The North America Maleic Anhydride Market would witness market growth of 3.8% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 364.6 Kilo Tonnes, showcasing a growth of 18.8% (2020-2023).
In automotive applications, lubricating oil additives contribute to improving engine efficiency, reducing friction, preventing wear and tear, and enhancing fuel economy. Additionally, in industrial settings, these additives offer superior protection against corrosion, oxidation, and thermal degradation, thereby prolonging the lifespan of machinery and equipment. Therefore, the Mexico market used 8.2 Kilo tonnes of maleic anhydride as lubricating oil additive in 2023.
The US market dominated the North America Maleic Anhydride Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $743.2 million by 2031. The Canada market is experiencing a CAGR of 6.1% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 5.2% during (2024 - 2031).
Maleic anhydride is a precursor in producing maleic acid and fumaric acid, important chemical intermediates used in various industries. Maleic acid and fumaric acid find applications in food and beverage, pharmaceuticals, agriculture, cosmetics, and other sectors. They are used as acidity regulators, flavor enhancers, preservatives, and cross-linking agents, among other functions.
Additionally, maleic anhydride-based compounds are utilized as surfactants and lubricant additives in industrial and automotive applications. Maleic anhydride derivatives such as maleic acid and its esters improve lubricity, reduce friction, and enhance the performance of lubricants, metalworking fluids, and cutting oils. Also, maleic anhydride derivatives produce water treatment chemicals, including scale and corrosion inhibitors. These chemicals are used in industrial and municipal water treatment applications to prevent scale formation, control corrosion, and maintain water quality in cooling towers, boilers, and water distribution systems.
The growth of the construction industry in Canada can stimulate market growth for maleic anhydride by creating opportunities for suppliers and manufacturers. Increasing construction projects in residential, commercial, industrial, and infrastructure sectors may increase demand for maleic anhydride-derived products such as unsaturated polyester resins and alkyd resins. According to Statistics Canada, building construction investment rose 1.7% to $19.8 billion in November 2023. The residential sector grew 2.2% to $13.7 billion, while non-residential sector investment increased 0.4% to $6.0 billion. As construction activities in Canada expand, there may be an increased demand for composite materials incorporating maleic anhydride-based resins. These materials are used in various construction applications, such as composite panels, laminates, adhesives, and coatings for building structures, infrastructure projects, and architectural components.
Free Valuable Insights: The Maleic Anhydride Market is Predict to reach USD 5.5 Billion by 2031, at a CAGR of 4.1%
Based on Raw Material, the market is segmented into N-Butane and Benzene. Based on Application, the market is segmented into Unsaturated Polyester Resins (UPR), 1,4-butanediol (BDO), Lubricating Oil Additives, Copolymers and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Raw Material (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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