Executive Summary

The maleic anhydride market is expected to grow at a significant rate over the forecast period due to increasing demand from various end-use industries. The market is driven by factors such as the growing demand for maleic anhydride-based products in the automotive and construction industries, as well as increasing demand for food additives and flavor enhancers. However, the market is restrained by factors such as fluctuating raw material prices and the availability of substitutes such as phthalic anhydride. The market is expected to offer lucrative opportunities for players in the coming years due to increasing demand for bio-based maleic anhydride and the growth of the construction industry in developing countries.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The global maleic anhydride market is expected to grow at a CAGR of 6.5% from 2021 to 2026. The market was valued at $2.5 billion in 2020 and is expected to reach $3.5 billion by 2026. The major drivers of the maleic anhydride market are the increasing demand for maleic anhydride-based products in the automotive and construction industries, as well as the growing demand for food additives and flavor enhancers. The market is restrained by factors such as fluctuating raw material prices and the availability of substitutes such as phthalic anhydride.

Market Analysis

The global maleic anhydride market is segmented by type, application, and region. Based on type, the market is segmented into solid, molten, and briquette. The solid segment is expected to dominate the market during the forecast period due to its widespread use in the production of unsaturated polyester resins, alkyd resins, and coatings. Based on application, the market is segmented into unsaturated polyester resins, alkyd resins, fumaric acid, maleic anhydride derivatives, and others. The unsaturated polyester resins segment is expected to dominate the market during the forecast period due to its increasing use in the construction and automotive industries.

Market Drivers

The global maleic anhydride market is driven by factors such as the growing demand for maleic anhydride-based products in the automotive and construction industries, as well as increasing demand for food additives and flavor enhancers. The growing demand for lightweight materials in the automotive industry is expected to increase the demand for unsaturated polyester resins, which is a major application of maleic anhydride. The increasing use of maleic anhydride in the construction industry as a binding agent for concrete and as a resin for fiber-reinforced composites is also expected to drive the market growth. The food industry also accounts for a significant share of the market due to the use of maleic anhydride as a food additive and flavor enhancer.

Market Restraints

The global maleic anhydride market is restrained by factors such as fluctuating raw material prices and the availability of substitutes such as phthalic anhydride. The prices of raw materials used in the production of maleic anhydride, such as n-butane and benzene, are subject to fluctuations due to various factors such as supply and demand dynamics, geopolitical tensions, and weather conditions. This makes it difficult for manufacturers to maintain stable prices for maleic anhydride. Phthalic anhydride, which is a common substitute for maleic anhydride, is less expensive and has similar properties, which may limit the growth of the maleic anhydride market.

Market Opportunities

The global maleic anhydride market is expected to offer lucrative opportunities for players in the coming years due to increasing demand for bio-based maleic anhydride and the growth of the construction industry in developing countries. Bio-based maleic anhydride is a sustainable alternative to petroleum-based maleic anhydride and is gaining traction due to increasing awareness about environmental issues. The growth of the construction industry in developing countries such as China, India, and Brazil is expected to increase the demand for maleic anhydride-based products such as unsaturated polyester resins and alkyd resins.

Market Dynamics

The global maleic anhydride market is highly competitive and is dominated by a few key players such as Huntsman Corporation, Lanxess AG, Ashland Global Holdings Inc., and Polynt S.p.A. These companies are focusing on expanding their production capacities and developing bio-based maleic anhydride to cater to the growing demand for sustainable products. The market is also characterized by the presence of a large number of small and medium-sized manufacturers, especially in Asia Pacific, who cater to the local demand.

Regional Analysis

The global maleic anhydride market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the market during the forecast period due to the presence of a large number of manufacturers in China and India, as well as the growing demand for maleic anhydride-based products in the construction and automotive industries. North America and Europe are also significant markets due to the presence of a large number of end-use industries such as construction, automotive, and food.

Competitive Landscape

Leading companies in the Maleic Anhydride Market:

1. Huntsman Corporation
2. Sasol Ltd.
3. Ashland Global Holdings Inc.
4. Lanxess AG
5. Flint Hills Resources
6. Bartek Ingredients Inc.
7. Mitsubishi Chemical Corporation
8. Nippon Shokubai Co., Ltd.
9. Zibo Qixiang Tengda Chemical Co., Ltd.
10. China National Petroleum Corporation (CNPC)

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

By Type:

• Solid
• Molten
• Briquette

By Application:

• Unsaturated Polyester Resins
• Alkyd Resins
• Fumaric Acid
• Maleic Anhydride Derivatives
• Others

Category-wise Insights

Unsaturated Polyester Resins: The unsaturated polyester resins segment is expected to dominate the maleic anhydride market during the forecast period due to its increasing use in the construction and automotive industries. Unsaturated polyester resins are widely used as a binding agent for concrete and as a resin for fiber-reinforced composites. The growing demand for lightweight materials in the automotive industry is expected to increase the demand for unsaturated polyester resins, which in turn is expected to drive the demand for maleic anhydride.

