The Maleic Anhydride Market was valued at USD 3,062.82 million in 2023 and is expected to grow at a steady CAGR of around 4.46% during the forecast period (2024-2032), owing to the increasing adoption of UPRs in automotive and construction industries and the overall growth in these sectors globally.
Maleic Anhydride is a vital chemical employed mainly in manufacturing unsaturated polyester resins (UPR), which are fundamentally used in automotive, construction, and marine applications. Its uptake in the market will continue to increase because Maleic Anhydride has many uses as an intermediate in making lubricating oil additives, agricultural chemicals, and coatings. This compound is especially useful in the formulation of UPRs; the characteristics of the material play a part in increasing the constructional values of the resins. Also, Maleic Anhydride is used in Manufacturing copolymers that work as dispersants, sizing agents, and adhesives in industrial applications. In addition, consumers constantly demand green and high-performance materials, which has forced manufacturers to seek new uses of Maleic Anhydride. For instance, in 2023, Clariant, a sustainability-focused specialty chemical company, signed an agreement with Conser, part of MAIRE Group, to supply maleic anhydride catalysts. The partners will develop next-generation catalysts based on Clariant’s successful SynDane series to offer superior productivity, cost efficiency, and sustainability. The partnership comes at an opportune time as the demand for maleic anhydride continues to grow worldwide, particularly in China. This development is a significant step towards sustainable materials, addressing the increasing demand for eco-friendly products.
Increasing Focus on Sustainable and Bio-Based Production Methods
The chemical industry is still experiencing a dramatic shift because sustainability and environmental issues are seen as critical factors. The maleic anhydride is one of the markets going through this transition. Maleic Anhydride (MA) is a versatile chemical intermediate that finds applications in manufacturing products as diverse as unsaturated polyester resins, coatings, lubricants, agricultural chemicals, and pharmaceuticals. In most cases, Maleic Anhydride is produced from petroleum-based feedstocks of benzene or n-butane. However, the trend in the recent past has shifted towards bio-based methods of production of Maleic Anhydride due to environmentally friendly factors. Governments and regulatory bodies worldwide are implementing stricter environmental regulations to reduce carbon emissions and encourage sustainable practices. In the European Union, the REACH regulation (Registration, Evaluation, Authorisation, and Restriction of Chemicals) mandates stringent controls over chemical substances, compelling manufacturers to seek greener alternatives. Similarly, in other parts of the world, environmental regulations are tightening, pushing companies towards sustainable production methods.
Asia Pacific Dominated the Maleic Anhydride Market
The Asia Pacific Maleic Anhydride Market is expected to dominate in the forecast period due to several factors, such as a surge in the pharmaceuticals, personal care, cosmetic, automotive, and construction industries. The Asia Pacific region is one of the largest medicine manufacturers and suppliers worldwide, with countries like China, Japan, and India. The consumption of maleic anhydride is a critical intermediate in producing various pharmaceutical products, including active pharmaceutical ingredients (APIs) and drug formulations. For instance, according to the International Trade Administration, China’s pharmaceutical market has been constantly growing and is expected to reach USD 161.8 billion by 2023, taking about 30% share of the global market. The increasing demand for medicines and healthcare products in the region boosts the demand for maleic anhydride. Moreover, the Asia Pacific region is the largest automotive market globally, with countries like China, Japan, and India being significant contributors. According to the International Organization of Motor Vehicle Manufacturers (OICA), China alone produced over 26 million vehicles in 2023. Furthermore, with a rising population and urbanization, the construction industry is growing at a rate of knots, with approximately USD 1.7 trillion per year in infrastructure until 2030 to maintain growth momentum, tackle poverty, and respond to climate change. The region’s ongoing infrastructure development and construction activities substantially increase the demand for maleic anhydride.
The Maleic Anhydride Market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are BASF SE, Huntsman International LLC, LANXESS, NIPPON SHOKUBAI CO., LTD., Mitsubishi Chemical Group Corporation, Polynt S.p.A, Zibo Qixiang Tengda Chemical, YONGSAN CHEMICAL, MOL GROUP, and Cepsa.
In 2024, Arkema introduced a new range of nearly zero-emissions sustainable UPR products, proving that the construction sector is more conscious of sustainability and innovation.
In December 2022, LANXESS launched a new high-performance catalyst for maleic anhydride production that improves process efficiency and reduces operational costs.
In January 2023, Polynt-Reichhold Group introduced a sustainable production initiative to minimize environmental impact and promote renewable resources in maleic anhydride manufacturing.
In 2023, Polynt-Reichhold opened a new UPR production facility in North America to meet the increasing demand from the automotive industry.
The Global Maleic Anhydride Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Maleic Anhydride Market Revenue (usd Mn), 2022-2032f
7. Market Insights By Raw Material
8. Market Insights By Application
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Maleic Anhydride Market were the three major steps undertaken to create and analyze the adoption of maleic anhydride in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Global Maleic Anhydride Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Maleic Anhydride Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Maleic Anhydride Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as raw material and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Maleic Anhydride Market. Further, we conducted factor analysis using dependent and independent variables such as raw material and application of the Maleic Anhydride Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the maleic anhydride market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Maleic Anhydride Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Maleic Anhydride Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the raw material and application in the Global Maleic Anhydride Market.
The current & future market trends of the Global Maleic Anhydride Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the maleic anhydride market?
Q2: What are the driving factors for the growth of the maleic anhydride market?
Q3: Which segment has the largest maleic anhydride market share by Raw Material?
Q4: What are the emerging technologies and trends in the maleic anhydride market?
Q5: Which region will dominate the maleic anhydride market?
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