The global maleic acid market size is expected to witness potential gains in the future, and register a significant CAGR of 5.8% over the forecast period (2019 - 2027).
Maleic acid is an organic compound used in making polyesters for fiber-reinforced laminated moldings and paint vehicles. It is found naturally in sour cherries, cacao, corn, ginseng, and tobacco leaves. It is soluble in water and alcohol. Maleic acid is majorly used as a precursor to fumaric acid and relative to its parent maleic anhydride and in manufacturing of synthetic resins, in textile processing, and in preserving oils and fats.
Increasing demand for glyoxylic acid from various end-use industries such as paints and coatings and food and beverages is expected to boost growth of the global maleic acid market.
Maleic acid is an industrial raw material for the production of glyoxylic acid. Increasing manufacture of artificial resins is also expected to boost growth of the market over the forecast period.
Moreover, increasing use of maleic acid in development of drugs such as carfenazine, chlorpheniramine, pyrilamine, methylergonovine, and thiethylperazine is also expected to drive the market growth. Use of maleic acid as a general adhesive and binding agent and in construction of bricks increases its demand from the construction sector.
However, maleic acid is toxic and harmful if swallowed. The compound may cause skin irritation and respiratory irritation. These factors are expected to hinder growth of the market to some extent.
On the basis of region, the global maleic acid market is segmented into North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. Asia Pacific market is expected to hold dominant position over the forecast period. This is owing to increasing demand for unsaturated polyester resins in the lubricant and automotive industry. High production of maleic acid in China and its increasing demand from the polyester resin industry is also expected to contribute to the market share of Asia Pacific. Unsaturated polyester resins is used in the production of sheet molding compounds, bulk molding compounds and fiberglass reinforced plastics. Therefore, the market in Europe is mainly driven by growing automobiles and ship manufacturing industries.
Major players operating in the global maleic acid market include, Life Chemicals, VladaChem, VWR, Part of Avantor, Acros Organics, Alichem, Achemtek, Syntree, Sigma-Aldrich, MolPort, ChemShuttle, AHH Chemical Co., Ltd., Glentham Life Sciences Ltd., and LGC Standards.