Asia-Pacific Maleic Anhydride Market - Segmented by Application, Industry and Geography (2018-2023)

The Asia-Pacific Maleic Anhydride Market is expected to register a CAGR of 6.2% during the forecast period (2018 - 2023). Maleic anhydride based copolymers enable the use of more sustainable raw materials, binding wood fibers into plastic, corrosion inhibitors and protective coatings for wire and water repellants in screens. Through conversion to fumaric and malic acids, maleic anhydride is a vital component of gelling agents, flavor enhancers, and food preservatives.

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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