The maleic anhydride market is expected to grow at a CAGR of 4.5% during the forecast period of 2024 to 2032. Maleic Anhydride is an important chemical compound used in the production of a wide range of products. The market revenue of Maleic Anhydride has been on a consistent rise in recent years. This can be attributed to the growing demand for Maleic Anhydride-based products in several industries, such as automotive, construction, and packaging. The market's revenue is influenced by factors such as the availability of raw materials, technological advancements, and the overall economic climate. As these factors continue to drive the demand for Maleic Anhydride, the market is expected to experience substantial revenue growth in the forecast period. This can be attributed to the increasing demand for Maleic Anhydride in various applications, including the production of resins, coatings, adhesives, and agricultural chemicals. Additionally, the market's growth is driven by technological advancements and the development of innovative products to meet evolving consumer needs. It is primarily produced through the oxidation of n-butane or benzene. The compound exhibits excellent chemical reactivity and is known for its ability to undergo various chemical reactions, making it a valuable ingredient in the synthesis of different products. Maleic Anhydride finds applications in the production of unsaturated polyester resins, which are extensively used in the manufacturing of fiberglass, automotive parts, and construction materials. It is also utilized in the production of coatings, adhesives, agricultural chemicals, lubricant additives, and paper sizing agents.
Growing Demand from the Construction Industry
The construction industry plays a significant role in driving the demand for Maleic Anhydride. Maleic Anhydride is widely used in the production of unsaturated polyester resins, which are essential components in fiberglass-reinforced composites used in construction materials. The increasing construction activities, particularly in emerging economies, are fueling the demand for Maleic Anhydride. For instance, according to Global Construction Perspectives and Oxford Economics, the global construction market is projected to reach $15.5 trillion by 2030. This growth in construction projects and infrastructure development presents a substantial opportunity for the Maleic Anhydride market.
Growing Automotive Industry
The automotive industry is another key driver for the Maleic Anhydride market. Maleic Anhydride is utilized in the production of automotive coatings, adhesives, and composite materials. With the rising demand for lightweight and fuel-efficient vehicles, there is increasing use of composites in automotive manufacturing. Maleic Anhydride-based resins offer excellent properties such as high strength, durability, and corrosion resistance, making them ideal for automotive applications. The International Organization of Motor Vehicle Manufacturers (OICA) reported that global automotive production exceeded 90 million units in 2020, indicating the robust growth potential for Maleic Anhydride in the automotive sector.
Growing Demand for Packaging Materials
The packaging industry is a significant driver for the Maleic Anhydride market. Maleic Anhydride is used in the production of resins and films that are utilized in packaging applications. The increasing demand for packaged food and beverages, consumer goods, and pharmaceutical products are driving the growth of the packaging industry. Maleic Anhydride-based resins offer excellent barrier properties, heat resistance, and adhesion, which are essential for packaging materials. The Global Packaging Market Size, Trends & Forecast Report estimates that the global packaging market will reach $1.05 trillion by 2025. This growth in the packaging industry presents a lucrative opportunity for the Maleic Anhydride market.
Volatility in Raw Material Prices
The Maleic Anhydride market faces a significant restraint in the form of volatility in raw material prices. The key raw material for the production of Maleic Anhydride is n-butane or benzene, which are derived from crude oil or natural gas. Fluctuations in crude oil prices, geopolitical tensions, supply disruptions, and changes in global oil and gas markets can lead to volatility in raw material prices. These fluctuations in raw material costs directly impact the overall production cost of Maleic Anhydride. When the raw material prices are high, it puts pressure on the profit margins of manufacturers and makes the final product more expensive for end-users. Additionally, the uncertainty surrounding raw material prices hampers long-term planning and decision-making for both producers and consumers of Maleic Anhydride. For instance, in recent years, global crude oil prices have witnessed significant volatility due to factors such as geopolitical tensions, production cuts, and changing demand dynamics. These fluctuations in raw material prices have a direct impact on the Maleic Anhydride market. Therefore, companies operating in the Maleic Anhydride industry need to closely monitor and manage raw material costs to ensure competitiveness and profitability. They may also explore alternative feedstock sources or establish strategic partnerships to mitigate the impact of raw material price fluctuations. Overall, the volatility in raw material prices poses a challenge to the growth and stability of the Maleic Anhydride market.
