Maleic Anhydride
MARKET OVERVIEW:
Market growth is driven by increasing construction activities requiring UPR-based composites, alongside rising automotive production utilizing maleic anhydride derivatives. However, raw material price volatility presents a challenge. Recent developments include capacity expansions by BASF and Huntsman Corporation to meet growing demand from the Asia-Pacific region, particularly China's booming manufacturing sector.
2024 CAGR 2032 MARKET INSIGHT & GROWTH DRIVERS:
Global maleic anhydride market size was valued at USD 1,997.31 million in 2023 and is projected to reach USD 3,151.91 million by 2029, exhibiting a CAGR of 7.90% during the forecast period. USD 1997.31 Billion USD 3151.91 Billion 7.90%
MARKET SEGMENTATION:
BY TYPE
• Solid Maleic Anhydride
• Molten Maleic Anhydride
BY APPLICATION
• Unsaturated Polyester Resin
• 1,4-butanediol (BDO)
BY End User
• Construction
• Automotive
MARKET DYNAMICS
Growing Demand for Unsaturated Polyester Resins to Propel Market Expansion
The global maleic anhydride market is experiencing robust growth, primarily driven by the increasing demand for unsaturated polyester resins (UPR), which account for over 50% of total consumption. These resins are widely used in construction, automotive, and marine applications due to their excellent mechanical properties, corrosion resistance, and cost-effectiveness. With infrastructure development projects accelerating worldwide - particularly in emerging economies - the UPR segment is projected to maintain steady growth above 6% annually. This sustained demand directly correlates with increased maleic anhydride consumption as it serves as a crucial raw material in UPR production.
MARKET OPPORTUNITIES
The development of bio-based maleic anhydride production methods presents a significant opportunity for market expansion. Several companies have successfully demonstrated pilotscale production using renewable feedstocks such as agricultural waste and biomass. While these technologies currently represent less than 1% of total production, their market share is projected to grow substantially as sustainability initiatives gain momentum. Producers investing in green technologies stand to benefit from premium pricing and preferential access to environmentally conscious customers.
COMPANY MISSION
The construction and automotive industries' growing need for lightweight, durable materials is fueling demand for maleic anhydride-based unsaturated polyester resins (UPR), which account for 55-60% of global consumption. These resins are increasingly preferred over traditional materials in wind turbine blades, pipes, tanks, and automotive parts due to their superior corrosion resistance and mechanical properties. The UPR segment is projected to maintain a steady CAGR of 6.2% through 2029, supported by infrastructure development in emerging economies and renewable energy projects globally.
REGIONAL MARKET OUTLOOK
North
America
The North American maleic anhydride market is driven by robust demand from unsaturated polyester resin (UPR) manufacturers, particularly for construction and automotive composites. With major producers like Huntsman Corporation and Ashland operating in the region, the U.S. accounts for 85% of regional consumption. Strict EPA regulations are accelerating the shift toward bio-based maleic anhydride production methods. The infrastructure sector's expansion, supported by recent legislative initiatives, continues to fuel demand for corrosion-resistant UPR applications. However, competition from alternative materials and volatile benzene prices (a key feedstock) present ongoing challenges for market stability.
Europe
Europe maintains a technology-driven maleic anhydride market, with BASF and LANXESS leading production through advanced catalytic processes. The EU's Circular Economy Action Plan has increased focus on sustainable production methods, with over 60% of regional capacity now utilizing n-butane oxidation technology. Germany and France dominate consumption due to their strong automotive and wind energy sectors, which utilize maleic anhydride-based composites. REACH regulations have prompted significant R&D investments in green chemistry alternatives, though the market faces pressure from slowing industrial production and high energy costs impacting operational margins across the value chain.
• BASF SE • Huntsman Corporation • Polynt S.p.A.
• LANXESS AG • Others
These companies represent some of the major key players driving innovation and growth in the market, contributing significantly to global supply and competitive dynamics.
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