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Global Malic Anhydried Market To Show Exponential Growth As Demand For Curved Displays Increase
The global Maleic Anhydride (MAN) market has shown moderate growth rates largely driven by rising demand from different end-use industries and from countries like in China, India and other Asia-Pacific countries (especially South East Asia). Historically, the economically mature regions like North America and Western Europe have witnessed below-average growth rates and will continue to lose their demand market share to Asia-Pacific countries like China and India. At the same time, Central &Eastern European demand likely to grow at a higher rate of about 4.4% in the long term forecast albeit from a low base. The Central & South American region is forecast to grow at CAGR of around 3.5% till 2025; however, it will completely depend on how South American countries like Venezuela are able to cope up with the regional political uncertainties, inflation, and other economic problems and the economic recovery of Brazil. The Middle Eastern &African markets, starting from a very small base, have seen the highest growth rates, and are expected to grow at an annual average of 7.0% making the region witnessing some of the highest CAGR at a global level.
The average historical utilization rates of Maleic Anhydride together have been in the range of 56.2% from 2014 to 2018. On an average 144 kilo tons of capacities have been added annually to meet the global Maleic Anhydride (MAN) demand. During 2014 – 2018, around 530 kilo tons of capacities have been added in Asia-Pacific countries of which 495 kilo tons was alone added in China. The other region that added a new Maleic Anhydride plant was the Middle East region where around 45 kilo tons of MAN capacity was added in 2018. Further additions are most likely to occur in Iran and Russia. Some speculatives can also be added in Asian countries like India as a measure to decrease import dependency. Overall, the MAN capacity is estimated to be around 3852.5 kilo tons by 2022 and an estimate 3862.5 kilo tons by 2025. The USA and the Middle East has the advantage of low-cost feed stock while in China it is the move towards minimizing the export dependency by increasing operating rates and also on account of a lower cost of production from coal. Historically, the USA has seen a growth in the petrochemicals industry due to shale gas reserves.
At a global level, Maleic Anhydride market has witnessed significant changes. With the emergence of new regions and the increase in exports, the new regions like the Middle East & Africa are playing key roles. The traditionally dominant markets are experiencing slow growth in terms of both demand and production. Countries like China are expected to drive the regional as well as global Maleic Anhydride (MAN) market. This is expected to make China the key market with some major changes expected in the trade pattern.
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