Maleic Anhydride Market Research Report Information By Raw Material (Benzene, and N-Butane), By Application (Copolymers, Lubricant Additives, Unsaturated Polyester Resin (UPR), Alkenyl Succinic Anhydrides, Malic Acid, Fumaric Acid, and Others), By End-User (Construction, Automotive, Food & Beverages, Textile, Pharmaceuticals, Personal Care, Agriculture, and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Global Maleic Anhydride Market Overview

The maleic anhydride market size was valued at USD 2.2 Billion in 2022. The maleic anhydride industry is projected to grow from USD 2.34 Billion in 2023 to USD 3.93 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.68% during the forecast period (2023 - 2032). Increasing demand for unsaturated polyester resins (UPR) in the construction and automotive industries, increasing demand for lubricant additives in the automotive industry, and rising demand for tetrahydrofuran in the production of spandex and polyurethane are the key market drivers improving the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Maleic Anhydride Market Trends

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  Growing demand for UPR & 1,4-BDO from the automotive industry is driving market growth.

  
  

Market CAGR for maleic anhydride is driven by the increasing market of commercial and passenger vehicles driving the maleic anhydride market in the automotive industry. Maleic anhydride is utilized as an ingredient in UPR, which is further utilized to manufacture automotive composites, including closure panels, fenders, Grille Opening Reinforcement (GOR), headlamp reflectors, body panels, heat shields, and pick-up boxes. Maleic anhydride copolymers are also utilized to manufacture lubricant additives, including pour point depressants, viscosity index improvers, and dispersants. The growing market of passenger and commercial vehicles globally drives the maleic anhydride market revenue.

Additionally, the increasing demand for automobiles has contributed to the growth of the maleic anhydride market. The automobile industry delivers and markets self-powered vehicles, including trucks, farm equipment, passenger cars, and other commercial vehicles. The automobile industry operates unsaturated polyester resin emanated from maleic anhydride for creating parts due to its lightweight, design versatility, and mechanical properties. As per a report from January 2021, General Motors Co. (GM) reported a 4.8% expansion in deals, while Toyota and Volkswagen noticed their deals increase by 9.4% and 10.8%. This advancement has, in turn, boosted the growth of maleic anhydride and its product market.

The rise in living standards has driven packaged food & beverage demand. Maleic anhydride converts to fumaric and maleic acid and is a flavor enhancer in beverages. It prevents microbial and fungal growth and is a commonly used preservative in the food industry. Increasing penetration of spandex in compression stockings, medical textiles, and sportswear associated with growing disposable income are factors that are projected to expand the demand for 1, 4-butanediol, which in favor will result in the advancement in demand for maleic anhydride. Favorable expansion in the construction industry in developing nations is expected to foster the need for unsaturated polyester resins over the forecast period. Unsaturated polyester resins are attributed to encouraging market growth owing to their increasing use in heat-resistant tanks and pipes, thus influencing the maleic anhydride market.

The expansion of the building and construction enterprise due to improved population and lifestyle modifications obtained about by urbanization may greatly donate to the market for UPR. For instance, as per the US Census Bureau, the entire housing construction units approved by building permits in March 2020 grew at a moderate annual rate of 1,353,000, representing a 5% growth over the March 2019 rate of 1,288,000.

Maleic Anhydride Market Segment Insights

Maleic Anhydride Raw Material Insights

The maleic anhydride market segmentation, based on type, includes n-butane and benzene. The n-butane segment dominated the market, accounting for major market revenue. In developing economies, category growth is driven by an increasing number of building, construction, and automotive industries. However, benzene is the fastest-growing category due to the low-cost process with improved productivity, the minimal threat involved, and the less complicated production process.

Figure 1:  Maleic Anhydride Market, by Raw Material, 2022 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Maleic Anhydride Application Insights

The maleic anhydride market segmentation, based on application, includes unsaturated polyester resin (UPR), copolymers, alkenyl succinic anhydrides, lubricant additives, malic acid, fumaric acid, and others. The unsaturated polyester resin (UPR) category generated the most income (70.4%) due to the fact that unsaturated polymer resin is one of the most popular thermostat polymers utilized as a matrix in various application industries, such as aerospace and construction. However, lubricant additives are the fastest-growing category as they are used in producing lubricating oil and hydraulic fluids to increase the implementation of lubricants by delivering alkalinity, shear stability, and low-temperature fluidity.

Maleic Anhydride End-User Insights

The maleic anhydride market segmentation, based on end-user, includes construction, automotive, food & beverages, textile, pharmaceuticals, personal care, agriculture, and others. The automotive category generated the most income due to Іnсrеаѕіng аdорtіоn оf mаlеіс аnhуdrіdе іn рrоduсtіоn оf bulk mоldіng соmроundѕ аnd fіbеrglаѕѕ rеіnfоrсеd рlаѕtісѕ. However, construction is the fastest-growing category due to the growing demand for maleic anhydride in the construction industry.

Maleic Anhydride Regional Insights

By region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American maleic anhydride market area will dominate, owing to the increasing domestic industries, growing demand from end-use industries, and increasing usage of maleic anhydride in numerous applications, such as agricultural chemicals and pharmaceuticals, which will expand the market growth in this region. Further, the US maleic anhydride market held the largest market share, and the Canada maleic anhydride market was the fastest growing market in the North American region.

Further, the key countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  MALEIC ANHYDRIDE MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's maleic anhydride market accounts for the second-largest market share due to the advancing pharmaceuticals, construction, and personal care & cosmetics industries. Further, the German maleic anhydride market held the largest market share, and the UK maleic anhydride market was the fastest-growing market in the European region.

