According to a new report, published by KBV research, The Global Maleic Anhydride Market size is expected to reach $5.5 billion by 2031, rising at a market growth of 4.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 3240.0 Kilo Tonnes, experiencing a growth of 19.1% (2020-2023).
Innovation plays a crucial role in driving the growth and competitiveness of the maleic anhydride market. For instance, green chemistry principles and sustainable practices drive innovation in maleic anhydride production processes. Manufacturers are adopting eco-friendly technologies, solvent-free reactions, and alternative energy sources to minimize environmental impact, reduce energy consumption, and optimize resource efficiency. Green chemistry initiatives contribute to developing cleaner, safer, and more sustainable manufacturing processes.
The N-Butane segment is leading the Global Maleic Anhydride Market by Raw Material in 2023, thereby achieving a market value of $3.9 billion by 2031. Technological advancements have enabled the development of new process routes and catalyst systems to oxidize n-butane to maleic anhydride directly. Improved process efficiency, catalyst selectivity, and reaction kinetics make the n-butane route more viable and competitive than traditional benzene-based processes.
The Lubricating Oil Additives segment is anticipated to have a CAGR of 4.4% during (2024 - 2031). The automotive industry is one of the primary consumers of lubricating oil additives. With the increasing production and sales of vehicles worldwide, there is a corresponding rise in the demand for lubricants and lubricating oil additives to maintain engine performance, reduce friction, and prolong equipment life.
Full Report: https://www.kbvresearch.com/maleic-anhydride-market/
The Asia Pacific region dominated the Global Maleic Anhydride Market by Region in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.8 billion by 2031. The Europe region is exhibiting a CAGR of 3.6% during (2024 - 2031). Additionally, The North America region would experience a CAGR of 3.8% during (2024 - 2031).
By Raw Material (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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