Maleic Anhydride Industry

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.

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.

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

Maleic Anhydride Market Segments Highlights:

Drivers, Opportunities & Restraints

Unsaturated polymer resins are widely used as body fillers for rapid reconstruction and repair of damaged vehicle parts. They also function as putty for car painting in the automobile industry. Applying UPR gives the vehicle a smooth surface by removing any traces of damage. Furthermore, it also provides good adhesion to paint, thereby increasing the lifespan of the applied coat. UPR is widely used for bumpers, doors, roofs, and interiors to repair damages caused during accidents. Thus, the growing car accident cases on a global level are expected to propel the demand for UPR, which, in turn, will drive the demand for maleic anhydride.

Industry Dynamics

The market is highly competitive, with the presence of a large number of independent small-scale and large-scale manufacturers and suppliers. This fragmentation is evident in the market's structure, with players entering into acquisitions and expansion plans to maintain their position in the market. For instance, in 2023, PETRONAS Chemicals Group Berhad (PCG) has 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).

Application Insights & Trends

“1,4-butanediol (BDO) segment is expected to witness growth at 5.1% CAGR”

The unsaturated polyester resins (UPR) segment is projected to reach USD 2,953.8 million by 2030. Unsaturated polymer resin is one of the most popular thermostat polymers utilized as a matrix in various application industries such as aerospace and construction. It possesses excellent resistance to abrasion, corrosion, chemicals, and heat, superior structural strength, high impact strength, and exceptional compressive strength, along with environmentally friendly characteristics, which make it an excellent choice for applications in the marine, construction, transport, wind energy, and electrical industries.

Regional Insights & Trends

“China to witness market growth of CAGR 5.4%”

Asia Pacific is a prominent consumer of maleic anhydride globally, with a revenue share of 52.1% in 2023. The Asia Pacific maleic anhydride market will likely grow over the forecast period. This can be attributed to advancements in the region's pharmaceuticals, construction, and personal care & cosmetics industries. In the construction and pharmaceutical industries, maleic anhydride is used as an unsaturated polymer resin, whereas in the personal care and cosmetics industry, it is used in hair fixatives and styling formulas.

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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. Increasing construction spending across the globe is anticipated to elevate the penetration of residential and commercial structures.
• 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.

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

Key Maleic Anhydride Companies:

The following are the leading companies in the maleic anhydride market. These companies collectively hold the largest market share and dictate industry trends.

• 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.

Segments Covered in the Report

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

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