Maleic Anhydride Market Growth Analysis | 2023-2028

Market Insights

The Maleic Anhydride Market was estimated at USD 2.79 billion in 2022 and is expected to grow at a healthy CAGR of 4.2% during 2023-2028 to reach USD 3.36 billion by 2028.

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What is Maleic Anhydride?

Maleic Anhydride is an organic compound with the chemical formula C4H2O3. It is a colorless, crystalline solid with a pungent odor. Maleic Anhydride is highly reactive and is primarily used in the production of various chemicals. One of its essential applications is in the synthesis of unsaturated polyester resins, which are widely used in the production of fiberglass-reinforced plastics, coatings, and adhesives. It is also a precursor in the manufacturing of 1,4-butanediol, a key ingredient in the production of spandex fibers, polyurethanes, and other polymers. Additionally, Maleic Anhydride finds use in the production of agricultural chemicals, lubricant additives, and certain pharmaceuticals. Due to its versatile chemical properties, Maleic Anhydride holds a significant position in the chemical industry, driving innovation and the creation of various essential products.

Market Dynamics

Increasing penetration of composite materials in the automotive, aerospace, and construction industries is the prime factor that has boosted the demand for unsaturated polyester resins, which are used to manufacture composite materials. Rising disposable income along with increasing use of spandex in compression stockings, sportswear, and medical textiles has boosted the demand for 1,4-butanediol. The escalating growth in the construction industries in BRIC countries and other developing economies is expected to further drive the growth of the maleic anhydride market. In addition, lenient government regulations, easy availability of land and raw materials, and low labor and transportation costs are the major factors encouraging the key players to shift their manufacturing activities to developing economies such as China, India, Indonesia, and Brazil.

Segments Analysis

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By Raw Material Type

Based on the raw material type, the market is segmented as n-butane and benzene. The n-butane segment held the larger share of the market and is expected to remain dominant during the forecast period. N-butane-based maleic anhydrides are majorly preferred over benzene-based maleic anhydrides owing to their lower production cost and lesser harmful nature.

By Application Type

Based on the application type, the maleic anhydride market is segmented as unsaturated polyester resins (UPR), 1,4-butanediol (1,4-diol), lubricating oil additives, copolymers, and others. The growth of the segment is mainly due to an increased demand for UPR from emerging economies, such as China and India, and its low price compared to the other epoxy resins. Increasing penetration of UPR in the marine, aerospace, automotive, construction, and chemical industries is expected to further drive the growth of the segment.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the countries with lucrative growth opportunities. The growth of the market is mainly driven by the expanding automotive and rising construction sectors in the major economies of the region. Increasing adoption of maleic anhydride to manufacture bulk molding compounds and fiberglass-reinforced plastics is expected to further drive the demand for maleic anhydride in the region. Increasing disposable income, rapid industrialization, urbanization, and increasing spending in the construction sector in the region are expected to further drive the region’s market.

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Key Players

Some of the major maleic anhydride manufacturers are-

• Huntsman International LLC
• LANXESS AG
• Ashland Inc.
• Zibo Qixiang Tengda Chemical
• Ningbo Jiangning Chemical Co., Ltd.
• Polynt—Reichhold Group
• Nippon Shokubai Co., Ltd.
• Mitsubishi Chemical Corporation
• Gulf Advanced Chemical Industries Co., Ltd. (GACIC)
• Global Ispat Koksna Industrija d.o.o. Lukavac (GIKIL)

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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