The Asia-Pacific maleic anhydride market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increasing construction spending in emerging economies in this region. Moreover, China’s maleic anhydride market held the largest market share, and the Indian maleic anhydride market was the fastest-growing market in the Asia-Pacific region.

Maleic Anhydride Key Market Players & Competitive Insights

Leading market participants are investing heavily in research and development to develop their product lines, which will allow the maleic anhydride market to grow even more. Market participants are also undertaking different strategic activities to develop their footprint, with significant market developments including mergers and acquisitions, unique product launches, contractual arrangements, higher investments, and collaboration with other institutions. To extend and stay in a more competitive and growing market climate, the maleic anhydride industry must deliver cost-effective items.

Manufacturing locally to reduce operational expenses is one of the key business tactics manufacturers utilize in the maleic anhydride industry to benefit clients and increase the market sector. Major players in the maleic anhydride market, including Huntsman International LLC, LANXESS AG, Ashland Inc., Zibo Qixiang Tengda Chemical, Ningbo Jiangning Chemical Co., Ltd., and others, are attempting to develop market demand by financing in R&D operations.

Huntsman Corp is a manufacturer of organic chemical products. It delivers a wide range of chemicals and formulations, such as amines, MDI, maleic anhydride, epoxy-based polymer formulations, textile chemicals and dyes. The firm markets its products to diverse consumers and industrial customers. Huntsman products find application in adhesives, aerospace, personal care and hygiene, automotive, construction products, durable and non-durable consumer products, digital inks, electronics, power generation, refining, medical, packaging, coatings and construction, synthetic fiber, textile chemicals and dyes industries among others. In September 2019, Huntsman Corporation received its remaining 50% stake in the Sasol-Huntsman maleic anhydride joint venture. The investment allowed Huntsman fully to incorporate its European business and cater to the exact requirements of its critical customers, including construction and coatings.

Nippon Shokubai Co Ltd is a chemical company that manufactures and markets basic and functional chemicals and catalysts. The company's product portfolio includes acrylic acid, ethylene oxide, ethanolamine, maleic anhydride and De-NOx catalyst. The company also offers super water-absorbing resins, unsaturated polyester resins, automobile catalysts, process catalysts, decomposition catalysts, resins for coating materials, organic and inorganic particles, and others. In December 2019, Nippon Shokubai, along with Sanyo Chemical, decided to merge their respective businesses through a share transfer to form an incorporated holding company called Synfomix Co. Ltd. (Kyoto, Japan). The materials division of Synfomix will manufacture products, including ethylene oxide, ethanolamines, ethylene glycols, acrylates, superabsorbent polymers, maleic anhydride, acrylic hydroxy monomers, and maleic anhydride derivatives.

Key Companies in the Maleic Anhydride market include.

• Huntsman Corporation (US)


• Shanxi Qiaoyou Chemical Co., Ltd. (China)


• Changzhou Yabang Chemical Co., Ltd. (China)


• Zibo Qixiang Tengda Chemical Co., Ltd. (China)


• Polynt-Reichhold Group (Italy)


• Mitsubishi Chemical Corporation (Japan)


• LANXESS AG(Germany)


• Nippon Shokubai Co., Ltd. (Japan)


• Ningbo Jiangning Chemical Co., Ltd. (China)


• Gulf Advanced Chemical Industries Co., Ltd. (Saudi Arabia)

Maleic Anhydride Industry Developments

June 2022: Polynt announced its expansion project to build a new esterification plant to produce plasticizers and mainly trimellitates at its site in Atlacomulco, Mexico, expanding its production capacity to meet the needs of the growing automotive and electrical industry.

July 2020: Polynt Group announced its plans to build a greenfield maleic anhydride production plant in Morris, U.S., with 50,000 tons per annum production capacity. The company took this move to meet the rising demand for maleic anhydride.

Maleic Anhydride Market Segmentation

Maleic Anhydride Raw Material Outlook

• N-Butane


• Benzene

Maleic Anhydride Application Outlook

• Unsaturated Polyester Resin (UPR)


• Copolymers


• Lubricant Additives


• Alkenyl Succinic Anhydrides


• Malic Acid


• Fumaric Acid


• Others

Maleic Anhydride End-User Outlook

• Construction


• Automotive


• Food & Beverages


• Textile


• Pharmaceuticals


• Personal Care


• Agriculture


• Others

Maleic Anhydride Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Report Scope:

Report Attribute/Metric	Details
Market Size 2022	USD 2.2 Billion
Market Size 2023	USD 2.34 Billion
Market Size 2032	USD 3.93 Billion
Compound Annual Growth Rate (CAGR)	6.68% (2023-2032)
Base Year	2022
Market Forecast Period	2023-2032
Historical Data	2018- 2022
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Growth Factors, Market Competitive Landscape, and Trends
Segments Covered	Raw Material, Application, End-User and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered	The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Changzhou Yabang Chemical Co., Ltd. (China), Huntsman Corporation (US), Shanxi Qiaoyou Chemical Co., Ltd. (China), Zibo Qixiang Tengda Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Nippon Shokubai Co., Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), LANXESS AG(Germany), Gulf Advanced Chemical Industries Co., Ltd. (Saudi Arabia), and Ningbo Jiangning Chemical Co., Ltd. (China)
Key Market Opportunities	Increasing demand for unsaturated polyester resins (UPR) in the construction and automotive industries.
Key Market Dynamics	Growing demand for lubricant additives in the automotive industry

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