The global maleic anhydride market size was valued at USD 4.22 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. The growth for the product market is attributed to the increasing demand for unsaturated polyester resins (UPR), which is the prime component used in fiberglass reinforced resins, which is further used in automotive & marine applications and in construction products like sinks, countertops, and tubs.
Unsaturated polymer resins are widely used as body fillers for rapid reconstruction and repair of damaged parts of a vehicle. In addition, they also function as putty for car painting in the automobile industry. The application of UPR gives a smooth surface to the vehicle by removing any traces of damage. Furthermore, it also provides good adhesion to paint, thereby increasing the lifespan of the applied coat. UPR is widely used for bumpers, roofs, doors, and interiors to repair damage caused during accidents. Thus, the growing rate of car accidents on a global level is expected to propel the demand for UPR which in turn will drive the demand for maleic anhydride over the forecast period.
The U.S. is the largest consumer of the product in North America with a revenue share of 82.9% in 2022. This is attributed to the expanding agricultural, automotive, and construction industries in the country. According to the Construction Association, the construction industry in the U.S. contributed around USD 959 billion, accounting for 4.5% of the country’s total GDP with 872,000 construction establishments in 2021. Furthermore, the country constructs structures worth over USD 1.8 trillion each year. These factors are expected to contribute to the growth of the product market in the U.S.
Unsaturated polyester resins (UPR) in application segment dominated the market with a revenue share of 50.1% in 2022.This growth is attributed to the fact that unsaturated polymer resin is one of the most popular thermostat polymers utilized as a matrix in various application industries such as aerospace and construction. Unsaturated polymer resin possesses excellent resistance to abrasion, corrosion, chemicals, and heat; superior structural strength; high impact strength; and excellent compressive strength along with environment-friendly characteristics, which makes it an excellent choice for application in the marine, construction, transport, wind energy, and electrical industries.
1,4-butanediol (BDO) is another application anticipated to witness fastest growth over the forecast period. 1, 4-butanediol (BDO) is manufactured from maleic anhydride by Davy Process Technology (DPT). BDO is further used as an intermediate chemical to produce polybutylene terephthalate (PBT), polytetramethylene ether glycol (PTMEG), tetrahydrofuran (THF), gamma-butyrolactone (GBL), and polyurethane (PU). These chemicals are used in engineering plastics, medicines, fibers, cosmetics, pesticides, artificial leather, hardeners, solvents, plasticizers, and rust removers.
Additives in the application segment is also witnessing growth over the period due to growing automotive industry worldwide. Additives are primarily used to improve the fuel efficiency of gasoline, diesel, distillate fuels, and others; modify burn and combustion rates under high temperatures and reduce harmful emissions. Growing environmental concerns towards toxic gaseous emissions have prompted regulatory agencies across the globe to mandate various norms such as the Clean Fuel Program in the U.S. Such mandates have further prompted oil marketers to blend specialty fuel additives in transportation fuel.
Asia Pacific emerged as the dominating region with a revenue share of 51.7% in 2022. This growth is attributed to the advancing pharmaceuticals, construction, and personal care & cosmetics industries in the region. In the construction and pharmaceutical industries, maleic anhydride is used in the form of unsaturated polymer resin, whereas in the personal care & cosmetics industry, it is used in hair fixative and styling formulas. According to the National Investment Promotion & Facilitation Agency, the personal care & cosmetic market in India is the eighth largest in the world, accounting for USD 15 billion, which is further anticipated to grow at a CAGR of 12% to 16% in the coming years. As per the Hong Kong Trade Development Council, China is the 2nd largest consumer of cosmetics & personal care products, accounting for around 17.3% of the total global consumption. Thus, the growing personal care & cosmetics industry is further anticipated to drive the demand for maleic anhydride over the forecast period.
