The global maleic anhydride market was valued at USD 4,386.1 million in 2023 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030. This growth is largely driven by the rising demand for unsaturated polyester resins (UPR), which is the primary component in the production of fiberglass-reinforced resins. These resins are essential in a variety of applications, including automotive, marine, and construction sectors. In construction, UPRs are commonly used in products like sinks, countertops, and bathtubs, contributing to the growing demand for maleic anhydride.

One of the key drivers behind the growth of the maleic anhydride market is the rising demand for unsaturated polyester resins (UPR). UPRs are essential in the production of fiberglass-reinforced resins, which offer a combination of lightweight, high strength, and resistance to corrosion. These characteristics make them ideal for a wide variety of applications, especially in industries where durability and performance are critical.

In automotive applications, UPRs are used in the manufacture of parts like body panels, bumpers, and other components that benefit from fiberglass’s lightweight and durable nature. Similarly, in the marine industry, fiberglass-reinforced materials are commonly used in boat hulls, decking, and other marine components that require high strength and resistance to environmental factors such as water and corrosion.

The construction industry also benefits from UPRs in the production of durable and aesthetically pleasing products such as bathtubs, countertops, and sinks. As the demand for such products increases in residential, commercial, and industrial construction, the demand for maleic anhydride, which is used to produce UPRs, is expected to grow correspondingly.

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Regional Insights

Asia Pacific

Asia Pacific is a major consumer of maleic anhydride globally, holding a significant 52.1% revenue share in 2023. The region's growth in the maleic anhydride market is expected to continue over the forecast period, driven by advancements in key sectors, such as pharmaceuticals, construction, and personal care & cosmetics. In the construction and pharmaceutical industries, maleic anhydride is primarily used in the production of unsaturated polymer resins, which are key materials for various applications. In personal care and cosmetics, maleic anhydride is used in hair fixatives and styling formulas, adding to its versatile demand across industries.

India

The pharmaceutical industry in India is a significant contributor to the growing demand for maleic anhydride. India is a global leader in pharmaceutical production and supplies over 50% of the world’s demand for vaccines. The Indian pharmaceutical sector is the third-largest in terms of global production, according to the India Brand Equity Foundation. As the pharmaceutical industry continues to grow, so does the demand for unsaturated polyester resins derived from maleic anhydride, further boosting market prospects in India.

North America 

The North American maleic anhydride market is expected to experience the fastest growth during the forecast period, primarily due to the region’s expanding agricultural, automotive, and construction industries. Maleic anhydride plays a vital role in manufacturing unsaturated polymer resins, which are extensively used in these key sectors. With increasing demand for resins in the automotive and construction industries, the market for maleic anhydride in North America is poised to grow. The U.S. is a primary driver of this growth, given its strong industrial base and significant consumption of maleic anhydride-based resins.

U.S. 

The U.S. maleic anhydride market is influenced by various factors, including the fluctuating prices of butane, the raw material used in its production, and ongoing trade dynamics. The market is also impacted by trade tensions, particularly the trade war with China, which has affected supply chains and pricing strategies. Despite these challenges, the U.S. remains a leading consumer of maleic anhydride, driven by demand from its large automotive, construction, and agricultural sectors.

Europe 

In Europe, the demand for maleic anhydride is driven by the expanding automotive and construction industries, where it is used extensively in the production of unsaturated polyester resins. These resins are utilized in a wide range of applications, from automobile parts to building materials, making maleic anhydride an essential component. As Europe continues to prioritize sustainability and green construction methods, the demand for high-performance materials like maleic anhydride is expected to rise.

Germany  

Germany plays a central role in the global maleic anhydride market, not only as a significant consumer but also as a leading exporter. The country’s market for maleic anhydride is influenced by the growth in the automotive and construction industries, both of which require large amounts of maleic anhydride-based resins. Germany is a key manufacturing hub for automobile production, and its strong industrial output supports a robust demand for maleic anhydride.

Central & South America 

In Central and South America, the demand for maleic anhydride is expected to expand, driven by the region’s growing automotive, construction, and food & beverage sectors, along with ongoing industrialization and population growth. The rise of manufacturing activities and increasing infrastructure projects are expected to fuel demand for maleic anhydride in the region, especially for use in resins that are critical for construction and automotive applications.

Argentina 

In Argentina, the maleic anhydride market is seeing positive growth, primarily driven by the automotive sector, as well as the wind energy and construction industries. As Argentina continues to expand its infrastructure and energy sectors, including the growing wind energy industry, demand for maleic anhydride is expected to rise. The automotive sector's demand for fiberglass-reinforced composites also contributes to the market’s growth, supporting the use of maleic anhydride-based resins.

Middle East & Africa 

The Middle East & Africa (MEA) region is witnessing rising demand for maleic anhydride due to its wide array of applications in agriculture, construction, personal care, cosmetics, and pharmaceuticals. The automotive and wind energy industries in the region are also driving the demand for maleic anhydride, as fiberglass-based resins are used in vehicle parts, wind turbine blades, and other critical components. Furthermore, the ongoing industrialization in the MEA region is expected to further boost the demand for maleic anhydride across several sectors.

Saudi Arabia 

Saudi Arabia faces challenges in its maleic anhydride market due to fluctuations in crude oil prices, which impact raw material costs and production dynamics. Despite these challenges, the country continues to be a significant player in the global maleic anhydride market, driven by its diversification efforts away from oil reliance. The government’s focus on expanding non-oil sectors, such as automotive, construction, and renewable energy, is expected to positively influence the demand for maleic anhydride in the region.

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Key Maleic Anhydride Company Insights

Several key players dominate the maleic anhydride market, with some of the most prominent ones being Huntsman International LLC, Mitsubishi Chemical Corporation, LANXESS A.G., INEOS, and Nippon Shokubai Co., Ltd. These companies have established themselves as significant contributors to the maleic anhydride sector, each employing distinct strategies to strengthen their market position and expand their product offerings.

Mitsubishi Chemical Corporation

Mitsubishi Chemical Corporation is a global leader in performance products and industrial materials, and it operates as a subsidiary of Mitsubishi Chemical Holdings Corporation (MCHC), a prominent investment holding group based in Japan. The company is organized into three major business segments: performance products, industrial materials, and other businesses. Mitsubishi Chemical plays a vital role in the production of maleic anhydride, which is an important raw material in several applications, including the production of unsaturated polyester resins. The company has a significant international presence, with regional offices and subsidiaries in key markets such as the U.S., Germany, Hong Kong, Singapore, and China, allowing it to cater to a diverse range of industries globally.

LANXESS A.G.

LANXESS A.G. is a leading German specialty chemicals company that was formed as a spin-off from Bayer A.G.'s chemical operations and polymer activities. LANXESS is deeply involved in the manufacturing and distribution of a broad array of products, including additives, chemical intermediates, plastics, and other specialty chemicals. As one of the major players in the maleic anhydride market, LANXESS focuses on producing chemicals that serve a variety of industries such as automotive, construction, electronics, and agriculture. The company’s strategic emphasis on innovation and sustainability has positioned it as a strong competitor in the global chemical market.

Key Maleic Anhydride Companies:

The following are the leading companies in the maleic anhydride market. These companies collectively hold the largest market share and dictate industry trends.

• Cepsa

• INEOS

• Huntsman International LLC

• Lanxess A.G.

• Mitsubishi Chemical Corporation

• MOL Hungarian Oil & Gas Plc

• Nippon Shokubai Co., Ltd.

• Polynt Group

• Thirumalai Chemicals Ltd.

• Jiangyin Shunfei

• Tianjin Bohai Chemicals.

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