Maleic Anhydride Industry Overview

The global maleic anhydride market size was estimated at USD 4,386.1 million in 2023 and is projected to grow at a CAGR of 4.2% from 2024 to 2030.

The product market's growth is attributed to the increasing demand for unsaturated polyester resins (UPR), the prime component used in fiberglass-reinforced resins. These resins are further used in automotive and marine applications and in construction products like sinks, countertops, and tubs.

Gather more insights about the market drivers, restrains and growth of the Maleic Anhydride Market

The U.S. is the largest product consumer in North America, with a revenue share of 82.9% in 2023. This is attributed to the country's expanding agricultural, automotive, and construction industries. According to the TST Europe, the total construction spending in the US reached $1.98 trillion in 2023, marking a 7.4% increase from the previous year. This growth was primarily driven by nonresidential construction, which saw a 17.6% year-over-year increase, while residential construction spending decreased by 3% due to rising interest rates and inflation. Furthermore, the country constructs structures worth over USD 1.8 trillion each year. These factors are expected to contribute to the growth of the product market in the U.S.

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• The global doors market was valued at USD 91.28 billion in 2022 and is expected to grow at a CAGR of 4.3% over the forecast period.
• The global unsaturated polyester resin market size was valued at USD 12.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2030.

Maleic Anhydride Market Segmentation

Grand View Research has segmented the global maleic anhydride market based on application, and region:

Maleic Anhydride Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Unsaturated polyester resins (UPR)
• 1,4-butanediol (BDO)
• Additives (Lubricants and Oil)
• Copolymers
• Other Applications

Maleic Anhydride Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Italy
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Central & South America
  • Brazil
• Middle East & Africa

Key Companies profiled:

• 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.

Key Maleic Anhydride Company Insights

Some of the key players operating in the market includeHuntsman International LLC, Mitsubishi Chemical Corporation,LANXESS A.G., INEOS, and Nippon Shokubai Co., Ltd. among others.

• Mitsubishi Chemical Corporation is a provider of performance products and industrial materials. It is a subsidiary of Mitsubishi Chemical Holdings Corporation (MCHC), an investment holding group based in Japan. The company operates in three domains: performance products, industrial materials, and other businesses. It has regional offices and overseas subsidiaries in the US, Germany, Hong Kong, Singapore, and China
• Lanxess A.G. is a Germany-based specialty chemicals company formed as a spin-off from Bayer A.G.’s chemical operations and polymer activities. The company is involved in the manufacturing and distribution of additives, chemical intermediates, plastics, and specialty chemicals

Polynt Group, Thirumalai Chemicals Ltd., Jiangyin Shunfei, and others, are some of the emerging market participants in the maleic anhydride market.

• Polynt Group specializes in the production, sales, and R&D of chemical intermediates, organic hydrides, and their derivatives. It specializes in chemicals, resins, intermediates, special additives, compounds, plasticizers, gel coats, catalysts, composites, vinyl ester resins, bonding pastes, unsaturated polyester resins, SPP, GPP, carbon fiber, malic acid, and bonding pastes. The company has two production units for maleic anhydride in Northern Italy with production capacities of 36,000 and 60,000 tons per annum
• Thirumalai Chemicals Ltd. started with the production of phthalic anhydride, although its current product portfolio comprises maleic anhydride, fumaric acid, malic acid, and fine chemicals & derivatives. Its products cater to industries ranging from construction, food & beverage, pharmaceuticals, lubricants, agriculture, co-polymers, paints & coatings, chemical intermediates, plastic, dyes, polyesters, textiles, and industrial applications

Recent Developments

• In June 2023, PETRONAS Chemicals Group Berhad (PCG) announced its acquisition of the 113 kilo-tonnes per annum (ktpa) Maleic Anhydride (MAn) plant situated in Gebeng, Kuantan, from BASF PETRONAS Chemicals Sdn. Bhd. (BPC)
• In November 2023, Clariant announced the acquisition of Jiangsu Shenghong Petrochemical Co., Ltd. The contract entails the utilization of Clariant's SynDane 3142 LA catalyst to establish a new maleic anhydride (MA) production facility in Lianyungang, Jiangsu province

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