PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514934
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514934
Maleic Anhydride Market size was valued at USD 2,984.2 Million in 2023, expanding at a CAGR of 4.50% from 2024 to 2032.
Maleic anhydride is the anhydride of the most basic type of unsaturated dihydric carboxylic acid. It is an organic molecule. Maleic anhydride is a water-soluble, white, crystalline, fragrant, and extremely hygroscopic material. It is mostly employed in the production of unsaturated polyester resins (UPR). Maleic anhydride is also employed in the manufacturing of chemicals, medicines, food additives, detergents, water treatment chemicals, and copolymers, among other products. The increasing demand for unsaturated polyester resins, or UPR is driving the market for maleic anhydride. Because of their qualities, unsaturated polyester resins are becoming more and more applicable in a variety of industry verticals, which in turn is contributing to the market expansion for maleic anhydride.
Maleic Anhydride Market- Market Dynamics
Maleic Anhydride is Becoming more Widely Used in a Variety of End Industries
Rising living standards and a hectic lifestyle have propelled the worldwide packaged food and beverage industry. Maleic anhydride improves beverage flavor by converting to fumaric and maleic acid. It works as a common food industry preservative by inhibiting the growth of microorganisms and fungi. An increase in disposable income and the growing use of spandex in sportswear, compression stockings, and medical textiles are expected to drive up demand for 1, 4-butanediol, which will drive up demand for maleic anhydride. It is projected that the building sector in emerging nations will experience favorable expansion in the years to come, which will increase the need for unsaturated polyester resins. The market for maleic anhydride is influenced by unsaturated polyester resins, which are expected to rise due to their growing use in heat-resistant pipes and tanks. Positive effects are being seen in the market from the growing popularity of utilizing maleic anhydride with bio-based feedstock polymers.
Maleic Anhydride Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.50% over the forecast period (2024-2032)
Based on raw material segmentation, the n-butane category was predicted to show maximum market share in the year 2023
Based on application segmentation, the UPR category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Maleic Anhydride Market is segmented on the basis of Raw Material, Application, and Region.
The market is divided into two categories based on raw material: n-butane and Benzene. The n-butane category dominates the market. The market for maleic anhydride based on n-butane is being driven by its less complicated production process, low risk, and high productivity at a low cost. It is also favored over benzene since it is less damaging to the environment. Furthermore, it is anticipated that the need for maleic anhydride based on n-butane will increase due to the growing demand from the transportation & construction sectors.
The market is divided into the following categories based on application: UPR, 1,4-BDO, Lubricating Oil Additives, Copolymers, and Others. The UPR category dominates the market and is likely to maintain its dominance during the forecast period. This increase is explained by the reason that unsaturated polymer resin is among one of the most widely used thermostat polymers, being used as a matrix in a variety of industries, including construction and aerospace. With its superior structural strength, high impact strength, excellent compressive strength, and environmentally friendly properties, unsaturated polymer resin is a great option for use in the wind energy, electrical, marine, construction, and transportation sectors. It also has excellent resistance to corrosion, abrasion, chemicals, and heat.
Maleic Anhydride Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Over the course of the forecast period, Asia Pacific is anticipated to hold the greatest share of the global market for maleic anhydride. The region's developing building, personal care, and cosmetics sectors are to blame for this rise. Maleic anhydride is utilized as unsaturated polymer resin in the building and pharmaceutical sectors and as a hair fixative and styling formula in the personal care and cosmetics sector. The personal care and cosmetics market in India is estimated by the National Investment Promotion & Facilitation Agency to be worth USD 15 billion, making it the eighth largest in the world. China is the world's second-largest consumer of cosmetics and personal care products, making up around 17.3% of the worldwide market, according to the Hong Kong Trade Development Council. Thus, it is expected that the demand for maleic anhydride will be driven during the forecast period by the expanding personal care and cosmetics industry.
In addition, the maleic anhydride market is anticipated to expand at the fastest rate in the world during the projected period in North America. Major users of products made from maleic anhydride are the construction, automotive, and consumer goods industries, all of which are well-represented in the North American region. Maleic anhydride is in high demand due to the development and expansion of these industries. North America's construction sector has been steadily expanding as a result of infrastructure development initiatives and rising demand for both residential and commercial real estate. Unsaturated polyester resins are made using maleic anhydride and used in a variety of building products.
The global market for Maleic Anhydride is distinguished by the presence of several key players such as Lanxess AG, I G Petrochemicals Ltd, Huntsman Corporation, Mitsubishi Chemical Holdings, Nan Ya Plastics, and Ningbo Jiangning Chemical Co., Ltd., among others, who strive to provide consumers with a wide range of products. Furthermore, significant manufacturers are working on building technologies that are backed by the implementation of stringent government rules, as well as providing solutions tailored to their commercial aims. Furthermore, companies are likely to use innovation and product differentiation to achieve a competitive advantage in the market.
March 2023: Ashland Global Holdings Inc. declared that it would pay USD 1.15 billion to acquire the catalysts division of Albemarle Corporation. It is anticipated that the deal would finalize in 2023's second half.
June 2022: In order to expand its production capacity and satisfy the demands of the developing automotive and electrical industries, Polynt announced plans to establish a new esterification factory at its site in Atlacomulco, Mexico. The plant will create plasticizers, mostly trimellitates.
GLOBAL MALEIC ANHYDRIDE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Changzhou Yabang Chemical Co., Ltd.
Huntsman Corporation
I G Petrochemicals Ltd
Lanxess AG
Gulf Advanced Chemical Industries Co., Ltd. (GACIC)
Mitsubishi Chemical Holdings
Nan Ya Plastics
China Bluestar Harbin Petrochemical Co, Ltd.
Ningbo Jiangning Chemical Co., Ltd.
Nippon Shokubai Co., Ltd.
Shijiazhuang Bailong Chemical Co., Ltd.
Yongsan Chemical Co., Ltd.
Polynt-Reichhold Group
Shanxi Qiaoyou Chemical Co., Ltd.
Zibo Qixiang Tengda Chemical
Others