Report Overview
Global Maleic Anhydride Market reached US$ 4.38 billion in 2023 and is expected to reach US$ 6.13 billion by 2031, growing with a CAGR of 4.29% during the forecast period 2024-2031.
The expansion of the product market may be accounted for by the rising need for unsaturated polyester resins (UPR), which are the main constituents utilized in fiberglass-reinforced resins. Furthermore, these resins find employment in automotive and maritime applications as well as in building items such as sinks, countertops and tubs.
Short-term growth of the market is mostly driven by the increasing worldwide demand for unsaturated polyester resin and the expansion of End-User industries in emerging countries. Nevertheless, the projected future growth of the target business is expected to be limited by the escalating government laws pertaining to the management and use of maleic anhydride. Commercialization of bio-based maleic anhydride is expected to provide the global market with promising growth prospects in the near future.
Over the forecast period, Asia-Pacific is projected to have robust expansion in the maleic anhydride market. It is attributed to the extensive use of maleic anhydride in various end-use application sectors, including automotive, construction and other industries. The growing need for unsaturated polyester resins in the automotive and construction sectors is projected to stimulate the market demand. Moreover, the use of additives in the automotive industry to improve fuel efficiency and decrease gas emissions increases the need for maleic anhydride.
Market Scope
| Metrics | Details |
| CAGR | 4.29% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Raw Material, Product Type, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Rising Vehicle Sales and Motorization
Maleic anhydride market in the automotive industry is driven by the rising sales of passenger automobiles and commercial vehicles. Maleic anhydride is a component used in Ultrasonic Powder Reactor (UPR) for the production of automobile composites, including closure panels, body panels, fenders, Grille Opening Reinforcement (GOR), heat shields, headlight reflectors and pick-up boxes. Copolymers of maleic anhydride are also employed in the production of lubricant additives, including viscosity index improver, pour point depressant and dispersion.
The global maleic anhydride market is being propelled by the ongoing growth in sales of passenger and commercial vehicles. Motorization rates have risen in both industrialized and developing countries throughout the last five years, mostly due to the rising disposable income of individuals and industrial expansion. The growing number of automobiles in emerging nations is driving up the need for engine oil, functional fluids and automotive components, therefore exerting a favorable impact on the maleic anhydride industry.
Growing Demand for Hybrid Vehicles and Increasing Battery Price Parity
In order to maximise power efficiency and minimise pollution, hybrid vehicles are equipped with both a compact Internal Combustion Engine (ICE) and an electric motor. Industries experts predict that the increasing number of hybrid vehicles will nearly halve the demand for engine oil, functional fluid and gearbox fluid per vehicle. This aspect, together with the growing battery parity, is anticipated to influence the size of the maleic anhydride market.
Although batteries for electric vehicles are currently prohibitively expensive, advancements in technology are lowering their price and extending the driving range per charge. These parameters exert a significant influence on the consumption of engine oil, particularly in light of the declining costs of batteries. Anticipated growth in the demand for electric vehicles is projected to lead to a reduction in the total consumption of engine oil. Consequently, this is likely to result in a fall in the need for maleic anhydride as supplement in lubricating oil.
Market Segment Analysis
The global maleic anhydride market is segmented based on raw material, product type, End-User and region.
Unsaturated Polymer Resin Dominated the Market
Unsaturated polymer resin is widely used as a matrix in several application sectors, including aerospace and construction, making it one of the most commonly recognized thermostat polymers. Due to its exceptional resistance to abrasion, corrosion, chemicals and heat, as well as its superior structural strength, high impact strength and exceptional compressive strength, together with its environmentally friendly properties, this material is highly suitable for use in several industries such as marine, construction, transportation, wind energy and electrical.
One of the applications expected to experience the most rapid increase during the projected timeframe is 1,4-butanediol (BDO). Maleic anhydride is used in the production of 1,4-butanediol (BDO) using Davy Process Technology (DPT). As an intermediate chemical, BDO is used to synthesise polybutylene terephthalate (PBT), polytetramethylene ether glycol (PTMEG), tetrahydrofuran (THF), gamma-butyrolactone (GBL) and polyurethane (PU). Chemicals finding application in engineering plastics, pharmaceuticals, textiles, cosmetics, insecticides, synthetic leather, hardeners, solvents, plasticizers and rust removers.
