Maleic Anhydride Global Market Report 2024

Maleic anhydride serves diverse purposes, including the manufacturing of unsaturated polyester resins (UPR), utilization as lubricating oil additives, dispersants, and corrosion inhibitors. This chemical intermediate is derived through the oxidation of benzene or butane in the presence of a vanadium oxide catalyst. Maleic anhydride, characterized by its colorless or white solid state, is a cyclic dicarboxylic anhydride organic chemical. It finds application as a food preservative, flavor enhancer, and artificial sweetener upon conversion to maleic or fumaric acid, with extensive uses in pharmaceutics, agricultural products, and surfactants.

The primary types of maleic anhydride exist are solid maleic anhydride and molten maleic anhydride. Solid maleic anhydride, present in a solid form, is predominantly employed in the creation of unsaturated polyester resins. Derived from raw materials like benzene and n-butane, maleic anhydride serves various sectors, including construction, automobiles, food and beverages, oil products, electronics, personal care, pharmaceuticals, and agriculture. Its applications encompass use in unsaturated polyester resin, copolymers, lubricant additives, alkyl succinic anhydrides, malic acid, and fumaric acid.

The maleic anhydride research report is one of a series of new reports that provides maleic anhydride statistics, including maleic anhydride industry global market size, regional shares, competitors with maleic anhydride shares, detailed maleic anhydride segments, market trends and opportunities, and any further data you may need to thrive in the maleic anhydride industry. This maleic anhydride research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The maleic anhydride market size has grown strongly in recent years. It will grow from $3.5 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The expansion observed in the historical period can be attributed to the growth in chemical manufacturing, increased polymer production, advancements in construction and infrastructure, the thriving automotive industry, and the demand for furniture and appliances.

The maleic anhydride market size is expected to see strong growth in the next few years. It will grow to $4.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to factors such as the influence of environmental regulations, the demand for plasticizers and resins, developments in the transportation industry, the increasing use of electronic devices, and the growth of the packaging industry. Notable trends expected in this period encompass the adoption of smart materials and composites, the promotion of green infrastructure, innovations in sustainable chemistry, the emergence of bio-based maleic anhydride, and the application of advanced polymers.

The global surge in demand for automobiles has played a pivotal role in the expansion of the maleic anhydride market. The automotive industry, which involves the manufacturing and sale of self-powered vehicles like passenger cars, trucks, farm equipment, and commercial vehicles, utilizes unsaturated polyester resin (UPR) derived from maleic anhydride for constructing various parts. The appeal of maleic anhydride lies in its design flexibility, lightweight nature, and mechanical properties. Notably, as of January 2021, General Motors Co. (GM) reported a 4.8% increase in deals, while Toyota and Volkswagen experienced a rise of 9.4% and 10.8% in their respective deals. This upswing in the automotive sector has consequently spurred the growth of the maleic anhydride market and its related products.

The ongoing growth in the construction industry is anticipated to be a significant driver for the maleic anhydride market. Covering a spectrum of activities related to planning, design, development, and construction of buildings and infrastructure, maleic anhydride finds applications in construction materials to enhance performance and durability. It provides characteristics such as chemical resistance, corrosion resistance, easy maintenance, thermal insulation, and design flexibility. According to Oxford Economics' September 2021 report, global construction output is expected to increase by 42%, reaching USD 15.2 trillion by 2030. This escalating demand in the construction sector is a key factor propelling the growth of the maleic anhydride market.

A notable trend in maleic anhydride markets is the increased focus on research and development, particularly in exploring the potential of L-malic acid in dietary supplements by major pharmaceutical companies. The demand for cardioprotective and immunity-boosting ingredients worldwide has led to substantial investments in R&D. Moreover, malic acid has shown promise in treating fibromyalgia patients, attracting significant R&D investments from pharmaceutical companies.

Major companies operating in the maleic anhydride market are strategically investing to drive revenues. For example, in November 2021, the Indian Oil Corporation (IOC) announced a substantial investment of Rs 3,681 crore (49.72 million) to establish India's first mega-scale Maleic Anhydride Plant, aiming to produce value-added chemical goods. The planned project is expected to produce maleic anhydride at a capacity of 120,000 tons annually.

In June 2023, Petronas Chemicals Group Berhad, a Malaysian chemical company, made a final investment decision (FID) to acquire a maleic anhydride plant from BASF Petronas Chemicals Sdn. Bhd (BPC) for an undisclosed amount. This strategic acquisition is poised to integrate specific chemical derivatives of maleic anhydride in the future, potentially collaborating with other downstream manufacturers of maleic anhydride in Malaysia. The move aims to diversify PCG's product line and enhance the company's derivatives offerings. BASF Petronas Chemicals Sdn. Bhd (BPC) is a Malaysian chemical company specializing in the production of maleic anhydride.

Major companies operating in the maleic anhydride market include Huntsman Corporation, Lanxess AG, Mitsubishi Chemical Corporation, HELM AG, Ningbo Jiangning Chemical Co. Ltd., Nippon Shokubai Co. Ltd., Ashland Global Holdings Inc., Changzhou Shuguang Chemical Co. Ltd., Bartek Ingredients Inc., BASF SE, Cepsa Química S.L.U., Polynt S.p.A., Sasol Limited, Flint Hills Resources LP, Zibo Qixing Tengda Chemical Co. Ltd., Yongsan Chemicals Inc., Tianjin Bohai Chemicals, Thirumalai Chemicals Limited, Gulf Advanced Chemical Industries Co. Ltd., MOL Group, Yunnan Yunwei Company Limited, Jiangyin Shunfei Fine Chemical Co. Ltd., Jiangsu Zhongteng Chemical Co. Ltd., Fuso Chemical Co. Ltd., Mitsui Chemicals Inc., Shandong Hongxin Chemical Co. Ltd., Baotie Hebei Chemical Industry Co. Ltd., Aekyung Petrochemical Co. Ltd., DSM NV, Merck & Co. Inc., Bluestar Harbin Petrochemical Corporation, INEOS, NAN YA PLASTICS CORPORATION, China National Chemical Corporation, Hexion Inc., Lonza Group AG, Zibo Qixiang Tengda Chemical Co. Ltd., Zhejiang Weishi Biotechnology Co. Ltd., Zouping Qili Additives Co. Ltd.

Asia-Pacific was the largest region in the maleic anhydride market share in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the global maleic anhydride industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the maleic anhydride market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The maleic anhydride market consists of sales of different forms of maleic anhydride including pellets, flakes and lumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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