H1 2023: The top players in the global Maleic Anhydride market in H1 2023 were BASF, Huntsman Corporation, and Sasol-Huntsman GmbH & Co. In February 2023, MAN Energy Solutions successfully shipped salt-powered reactor systems to Wanhua Chemicals Group Co., Ltd., one of the prominent chemical manufacturers based in China for their upcoming new maleic anhydride plant. Wanhua will begin operating one of the biggest maleic anhydride production facilities in the world, with an annual output capacity of 200 thousand tonnes. In H1 2023, Asia Pacific was the largest consumer of maleic anhydride. In the beginning of 2023, due to supply chain disruptions and low production in Asia, the Maleic Anhydride prices hiked in the region. Due to the Lunar New Year holiday, the Chinese market remained quiet in the till mid- February 2023 as the industrial operations and purchasing activity in China was hazy. Although, the demand outlook for this product from India and Singapore was high. However, the prices of maleic anhydride fell in March 2023. Maleic Anhydride prices fell as the feedstock prices benzene dropped because of low crude oil prices. Markets dynamics of Maleic Anhydride remained bearish till June 2023. The price dynamics of maleic anhydride significantly decreased in China towards the end of H12023 as a result of weakened demand and the nation's shifting economic conditions. The main cause of the slowing price dynamics of maleic anhydride was hazy consumer spending and low consumption rate.
The global Maleic Anhydride market has grown remarkably to reach approximately 2431 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 4.21% during the forecast period until 2032. Recently, Wanhua Chemicals Group Co., Ltd., one of the giants of chemicals based in China, has signed a contract to CONSER S.p.A. for one of the biggest Maleic Anhydride plants in the world. This plant will hold a production capacity of roughly 200 thousand tonnes annually.
Maleic Anhydride is a hydrocarbon with the chemical formula C2H2(CO)2O. It is industrially prepared by vapor-phase oxidation of n-butane with a catalyst. Usually, the vanadium-phosphorus oxide is employed as a catalyst in this chemical reaction. Maleic Anhydride is a chemically reactive intermediate with applications in almost every field of applied chemistry. Maleic Anhydride turns into maleic acid when it mixes with water. It is partially soluble in benzene, chloroform, and toluene but readily soluble in ethanol, acetone, and dioxane. Maleic Anhydride is also a critical ingredient in the production of 1:4 butanediol and tetrahydrophthalic anhydrides (curing agents). Maleic Anhydride is employed to manufacture a variety of resins and plastics, epoxy hardening agents, sugar substitutes, paper sizing, flavor stimulants, copolymers, hair care products, and pharmaceuticals.
Maleic Anhydride is a versatile chemical that is used in almost all chemical industries, and its wide range of applications is expected to boost its market growth in the upcoming years. Maleic Anhydride also finds application as a precursor or additive in lubricants, food additives (fumaric acid, succinic acid & malic acid), surfactants (water treatment detergents), agrochemicals (Insecticides and pesticides), pharmaceuticals, paper sizing, hairsprays, petroleum additives, and artificial sweeteners.
The primary driver of the Maleic Anhydride global market prominently the production of Unsaturated Polyester Resin (UPR). UPR is further used in many industrial applications, such as in the manufacturing of high-performance components used in the transportation and marine industry, fiber-reinforced plastics, and filled-plastic products like pipes, tanks, gratings, cladding, drums, and sanitary ware. The automotive industries also utilize them for making parts such as sealing and side panels. In 2023, approximately 60% of global Maleic Anhydride was utilized by the Unsaturated polyester resins sector, and it is anticipated to expand further in the forecast period. The growing Building and Construction sector, along with Automotive, is going to drive the demand for Maleic Anhydride in the forecast period and reach approximately 3505 thousand tonnes by 2032.
Based on demand across the globe, the Asia Pacific is reported to be the biggest consumer of the Maleic Anhydride market. The demand for maleic Anhydride in the APAC region is anticipated to rise owing to its usage for creating bulk molding compounds and fiberglass reinforced plastics. Owing to expanding Food and Beverage, Automotive, and construction sectors in the region coupled with the rapid industrialization, growing population, and a huge consumer base in the region, the demand for the Maleic Anhydride market will most likely expand in the forecast period. Europe and North America stand next in the line as prominent consumers of Maleic Anhydride.
Based on end-uses, the global Maleic Anhydride market is segregated into Unsaturated Polyester Resin, 1,4-butandiol, Fumaric Acid, Lube Oil Additives, and Others. Unsaturated Polyester Resin is dominating the global Maleic Anhydride market. However, 1,4-butandiol is also a prominent consumer of Maleic Anhydride, which is employed as a solvent in various fibers, spandex, elastomers, and films. The demand for Maleic Anhydride by the Lube Oil Additives industry also contributes to the market expansion.
Major players in the production of Global Maleic Anhydride are Qixiang tengda chemical, Huntsman Corporation, BASF, Taiyuan Qiaoyou Chemical Industrial, Shanxi Qiaoyou Chemical Co., Ltd, Sasol-Huntsman GmbH & Co., Lanxess, and Ningbo Jiangning Chemical Co. Ltd.
Years considered for this report:
Historical Period: 2015- 2023
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2032
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Objective of the Study:
• To assess the demand-supply scenario of Maleic Anhydride which covers production, demand and supply of Maleic Anhydride market in the globe.
• To analyse and forecast the market size of Maleic Anhydride
• To classify and forecast Global Maleic Anhydride market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Maleic Anhydride market in the globe.
To extract data for Global Maleic Anhydride market, primary research surveys were conducted with Maleic Anhydride manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Maleic Anhydride market over the coming years.
ChemAnalyst calculated Maleic Anhydride demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Maleic Anhydride. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Maleic Anhydride manufacturers and other stakeholders
• Organizations, forums and alliances related to Maleic Anhydride distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Maleic Anhydride s manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Maleic Anhydride s market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
|
Attribute
|
Details
|
|
Market size Volume in 2023 |
2431 thousand tonnes |
|
Market size Volume by 2032 |
3505 thousand tonnes |
|
Growth Rate |
CAGR of 4.21% from 2024 to 2032 |
|
Base year for estimation |
2024 |
|
Historic Data |
2015 – 2023 |
|
Forecast period |
2025 – 2032 |
|
Quantitative units |
Demand in thousand tonnes and CAGR from 2024 to 2032 |
|
Report coverage |
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process. |
|
Segments covered |
By End-Use: (Unsaturated Polyester Resin, 1,4-butandiol, Fumaric Acid, Lube Oil Additives, and Others)
By Sales Channel: (Direct Sale and Indirect Sale) |
|
Regional scope |
North America, Europe, Asia Pacific, Middle East and Africa, and South America. |
|
Pricing and purchase options |
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Q1.
Which region is leading as a consumer of the global Maleic Anhydride market?
Ans:
Asia Pacific is the largest consumer of the global Maleic Anhydride market.
Q2.
Which end-use industry is dominating the Global Maleic Anhydride market?
Ans:
The Unsaturated Polyester Resin industry is dominating the Maleic Anhydride market with a market share of about 60% in 2023.
Q3.
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