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　　順酐產業鏈中上游主要為順酐制備原料和相關設備，原料按照制備方法主要由正丁烷和苯等，設備包括固定床或流化床等制備設備和提純設備等。中游主要為順酐的制備，隨著下游應用領域持續擴張，國內整體順酐產能近兩年持續擴張，競爭持續激烈，下游來看，順酐應用廣泛，在醫藥、涂料、油墨、潤滑油添加劑、造紙化學品、紡織品整頓劑、食品添加劑以及表面活性劑等領域皆有應用。近幾年，順酐下游應用不斷開發，需求總量也在逐步增長，疊加國內“限塑令”的逐步實施， PBS，PBAT 等可降解塑料制品的廠商日漸增多，這將大大地帶動原料順酐需求的增長。

　　The upstream of the maleic anhydride industry chain mainly consists of raw materials and related equipment for the preparation of maleic anhydride. The raw materials are mainly composed of n-butane and benzene according to the preparation method, and the equipment includes fixed bed or fluidized bed preparation equipment and purification equipment. The midstream mainly focuses on the preparation and production of maleic anhydride. With the continuous expansion of downstream application fields, the overall production capacity of maleic anhydride in China has continued to expand in the past two years, and competition has remained fierce. From the downstream perspective, maleic anhydride is widely used in various fields such as pharmaceuticals, coatings, inks, lubricant additives, papermaking chemicals, textile finishing agents, food additives, and surfactants. In recent years, downstream applications of maleic anhydride have been continuously developed, and the total demand is gradually increasing. Coupled with the gradual implementation of the domestic "plastic restriction order", the number of manufacturers producing biodegradable plastic products such as PBS and PBAT is increasing, which will greatly drive the growth of demand for raw material maleic anhydride.

　　正丁烷作為正丁烷氧化法的主要原料，而正丁烷氧化法相較苯法毒性較小，對環境污染小，隨著國內壓力越來越大，正丁烷法在滿足要求以及發展前景更佳，疊加苯價近年波動劇烈，供給穩定性下降，正丁烷法順酐理論產量比苯法高，國內整體正丁烷氧化法產能持續擴張，截止目前，國內正丁烷氧化法制備順酐有效產能占比國內產能已近9成，正丁烷供需及費用對順酐影響力持續走高，2021年以來地緣沖突加速，能源供需結構轉差，原油費用持續走高，整體正丁烷費用持續走高，2022年二季度開始，供需持續回暖，正丁烷開始緩步下降，一定程度減輕順酐成本壓力，但截止2022年末，我國正丁烷費用較2020年仍居高位。

　　As the main raw material for n-butane oxidation method, n-butane oxidation method has less toxicity and less environmental pollution compared to benzene method. With the increasing pressure on environmental protection in China, n-butane method has better prospects for meeting environmental requirements and development. In addition, benzene price has fluctuated sharply in recent years, leading to a decrease in supply stability. The theoretical output of succinic anhydride produced by n-butane method is higher than that of benzene method. The overall production capacity of n-butane oxidation method in China continues to expand. As of now, the effective production capacity of succinic anhydride prepared by n-butane oxidation method in China has accounted for nearly 90% of the domestic production capacity. The impact of n-butane supply, demand and cost on maleic anhydride continues to increase. Since 2021, geopolitical conflicts have accelerated, energy supply and demand structure has deteriorated, crude oil costs continue to rise, and the overall cost of n-butane continues to rise. At the beginning of the quarter, supply and demand continued to rebound, and n-butane began to slowly decline, To some extent, the cost pressure of maleic anhydride has been alleviated, but as of the end of 2022, the cost of n-butane in China remains high compared to 2020.

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