Maleic Anhydride Market

A white crystalline substance with a strong smell is maleic anhydride. In the chemical industry, maleic anhydride is a common organic product that serves as a precursor to several compounds, such as polyester resins, alkyd resins, and agricultural chemicals.

By oxidizing benzene or butane with air while using a catalyst, usually vanadium pentoxide, maleic anhydride is created. It is extremely reactive and capable of a variety of reactions, including esterification to produce maleate esters, hydrolysis to produce maleic acid and addition reactions with dienes.

When exposed, maleic anhydride is a dangerous chemical that can irritate the skin, eyes, and respiratory system. It should be produced, handled, and used with care, and the proper safety precautions should be implemented.

Market Growth and Drivers

The Global Maleic Anhydride Market size by revenue was estimated to be 2.91 billion USD in 2022 and it is expected to reach 4.05 billion USD by 2030 with a CAGR of 4.2% in the forecast period of 2023-2030. The market for maleic anhydride is expanding as a result of several factors. These drivers include, among others:

Unsaturated polyester resins are one of the main uses of maleic anhydride, and the rising demand for these resins in sectors like construction, automotive, and marine is propelling the growth of the maleic anhydride market.

Increasing demand for 1,4-butanediol: 1,4-butanediol is another important use of maleic anhydride, and the market for maleic anhydride is expanding as a result of the rising demand for this chemical in the production of diverse goods including spandex and polyurethane.

Growing construction industry: The demand for maleic anhydride is being driven by the expanding global construction sector, which is one of the main end-users of unsaturated polyester resins.

Rising demand for tetrahydrofuran: Tetrahydrofuran is also manufactured from maleic anhydride, and as a result, the market for maleic anhydride is expanding due to the rising demand for this chemical in the manufacture of goods like coatings and adhesives.

The key market players of the Global Maleic Anhydride market include Huntsman Corporation, Changzhou Yabang Chemical Co., Ltd., Shanxi Qiaoyou Chemical Co., Ltd., Polynt-Reichhold Group, Zibo Qixiang Tengda Chemical Co., Ltd., Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., LANXESS AG, Gulf Advanced Chemical Industries Co., Ltd., Ningbo Jiangning Chemical Co., Ltd., China Bluestar Harbin Petrochemical Co, Ltd., Nan Ya Plastics, Shijiazhuang Bailong Chemical Co., Ltd., Yongsan Chemical Co., Ltd., IG Petrochemicals Ltd., MOL Plc., PT Justus Sakti Raya, Global Ispat Koksna Industrija d.o.o. Lukavac, Tianjin Bohai Chemical industry group Co., Ltd., Cepsa, Ruse Chemicals, Yunnan Yunwei Company Limited, Shanxi Taiming Chemical Industry Co., Ltd., Huanghua Hongcheng Business Corp., Ltd., and Aekyung Petrochemical Co., Ltd.

Some of the recent developments in the Global Maleic Anhydride market are:

To increase its production capacity and meet the demands of the rising automotive and electrical industries, Polynt announced in June 2022 that it would be constructing a new esterification plant at its facility in Atlacomulco, Mexico.

To produce specialty goods like polyester resins and surface coatings, plasticizers, agrochemicals, and lubricant additives, IOC announced in November 2021 that it would invest Rs 3,681 crore (USD 446.20 million) in the construction of a mega-scale Maleic Anhydride facility.

Market Segmentation

The market is divided into n-butane and benzene segments based on the raw materials used. Maleic anhydride can be found in agricultural chemicals, lubricating oil additives, copolymers, alkenyl succinic anhydrides, fumaric acid, unsaturated polyester resin, and other products.

In the application area, unsaturated polyester resins (UPR) held a commanding market share in 2022. Unsaturated polymer resin, one of the most widely used thermostat polymers, is used as a matrix in a variety of application industries, including aerospace and construction, which is responsible for its expansion. The unsaturated polymer resin is a great option for use in the marine, construction, transportation, wind energy, and electrical industries because of its superior resistance to abrasion, corrosion, chemicals, and heat, superior structural strength, high impact strength, and excellent compressive strength, as well as its environmentally friendly qualities.

Based on Raw material Maleic Anhydride Market is dominated by the n-butane segment. The n-Butane-based Maleic Anhydride Market is driven by the low-cost method with enhanced productivity, a low level of risk, and a simpler manufacturing process. It is preferable to benzene since it is less harmful to the environment. Maleic anhydride based on n-Butane is projected to see an increase in demand from the construction and transportation sectors.

Major and Growing Geographies

In 2022, Asia Pacific became the dominant region with the largest revenue share. The region's developing construction, personal care, and cosmetics sectors are credited with this expansion. Maleic anhydride is employed as an unsaturated polymer resin in the construction and pharmaceutical industries, while it is a component of hair fixative and styling formulations in the personal care and cosmetics sectors.

Another region with significant development over the anticipated timeframe is the Middle East and Africa. The expansion of end-use sectors including agriculture and construction in the MEA is responsible for the rising demand for maleic anhydride there.

Conclusion

Due to the rising demand for 1,4-butanediol, tetrahydrofuran, and unsaturated polyester resins, the global market for maleic anhydride is expanding significantly. A small number of dominant businesses dominate the market, which is very competitive. To increase their market positions, these corporations are concentrating on strategic initiatives. The market is anticipated to be dominated by the Asia-Pacific region in the next years due to the rising demand for a variety of chemicals made with maleic anhydride. Additionally, the development of new, superior, cost-effective methods for producing maleic anhydride is being facilitated by technical breakthroughs. Overall, it is anticipated that the maleic anhydride market would expand over the upcoming years due to several factors, including rising end-use industry demand and technological improvements.