Maleic acid is a four carbon unsaturated dicarboxylic organic acid that is synthesized by hydrolysis of Maleic anhydride. Maleic acid is a white, odorless, non-flammable, crystalline solid and is toxic in nature. It is an irritant to the skin and can cause severe damage to the eye on exposure. It is generally used in closed systems in the industry to avoid any hazards. Maleic acid is an isomer of Fumaric acid.
Maleic acid is primarily used for the production of fumaric acid which finds application as an acidulant in foods. Maleic acid is also utilized as; detergent for surface cleaning, for making Maleate Salts of Bulk-Drugs (such as Pheneramine Maleate, Chloropheneramine Maleate and others)in the pharmaceutical industry, as sizing agent in the textile industry, photographical chemicals, preservative for oils and fats, for hot-melt adhesives and as a auxiliary dying chemical. The market is driven by demand growth of fumaric acid with increasing adoption of convenience food and beverage products due to busy lifestyle of the urban population. Further with increasing population there is great potential for synthetic foods especially to serve the fast lifestyle of urban populations across the world. Furthermore, the expanding pharmaceutical industry is expected to aid demand growth of maleic acid with rise in demand for generic bulk drugs owing to support by government subsidies. However, due to acute toxicity of Maleic acid and difficulty in use, its utility is restricted, unlike fumaric acid which is the preferred substitute, especially for application in foods. Additionally, maleic acid is interchangeable with maleic anhydride in most applications (due to its ease of use), which further eats away maleic acid market share.
Maleic acid is commercially derived by hydrolysis of maleic anhydride which is obtained from vapor phase oxidation of n-butane which is a petrochemical product. The prices of petrochemical products are highly dependent on crude oil prices, which are very volatile and often fluctuate in short intervals. This puts pressure on the margins of the maleic acid producers as a major part of the bulk purchases are made through quarterly contracts to maintain secure supplies. Currently, the prices of petrochemicals are declining owing to the shale gas revolution. The shale gas revolution has helped ease the pressure on petrochemical supply and prices. This has helped improve margins for the maleic acid manufacturers.
In terms of geography, the rapidly expanding market in the emerging BRICS nations and the developing countries is anticipated to fuel the demand for maleic acid. The rising disposable income of the general population is improving the purchase power parity of the people in these regions, which in turn is adding to the demand for household convenience products such as convenience foods and beverages and detergents. Furthermore, rapid urbanization in these high GDP nations is instilling a change in the lifestyle of people and demand for healthy convenience products to compensate for the lack of time. Additionally with better infrastructure and technological capabilities the capabilities of pharmaceutical companies has increased greatly resulting in improved sales of bulk drugs (such as antihistamines) and more demand for maleic acid. In North America and Europe the rising awareness and health consciousness has concluded in a shift towards foods and beverages with health benefits.
Some of the key players in the maleic acid market include Alfa Aesar, Merck Millipore, Bartek, DSM NV, Huntsman Corporation, Lanxess Corporation, Mitsubishi chemical company, Mitsui Chemicals Inc., and Nippon Shokubai Company Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.