Maleic Anhydride Market | Acumen Research and Consulting

The Global Maleic Anhydride Market Size accounted for USD 2.6 Billion in 2022 and is projected to achieve a market size of USD 3.8 Billion by 2032 growing at a CAGR of 4.1% from 2023 to 2032.

Maleic Anhydride Market Report Key Highlights

• Global maleic anhydride market revenue is expected to increase by USD 3.8 Billion by 2032, with a 4.1% CAGR from 2023 to 2032
• Asia-Pacific region led with more than 43% of maleic anhydride market share in 2022
• The global consumption of maleic anhydride was around 3.3 million tons in 2020.
• Research is ongoing to find new applications for maleic anhydride, including in the production of adhesives, coatings, and pharmaceuticals
• By product type, the unsaturated polyester resin sub-segment generated around 40% share in 2022
• Increasing demand for high-quality, long-lasting, and sustainable infrastructure, drives the maleic anhydride market size

Maleic anhydride (MA) is an organic compound with the chemical formula C4H2O3. It is a colorless solid that is soluble in water and polar organic solvents. MA is widely used in the chemical industry as a raw material for the production of a wide range of products such as unsaturated polyester resins, alkyd resins, and lubricating oil additives. Additionally, it is used as a cross-linking agent for polymer modification, a coating and adhesive component, and a feedstock for the production of tetrahydrofuran, gamma-butyrolactone, and other chemicals.

One of the key drivers for the maleic anhydride market growth is its increasing use in the production of unsaturated polyester resins (UPRs). UPRs are widely used in the production of composites, which find application in a wide range of end-use industries such as automotive, aerospace, and construction. As the demand for lightweight and high-strength materials continues to rise, the demand for UPRs is also expected to increase, thereby driving the growth of the maleic anhydride market.

Global Maleic Anhydride Market Trends

Market Drivers

• Increasing demand for unsaturated polyester resins (UPR) in the construction and automotive industries
• Growing demand for lubricant additives in the automotive industry
• Rising demand for tetrahydrofuran (THF) in the production of spandex and polyurethane
• Increasing demand for gamma-butyrolactone (GBL) in pharmaceuticals, personal care products, and industrial applications

Market Restraints

• Volatility in the prices of raw materials used in the production of maleic anhydride
• Stringent regulations regarding the use of maleic anhydride in certain applications

Market Opportunities

• Development of new applications for maleic anhydride
• Growing demand for sustainable and eco-friendly materials

Maleic Anhydride Market Report Coverage

Maleic Anhydride is a colorless and white solid that is manufactured at a large scale for coatings and polymeric applications. It is produced by the vapor phase oxidation of butane and oxidation of benzene. This is the main reason why n-butane and benzene is the two prominent raw material used in the production of maleic anhydride. It is a versatile chemical intermediate used in the preparation of a range of chemicals. Maleic anhydride is an acid anhydride of maleic acid colorless organic compounds in a large number of industrial chemicals. Some of the known applications of the maleic anhydride include construction, automotive, food & beverages, textile, pharmaceuticals, personal care, agriculture, and others

The global maleic anhydride market value is gradually moving towards its saturation phase in its industry life cycle. Some of the factors contributing to the overall growth of this global maleic anhydride market include the rising production of some of the industrial chemicals such as malic or maleic acid, UPRs, lubricating oil additives, alkenyl succinic anhydrides, and fumaric acid. This is a due large demand for these chemicals to cater to the demand for end products in various industries. Moreover, maleic anhydride is an excellent cross-linking agent and conjunction agent which made him highly favorable in polymer applications.

The growth of this market is highly driven by expanding coating and polymer industries due to the high demand for BDO and UPR (unsaturated polyester resin). Maleic anhydride is used in the production of lubricants for smooth-functioning automotive parts. Hence, the flourishing automotive sector is further driving the demand for maleic anhydride. Lubricants are not only used in automotive production but during the life cycle of the vehicle which is expected to drive overall market growth during the forecast period. Rising demand for unsaturated polyester resin in construction activities due to its application-specific nature.

However, driven by these factors the growth of this market is restrained by the strict environmental regulations pertinent environments. Maleic anhydride products have adverse effects on the environment and rising awareness among consumers can be led to its lower adoption by restraining the overall market growth. Nevertheless, technological advancement is expected to come up with new product formulations and offer new growth opportunities to this market during the forecast period.

Maleic Anhydride Market Segmentation                                     

The global maleic anhydride market segmentation is based on product type, end-user industry, and geography.

Maleic Anhydride Market By Product Type

• Unsaturated Polyester Resin
• Lubricant Additives
• 1,4-Butanediol
• Malic Acid
• Surfactants and Plasticizers
• Maleic Anhydride Copolymers
• Alkyl Succinic Anhydrides
• Furmaric Acid
• Other

According to a maleic anhydride industry analysis, the unsaturated polyester resin (UPR) segment accounted for a significant share of the maleic anhydride market, and its demand is expected to continue to grow in the coming years. The increasing demand for lightweight materials in the automotive and aerospace industries is driving the growth of the UPR segment. MA-based UPRs are used in the production of lightweight composites, which are increasingly being used in the manufacturing of automotive parts, such as bumpers, hoods, and doors, to improve fuel efficiency and reduce emissions. Furthermore, the growing construction industry is also driving the demand for UPRs. MA-based UPRs are used in the production of building materials such as roofing sheets, pipes, and tanks. The increasing demand for sustainable and eco-friendly materials in the construction industry is expected to further fuel the demand for MA-based UPRs.

Maleic Anhydride Market By End-user Industry

• Construction
• Pharmaceuticals
• Electronics
• Oil Products
• Food and Beverage
• Personal Care
• Automobile
• Agriculture

According to the maleic anhydride market forecast, the automobile segment is expected to continue to be a significant end-user of MA in the coming years. This growth is driven by the increasing demand for lightweight materials in the automotive industry to improve fuel efficiency and reduce emissions. Additionally, the growing demand for sustainable and eco-friendly materials in the automotive industry is expected to further fuel the demand for MA-based products. MA-based coatings are also used in the automotive industry to improve the durability and aesthetic appeal of vehicles. The growing demand for eco-friendly coatings in the automotive industry is expected to further fuel the demand for MA-based coatings.

Maleic Anhydride Market Regional Outlook