Maleic Anhydride Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
COVID-19 疫情對全球經濟產生了負面影響，進一步擾亂了當前的工業投資和活動。大多數工廠的人員非常有限或暫時關閉。雖然大多數項目時間表已更改或推遲，但活動水平已顯著下降。所有這些中斷也影響了所有行業的工業活動和工廠建設項目。這種全球性的情況對世界各地暫時關閉的最終用戶行業中現有工廠的馬來酸酐市場產生了不利影響，包括汽車、建築、個人護理和石油產品。COVID-19 的爆發也對建築行業產生了一些短期和長期影響。據美國總承包商（AGC）稱，2020年前幾個月，由於工作中斷或項目取消，對辦公、娛樂和體育設施等“非必要”項目的需求有所減少。預計這種情況將在 2021 年恢復，並有望在預測期內推動市場增長。
The maleic anhydride market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
The COVID-19 pandemic is having an adverse effect on the global economy, further disrupting industrial investments and activities at present. Most factories were running on very limited staffing or even closed temporarily. The levels of activities were very low, while most project schedules were changed or postponed. Due to all these interruptions, industrial activities and plant construction projects have also been affected across all industries. Such a global scenario has created negative repercussions on the maleic anhydride market for the existing plants in the end-user industries, such as automotive, construction, personal care, and oil products, among others, which were temporarily shut down across the world. The outbreak of COVID-19 also brought several short-term and long-term consequences in the construction industry. According to the Associated General Contractors of America (AGC), there were disruptions to work or canceled projects, leading to less demand for "non-essential" projects like offices, entertainment, and sports facilities in the initial months of 2020. However, the condition is expected to recover in 2021, which may restore the growth trajectory of the market over the forecast period.
Over the short term, the major factors driving the growth of the market studied are the rising global demand for unsaturated polyester resin and growth of end-user industries in emerging nations. Maleic anhydride is largely used in the production of unsaturated polyester resins. These resins are synthesized using maleic anhydride, along with phthalic anhydride, propylene glycol, and adipic acid. Unsaturated polyester resins (UPR) are used in the production of lighter and stronger fiberglass composites for boats, cars, construction, wind turbine blades, and a diverse range of consumer products.
On the flip side, increasing government regulations are expected to hinder the growth of the market studied.
Unsaturated polyester resin dominated the market with a significant share, and it is expected to witness a healthy growth rate during the forecast period.
Asia-Pacific dominated the market, and it is expected to continue its dominance during the forecast period.
Maleic anhydride serves as the raw material used to produce unsaturated polyester resins. These resins are synthesized using maleic anhydride, along with phthalic anhydride, propylene glycol, and adipic acid.
Unsaturated polyester resins (UPR) are used in the production of lighter, stronger fiberglass composites for boats, cars, construction, wind turbine blades, and a diverse range of consumer products. It is a key ingredient in the manufacture of copolymers that enable the use of more sustainable raw materials, for example, to bind wood fibers into plastic, inhibit corrosion, create protective coatings for wire, and repel water in sunscreens.
Unsaturated polyester resins are used for a wide range of applications, making them a thermosetting system of major importance. These resins are compounded with varied fillers and reinforcements and cured using free-radical initiators to yield thermoset articles having a wide range of chemical and mechanical properties depending on the choice of diacids, diols, cross-linking agents, initiators, and other additives.
The demand for UPR is growing rapidly, and buildings and sanitary ware form the largest market for reinforced polyester resin (composite materials).
The expansion of the building and construction industry globally due to the increasing global population and lifestyle changes brought about by urbanization may greatly contribute to the growth of the global market for unsaturated polyester resins. The building and construction industry contributes a major share of the global unsaturated polyester resin market in terms of demand, which, in turn, may drive the demand for maleic anhydride.
The United States has one of the world's largest construction industries, and it recorded an annual revenue of USD 1,306 billion in 2019. The United States is a major industrialized nation that houses multiple industries in heavy-scale, medium-scale, and small-scale categories. The country is known for its booming commercial activities. According to the US Census Bureau, the total residential housing units authorized by building permits in March 2020 were at a seasonally adjusted annual rate of 1,353,000, representing 5% growth over the March 2019 rate of 1,288,000. The total number of privately-owned housing starts in March 2020 were at a seasonally adjusted annual rate of 1,216,000, representing 1.4% growth over the March 2019 rate of 1,199,000.
Germany has the largest construction industry in Europe. The construction industry in the country has been growing at a slow pace, which is majorly driven by the increasing new residential construction activities. According to industry experts, the completion of construction of new houses was estimated to be around 315,000 units in 2019, which was higher, when compared to total completions in 2018, which were 300,000 units. The increasing migration to the country has been stimulating the current demand for new residential construction. About 3.6 million migrants were expected to arrive in Germany by the end of 2020-2021, which will require at least 350,000 new dwellings per year.
Demand for lightweight and fuel-saving materials may also drive the need for lighter and stronger fiberglass composites in the automotive and marine industries. Unsaturated polyester resin (UPR) is a major raw material for fiberglass composites, and hence, the demand for maleic anhydride is expected to be positive.
All the aforementioned factors are expected to boost the demand for maleic anhydride over the forecast period.
Maleic anhydride is used in industries such as food and beverage, pharmaceutical, automotive, construction, electronics, personal care, etc., in China. China is a major market for maleic anhydride in the world.
The growing construction industry is one of the major reasons boosting the applications of maleic anhydride in the region. China is globally recognized for its architectural boom. The demand for low-cost housing and commercial housing is the reason for its growth in recent years.
Demographics in the country are expected to continue to spur the growth in residential construction. Rising household income levels combined with population migrating from rural to urban areas are expected to continue to drive the demand for residential construction in the country. Increased focus on affordable housing by the public and private sectors will drive the residential construction sector's growth.
According to the National Bureau of Statistics of China, the revenue generated by the Chinese construction industry increased from CNY 17.67 trillion in 2014 to CNY 24.84 trillion in 2019.
The country plans to invest USD 1.43 trillion in the next five years till 2025 in major construction projects. According to the National Development and Reform Commission (NDRC), the Shanghai plan includes an investment of USD 38.7 billion in the next three years, whereas Guangzhou has signed 16 new infrastructure projects with an investment of USD 8.09 billion.
China is the world's second-largest cosmetics market and is emerging as the largest market globally in terms of cosmetics and skincare products. The Chinese cosmetics and skincare market, which includes a wide variety of industries, such as makeup, skincare, hair care, personal hygiene, experienced growth in 2019-2020. Furthermore, the continuous growth in population is another factor fueling the demand for cosmetics products in the country. This, in turn, is augmenting the growth of the market studied.
According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), China is the largest producer of automobiles in the world. However, automotive production in the country has been witnessing a huge decline for the past three years. The country produced 2,57,20,665 vehicles in 2019. In 2020, the country produced 25,225,242 vehicles, which declined by about 2% from 2019.
China is the largest base for electronics production in the world. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices, recorded the highest growth in the electronics segment. With the increase in the disposable income of the middle-class population and the rising demand for electronic products, countries are importing electronic products from China.
According to a recent study, China is the largest consumer electronics market globally and generated annual revenue of USD 152,785 million in 2020. The country registered a revenue growth of 16.8% in 2020, which is expected to decline in 2021 and register a growth rate of 6.1%.
Such factors are expected to affect the demand for maleic anhydride in the country over the forecast period.
The market studied is fragmented among the top players. The key players include Huntsman Corporation LLC, Polynt, LANXESS, HELM AG, and Mitsubishi Chemical Corporation, among others.