Middle East & Africa is another region witnessing strong growth over the forecasted period. The growing demand for maleic anhydride in the MEA can be attributed to the growing end-use industries, such as agriculture and construction, in the region. According to the International Monetary Fund, the UAE launched 50 new economic initiatives to boost the country’s economic growth and attract FDI worth USD 150 billion in 2021. Additionally, around 47 construction contracts amounting to USD 3 billion were awarded to both foreign and local companies during the Dubai Expo 2021, thus promoting the growth of the construction industry in the country.
The advancing automotive and construction industries are expected to drive the demand for maleic anhydride in the Europe region as it is majorly used in the production of unsaturated polymer resins, which further finds usage in the automobile, construction, and pharmaceutical industries. According to the International Trade Administration, in 2021 Italy has the 11th largest construction market globally. Moreover, as per the European Construction Industry Federation, the construction industry in Germany witnessed an increase of 3.2% in 2021 with investment in the construction sector reaching USD 411.97 billion. In addition, construction orders in the country witnessed an increase of 9.4% in 2021 compared to the previous year. Thus, the advancing construction industry in the region is aiding the increased demand for maleic anhydride.
The maleic anhydride market is highly competitive with the presence of a large number of independent small-scale and large-scale manufacturers and suppliers. Players are entering into acquisitions and expansion plans to maintain their position in the market. For instance, in July 2020, Polynt Group announced its plans to build a greenfield maleic anhydride production plant in Morris, U.S. with a production capacity of 50,000 tons per annum. This move was taken by the company to meet the rising demand for maleic anhydride. Some of the prominent players in the global maleic anhydride market include:
Cepsa
INEOS
Huntsman International LLC
Lanxess A.G.
Mitsubishi Chemical Corporation
MOL Hungarian Oil & Gas Plc
Nippon Shokubai Co., Ltd.
Polynt Group
Thirumalai Chemicals Ltd.
Jiangyin Shunfei
Tianjin Bohai Chemicals
Report Attribute |
Details |
Market size value in 2023 |
USD 4,386.1 million |
Revenue forecast in 2030 |
USD 5.86 billion |
Growth rate |
CAGR of 4.2% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2018 - 2021 |
Forecast period |
2023 - 2030 |
Report updated |
May 2023 |
Quantitative units |
Revenue in USD million, volume in kilotons, and CAGR from 2023 to 2030 |
Report coverage |
Volume & revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country Scope |
U.S.; Canada; Germany; U.K.; France; Italy; China; India; Japan; South Korea; Brazil |
Key companies profiled |
Cepsa; INEOS; Huntsman International LLC; Lanxess A.G.; Mitsubishi Chemical Corporation; MOL Hungarian Oil & Gas Plc; Nippon Shokubai Co.; Ltd.; Polynt Group; Thirumalai Chemicals Ltd.; Jiangyin Shunfei; Tianjin Bohai Chemicals |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global maleic anhydride market report based on application, and region:
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
Unsaturated Polyester Resins (UPR)
1,4-Butanediol (BDO)
Additives (Lubricants & Oil)
Copolymers
Others
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Asia Pacific
China
India
Japan
South Korea
Central & South America
Brazil
Middle East & Africa
b. Unsaturated polyester resins dominated the maleic anhydride market with a share of 50.1% in 2022. This is attributable its application in various industries including electrical, automotive, marine, and construction on account of their cost-effectiveness, high performance, and eco-friendly characteristics.
b. Some key players operating in the maleic anhydride market include INEOS, Huntsman International LLC, Lanxess A.G., Mitsubishi Chemical Corporation, NIPPON SHOKUBAI CO., LTD., and others
b. Key factors that are driving the market growth include rising demand for unsaturated polyester resins (UPR), which is the prime component used in fiberglass reinforced resins, which is further used in automotive & marine applications and in construction products like sinks, countertops, and tubs.
b. The global maleic anhydride market size was estimated at USD 4.22 billion in 2022 and is expected to reach USD 4.39 billion in 2023.
b. The global maleic anhydride market is expected to grow at a compound annual growth rate of 4.2% from 2023 to 2030 to reach USD 5.86 billion by 2030.
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