Maleic Anhydride Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Maleic Anhydride Industry Hit Worst due to Russia-Ukraine War Impact?
The increasing demand for maleic anhydride market is a key factor predicted to foster the growth of the market during the forecast period, states Fortune Business Insights, in a report, titled “Maleic Anhydride Market Size, Share & Industry Analysis, By Raw Material (N-Butane, Benzene), By Application (Unsaturated Polyester Resin, Copolymers, Lubricating Oil Additives, Alkenyl Succinic Anhydrides, Malic Acid, Fumaric Acid, Agricultural Chemicals, Others)Others and Regional Forecast, 2022-2029” the market is expected to be driven by the high consumption of petrol and diesel.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Maleic Anhydride Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Maleic Anhydride Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The report on the maleic anhydride market contains:
- Superior insights into the latest developments
- Statistical data with thorough research
- Market drivers and trends
- Obstacles restricting market growth
Inflated Demand for Additives to Propel Growth
The growing demand for oil additives is an essential factor bolstering the growth of the market during the forecast period. Additives are used to improve fuel efficiency for petrol, diesel, and other lubricants. Thus, rising exploration activities for crude oil is expected to spur opportunities for the market. The surge in the construction sector is expected to enable speedy expansion of the market in the forthcoming years owing to its applications in coatings and polymers. The growing concerns regarding carbon emissions are expected to fuel demand for maleic anhydride owing to its low environmental risks. Moreover, the increasing cognizance about the benefits of additives in oil lubrication is expected to boost the growth of the market. Besides, the growing regulations regarding the toxic emissions are expected to spur demand for use of cleaner fuels, which, in turn, will aid the expansion of the market.
However, the concerns about the depletion of crude oil are expected to hamper the growth of the market.
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Rapid Industrialization to Influence Growth in Asia Pacific
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to witness a high growth rate during the forecast period. The growth in the region is attributed to the rapid industrialization. The surge in construction activities is predicted to contribute positively to the growth of the market. The growing demand for automobiles is expected to enable speedy expansion of the market in Asia Pacific. North America and Europe are predicted to hold a significant share during the forecast period due to the growing demand for maleic anhydride. In addition, the environmental regulations and strict policies regarding greenhouse gases are factors expected to spur demand for the market in the forthcoming years.
September 2019: Huntsman Corporation announced the acquisition of complete manufacturing plants located in Moers, Germany, and the capacity to produce 230 million pounds annually of maleic anhydride.
The Report Lists the Key Companies in the Maleic Anhydride Market:
- Huntsman Corporation
- LANXESS A.G.
- Mitsubishi Chemicals
- Compania Espanola de Petroleos, S.A.
- Nippon Shokubai Co., Ltd
- MOL Hungarian Oil & Gas Plc.
- Polynt S.p.A
- Changzhou Yabang Chemical Co. Ltd.
- Jiangyin Shunfei
- Yongsan Chemicals Inc.
- Ashland Inc.
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