Maleic Anhydride Market Size to be Worth USD 4.2 billion by 2031, with Notable CAGR of 4.9%

Posted by Kaustubh Ravan on May 24th, 2024

The maleic anhydride market was valued at US$ 2.7 billion in 2022. A CAGR of 4.9% is expected between 2023 and 2031, reaching US$ 4.2 billion. A growing focus on sustainability might make maleic anhydride an ideal material for producing biodegradable polymers. As a result, eco-friendly materials would be in demand.

The raw material maleic anhydride is an essential ingredient in manufacturing unsaturated polyester resins. A wide range of applications can be achieved with these resins, including manufacturing plastics reinforced with fiberglass, laminates, and coatings. The industries that require this end-product are construction, automotive, and marine. Sustainable practices are becoming more common in the chemical industry, including those related to maleic anhydride production. Maleic anhydride is being produced through bio-based alternatives due to a growing demand for sustainable solutions.

A variety of adhesives and sealants that are based on maleic anhydride are produced. Due to the continuous growth of the construction and manufacturing industries, it is reasonable to conclude that maleic anhydride may also have an increased role in these sectors. Maleic anhydride has occasionally been used as a chemical component in the manufacture of water treatment chemicals. Water quality regulations and regulations related to environmental protection could drive opportunities in this segment in the near future.

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Market Segmentation

The maleic anhydride market can be segmented by service type, sourcing type, application, industry vertical, and region.

By Service Type:

1. Production
2. Distribution
3. Research and Development

By Sourcing Type:

1. In-house Production
2. Outsourced Production

By Application:

1. Unsaturated Polyester Resins (UPR)
2. 1,4-Butanediol (BDO)
3. Lubricating Oil Additives
4. Copolymers
5. Others

By Industry Vertical:

1. Automotive
2. Construction
3. Agriculture
4. Pharmaceuticals
5. Chemicals
6. Others

By Region:

1. North America
2. Europe
3. Asia-Pacific
4. Latin America
5. Middle East & Africa

Regional Analysis

North America: Dominates the market due to high demand from the automotive and construction industries. Europe: Strong market presence supported by stringent environmental regulations and high demand for sustainable materials. Asia-Pacific: Expected to exhibit the highest growth rate, driven by rapid industrialization, growing automotive sector, and increasing construction activities. Latin America: Growth fueled by expanding agricultural activities and increasing industrialization. Middle East & Africa: Emerging market with growing potential due to rising infrastructure development and industrial activities.

Market Drivers and Challenges

Drivers:

1. Growing Automotive Industry: High demand for unsaturated polyester resins in automotive parts and components.
2. Expanding Construction Sector: Increasing use of maleic anhydride in construction materials.
3. Technological Advancements: Innovations in production processes and applications.
4. Sustainability Focus: Rising demand for eco-friendly and high-performance materials.

Challenges:

1. Volatile Raw Material Prices: Fluctuations in the prices of raw materials such as benzene and n-butane.
2. Environmental Regulations: Stringent regulations regarding emissions and waste management.
3. Production Costs: High costs associated with the production and handling of maleic anhydride.

Market Trends

1. Shift Towards Bio-based Maleic Anhydride: Increasing focus on sustainable and renewable raw materials.
2. Technological Innovations: Advancements in catalyst technologies and production processes.
3. Increasing Demand for High-Performance Materials: Growing use of maleic anhydride in advanced composites and specialty chemicals.
4. Expansion in Emerging Markets: Increasing industrial activities and infrastructure development in emerging economies.

Future Outlook

The future of the maleic anhydride market looks promising, with continuous innovations and expanding applications. The market is likely to benefit from the growing demand for bio-based materials and advancements in production technologies. Increasing investments in infrastructure and industrial activities in emerging markets will further drive growth.

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Key Market Study Points

1. Detailed analysis of market size and growth projections.
2. Examination of market segmentation and regional dynamics.
3. Insights into market drivers, challenges, and trends.
4. Future outlook and potential growth opportunities for market players.
5. Evaluation of the competitive landscape and recent developments.

Competitive Landscape

The maleic anhydride market is highly competitive, with key players including:

1. Huntsman Corporation
2. Lanxess AG
3. Ashland Global Holdings Inc.
4. Polynt SpA
5. Mitsubishi Chemical Corporation
6. Nippon Shokubai Co., Ltd.
7. Yongsan Chemicals, Inc.
8. Thirumalai Chemicals Ltd.

These companies are focusing on strategic initiatives such as mergers and acquisitions, product innovations, and expanding their production capacities to strengthen their market position.

Recent Developments

1. Huntsman Corporation announced the expansion of its maleic anhydride production capacity to meet growing demand.
2. Lanxess AG introduced new sustainable production processes for maleic anhydride.
3. Ashland Global Holdings Inc. launched a new range of bio-based maleic anhydride products to cater to the demand for eco-friendly materials.

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