such as automotive, personal care, food & beverage, are expected to grow at a considerable rate in the country. These factors are expected to drive the studied market in this country during the forecast period.
Major Players: BASF SE, Huntsman, Changzhou Yabang Chemical Co Ltd, Nippon Shokubai Co. Ltd., and Mitsubishi Chemical Holdings Corporation, among others.
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1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness - Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
4. Market Dynamics
4.1.1 High growth rate of polyester resin industry
4.1.2 Increasing demand from industries in emerging economies
4.1.3 Increasing diversity in applications and niche products
4.2.1 Dependence of market on construction and polymer industry and GDP growth
4.2.2 Rise of bio based alternative chemicals
4.2.3 Various regulatory constraints for different markets
4.3.1 Untapped Regional Markets
4.3.2 New Product Innovation and Expansion of Application Base
5. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
5.1 By Application
5.1.1 Polyester Resins
5.1.2 Maleic Anhydride Copolymers
5.1.3 Oil Additives
5.1.4 Malic Acid
5.1.5 Fumaric Acid
5.1.6 Agricultural Chemicals
5.1.7 Pharmaceutical Chemicals
5.1.8 Phthalic Anhydride
5.1.9 Alkyl Succinic Anhydrides
5.1.10 Other Specialty Chemicals
5.2 By End-user Industry
5.2.2 Food and Beverages
5.2.3 Oil & Gas
5.2.5 Personal Care
6. Regional Market Analysis (Market Size, Growth, and Forecast)
6.1.4 South Korea
6.1.5 Rest of Asia-Pacific
7. Competitive Landscape
7.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
7.2 Market Share Analysis**
7.3 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
8.1 BASF SE
8.4 Sasol-Huntsman GmbH & Co. KG
8.5 Changzhou Yabang Chemical Co Ltd
8.6 Ashland Inc.
8.7 Compania Espanola de Petroleos, S.A.
8.8 Nippon Shokubai Co. Ltd.
8.9 Thirumalai Chemicals Limited
8.11 Mitsubishi Chemical Holdings Corporation
8.12 Flint Hills Resources
8.13 Polynt Group
*List not exhaustive
**Subject to availability on public domain
- BASF AG
- Sasol-Huntsman GmbH & Co. KG
- Changzhou Yabang Chemical Co Ltd
- Ashland Inc.
- Compania Espanola de Petroleos S.A.
- Nippon Shokubai Co. Ltd.
- Thirumalai Chemicals Limited
- Mitsubishi Chemical Holdings Corporation
- Flint Hills Resources
- Polynt Group