n-butane segment Dominated the Market by Raw Material
The Maleic Anhydride market is driven by the availability and pricing of its key raw materials, namely n-butane, and benzene. In terms of revenue in 2023, the n-butane segment is expected to dominate the Maleic Anhydride market due to its widespread usage and lower cost. The higher availability of n-butane, coupled with its cost advantages, makes it a popular choice among manufacturers. However, the benzene segment is anticipated to exhibit a higher growth rate in terms of CAGR due to the demand for premium and high-quality Maleic Anhydride products. Industries such as automotive, construction, and electronics, which require superior performance and specifications, are likely to drive the demand for Maleic Anhydride derived from benzene.
UPR Dominates the Market by Applications
The Maleic Anhydride market finds its applications in various industries, including Unsaturated Polyester Resins (UPR), 1,4-Butanediol (1,4-BDO), Lubricating Oil Additives, Copolymers, and others. UPR is a major application segment for Maleic Anhydride, accounting for a significant portion of the market revenue in 2023. UPR is widely used in the production of fiberglass-reinforced plastics, coatings, adhesives, and other composite materials. The growth of the construction, automotive, and marine industries is driving the demand for UPR, thereby boosting the Maleic Anhydride market. However, the 1,4-BDO segment is expected to exhibit the highest growth rate in terms of CAGR during the forecast period of 2024 to 2032, fuelled by the increasing demand for 1,4-BDO in various end-use industries. The Lubricating Oil Additives and Copolymers segments also contribute significantly to the market's revenue, catering to the needs of the lubricant and adhesive industries, among others.
North America Remains the Global Leader
North America holds a significant share in 2023 the Maleic Anhydride market, driven by the presence of a well-established chemical industry and increasing demand from various end-use sectors. The region has witnessed steady growth in the construction, automotive, and aerospace industries, which has fueled the demand for Maleic Anhydride. Additionally, the region's focus on sustainable and eco-friendly solutions has led to the development of bio-based Maleic Anhydride, further boosting the market growth. Asia Pacific is expected to witness the highest CAGR during the forecast period of 2024 to 2032 in the Maleic Anhydride market, owing to rapid industrialization, infrastructure development, and growing population. Countries like China, India, Japan, and South Korea are key contributors to the market growth in this region. The construction industry, in particular, has witnessed significant growth, leading to increased demand for Maleic Anhydride in applications such as UPR and copolymers. Additionally, the expanding automotive and consumer goods sectors in the region further fuel the market growth.
Market Competition to Intensify During the Forecast Period
The Maleic Anhydride market is highly competitive and is characterized by the presence of several key players striving to gain a competitive edge in the industry. These companies are focusing on various strategies to maintain their market position, expand their product portfolio, and meet evolving customer demands. While it is difficult to provide an exhaustive list of all the players in the market, some of the top players in the Maleic Anhydride market include Huntsman Corporation, Ashland Global Holdings Inc., Mitsubishi Chemical Corporation, Nippon Shokubai Co. Ltd., LANXESS AG. Companies are constantly expanding their product portfolio by introducing new variants of Maleic Anhydride-based products. This helps them cater to a wider range of applications and meet the diverse needs of their customers. Companies are investing in research and development activities to develop advanced technologies for the production of Maleic Anhydride. These technological advancements aim to improve the efficiency and sustainability of the manufacturing process, resulting in cost savings and reduced environmental impact. Strategic collaborations and partnerships with other companies, research institutions, and industry stakeholders are being pursued to leverage complementary strengths and resources. These collaborations facilitate knowledge sharing, access to new markets, and the development of innovative solutions.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Maleic Anhydride market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