Alkyd Resins: The alkyd resins segment is expected to witness significant growth during the forecast period due to the increasing use of alkyd resins in the paint and coatings industry. Alkyd resins are used in the production of solvent-based paints and coatings and are preferred due to their high gloss, good leveling, and excellent adhesion properties. The growing demand for paints and coatings in the construction industry is expected to drive the demand for alkyd resins, which in turn is expected to drive the demand for maleic anhydride.

Fumaric Acid: The fumaric acid segment is expected to witness significant growth during the forecast period due to the increasing use of fumaric acid in the food and beverage industry. Fumaric acid is used as a food additive and flavor enhancer and is preferred due to its low toxicity and excellent solubility. The growing demand for processed foods and beverages is expected to drive the demand for fumaric acid, which in turn is expected to drive the demand for maleic anhydride.

Key Benefits for Industry Participants and Stakeholders

• Detailed analysis of the global maleic anhydride market
• Identification of key market trends and drivers
• Comprehensive analysis of key market players and their strategies
• Detailed analysis of market segmentation by type and application
• Analysis of the impact of COVID-19 on the maleic anhydride market
• Identification of key opportunities and challenges in the market
• SWOT analysis of key market players
• Analysis of key industry developments
• Future outlook for the maleic anhydride market

SWOT Analysis

Strengths:

• Maleic anhydride is widely used in the production of a variety of products such as unsaturated polyester resins, alkyd resins, fumaric acid, and maleic acid
• Growing demand for maleic anhydride-based products in the automotive and construction industries
• Increasing demand for food additives and flavor enhancers

Weaknesses:

• Fluctuating raw material prices
• Availability of substitutes such as phthalic anhydride

Opportunities:

• Increasing demand for bio-based maleic anhydride
• Growth of the construction industry in developing countries

Threats:

• Regulatory issues related to the use of maleic anhydride in certain applications
• Competition from substitutes such as phthalic anhydride

Market Key Trends

• Growing demand for bio-based maleic anhydride
• Increasing use of maleic anhydride in the food and beverage industry
• Shift towards lightweight materials in the automotive industry
• Increasing use of alkyd resins in the paint and coatings industry

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the global maleic anhydride market. The pandemic has disrupted global supply chains and led to a decline in demand for maleic anhydride-based products in the automotive and construction industries. The lockdowns and restrictions on movement imposed by governments to contain the spread of the virus have also affected the production and supply of maleic anhydride. However, the market is expected to recover in the post-pandemic period due to the increasing demand for maleic anhydride-based products in various end-use industries.

Key Industry Developments

In recent years, there have been several key industry developments in the global maleic anhydride market. These include:

• Development of bio-based maleic anhydride: Several companies are focusing on the development of bio-based maleic anhydride as a sustainable alternative to petroleum-based maleic anhydride. For example, DSM has developed a bio-based maleic anhydride using renewable raw materials such as glycerol and maleic acid.
• Expansion of production capacities: Key players in the market are expanding their production capacities to cater to the growing demand for maleic anhydride-based products. For example, Ashland Global Holdings Inc. has announced plans to expand its maleic anhydride production capacity at its manufacturing facility in Germany.
• Acquisition and partnerships: Several companies are entering into partnerships and acquisitions to strengthen their position in the market. For example, Huntsman Corporation acquired Sasol’s maleic anhydride business in 2020 to expand its product portfolio and strengthen its position in the global maleic anhydride market.

Analyst Suggestions

According to industry analysts, the global maleic anhydride market is expected to grow at a significant rate over the forecast period due to increasing demand from various end-use industries. Industry players are advised to focus on expanding their production capacities and developing bio-based maleic anhydride to cater to the growing demand for sustainable products. Companies are also advised to enter into partnerships and acquisitions to strengthen their position in the market.

Future Outlook

The global maleic anhydride market is expected to continue to grow at a significant rate over the forecast period due to increasing demand from various end-use industries. The market is expected to offer lucrative opportunities for players in the coming years due to increasing demand for bio-based maleic anhydride and the growth of the construction industry in developing countries. The market is also expected to face challenges such as fluctuating raw material prices and competition from substitutes such as phthalic anhydride.

Conclusion

In conclusion, the global maleic anhydride market is a highly competitive market that is driven by factors such as the growing demand for maleic anhydride-based products in the automotive and construction industries, as well as increasing demand for food additives and flavor enhancers. The market is expected to grow at a significant rate over the forecast period due to increasing demand from various end-use industries. However, the market is restrained by factors such as fluctuating raw material prices and the availability of substitutes such as phthalic anhydride. Industry players are advised to focus on expanding their production capacities and developing bio-based maleic anhydride to cater to the growing demand for sustainable products.