Market Geographical Share
Rising Demand from Various Industries in Asia-Pacific
Market for maleic anhydride in Asia Pacific is expected to be the dominant amongst all the regions. It is ascribed to scientific progress in the medicines, construction and personal care & cosmetics sectors of the region. Maleic anhydride finds application as an unsaturated polymer resin in the construction and pharmaceutical sectors, specifically in hair fixatives and styling formulae within the personal care and cosmetics business.
Increased demand for maleic anhydride is driven by the expanding pharmaceutical sector in the region. The India Brand Equity Foundation reports that the Indian pharmaceuticals sector meets more than 50% of the worldwide demand for various vaccinations, positioning it as the third-largest business in terms of pharmaceutical output globally. The demand for personal care goods especially shows an upward trend.
China intends to allocate a total of US$ 1.43 trillion towards significant civil infrastructure projects for the following five years, until the year 2025. The National Development and Reform Commission (NDRC) has specified that the Shanghai plan entails a financial commitment of US$ 38.7 billion over the next three years. In contrast, Guangzhou has already committed to 16 new infrastructure projects, with a total expenditure of US$ 8.09 billion.
Market Competitive Landscape
The major global players in the market include Cepsa, INEOS, Huntsman International LLC, Lanxess A.G., Mitsubishi Chemical Corporation, MOL Hungarian Oil & Gas Plc, Nippon Shokubai Co., Ltd., Polynt Group, Thirumalai Chemicals Ltd., Jiangyin Shunfei, Tianjin Bohai Chemicals.
Russia-Ukraine War Impact Analysis
The persistent conflict between Russia and Ukraine has had a substantial effect on the maleic anhydride market, especially in Europe, where both producers and purchasers heavily rely on Russian oil and gas. The ongoing conflict has intensified apprehensions regarding the reliability of n-butane supply, which is a crucial raw material, resulting in concerns about possible shortages and unpredictable price fluctuations. Although there is yet no official confirmation of supply interruptions, European maleic producers who primarily depend on Russian n-butane are anticipated to see the first effects.
Conversely, the prices of maleic anhydride in US market are increasing as a result of the escalating costs of n-butane, while the supply stays constant. In Asia, the presence of uncertainty and fluctuations in feedstock prices have caused market participants to exercise caution, resulting in purchasers being reluctant to make purchasing choices. Therefore, the worldwide maleic anhydride market is characterized by volatility and increasing apprehension as the war persists in impacting the supply and pricing of raw materials.
By Raw Material
- n-butane
- Benzene
By Product Type
- Unsaturated Polyester Resin
- 1,4-Butanediol
- Lubricant Additives
- Maleic Anhydride Copolymers
- Malic Acid
- Furmaric Acid
- Alkyl Succinic Anhydrides
- Surfactants and Plasticizers
- Other
By End-User
- Construction
- Automobile
- Food and Beverage
- Oil Products
- Electronics
- Personal Care
- Pharmaceutical
- Agriculture
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
- In June 2022, Polynt unveiled their expansion initiative to construct a new esterification facility in Atlacomulco, Mexico. The purpose of this facility is to manufacture plasticizers and primarily trimellitates. The construction aims to increase the company's production capacity in order to cater to the demands of the developing automotive and electrical sectors.
- In June 2023, PETRONAS Chemicals Group Berhad (PCG) acquired the 113 kilo-tonnes per annum (ktpa) Maleic Anhydride (MAn) factory located at Gebeng, Kuantan, from BASF PETRONAS Chemicals Sdn. Bhd. (BPCS).
- In November 2023, Clariant made an announcement regarding the acquisition of Jiangsu Shenghong Petrochemical Co., Ltd. An agreement has been made to use Clariant's SynDane 3142 LA catalyst for the construction of a new maleic anhydride (MA) manufacturing plant in Lianyungang, Jiangsu province.
- In October 2023, Huntsman declared the commencement of maleic anhydride production at its Moers facility in Germany, after an unexpected maintenance closure that had halted operations. The Moers chemical factory is renowned for its substantial yearly output capacity of 105,000 tonnes of maleic anhydride.
Why Purchase the Report?
- To visualize the global maleic anhydride market segmentation based on raw material, product type, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel spreadsheet containing a comprehensive dataset of the maleic anhydride market, covering all levels of segmentation.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global maleic anhydride market report would provide approximately 62 tables, 62 figures and 210 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
