Maleic Anhydride Market Size

Market Outlook:

Maleic Anhydride Market size surpassed USD 4.01 Billion in 2022 and is poised to reach USD 6.45 Billion, growing at over 4.9% CAGR between 2023 and 2030. The market is primarily driven by increasing demand for unsaturated polyester resins, which have extensive applications in various end-use industries such as automotive, construction, and aerospace. Maleic anhydride is widely used for the production of unsaturated polyester resins, which are used as coatings, adhesives, and in the manufacture of pipes and tanks. The market is also being fueled by the rising demand for maleic anhydride in the production of alkyd resins, which find applications in the paint and coatings industry.

• Base Year Value (2022): USD 4.01 Billion
• CAGR (2023-2030): 4.9%
• Forecast Year Value (2030): USD 6.45 Billion
• Historical Data Period: 2018-2021
• Largest Region: North America
• Forecast Period: 2023-2030

Market Dynamics:

1. Growth Drivers:

- Increasing demand for unsaturated polyester resins: The growing construction and automotive sectors are driving the demand for unsaturated polyester resins, which in turn is boosting the maleic anhydride market. These resins possess excellent mechanical properties and are extensively used in the production of fiberglass-reinforced plastic (FRP) composites for various applications such as automotive parts, storage tanks, and construction components.

- Rising demand for alkyd resins: Alkyd resins, derived from maleic anhydride, find widespread usage in the paints and coatings industry. The rising construction activities and growing infrastructure development are driving the demand for paints and coatings, thereby fueling the demand for maleic anhydride. Alkyd resins offer excellent resistance to weathering, chemicals, and corrosion, making them suitable for various applications such as furniture coatings, metal coatings, and decorative paints.

 

2. Industry Restraints and Challenges:

- Volatility in raw material prices: The maleic anhydride market is highly influenced by the prices and availability of raw materials such as butane and benzene. Fluctuating prices of these feedstocks pose challenges for market players in terms of cost management and profitability. Additionally, the limited availability of feedstock may also impact the production capacity and overall market growth.

Report Scope

Report Coverage	Details
Segments Covered	Application, region
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company 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

- Environmental concerns: The production of maleic anhydride involves the use of catalysts and energy-intensive processes, which may result in the emission of greenhouse gases and other pollutants. Environmental regulations and sustainability concerns are expected to increase, and compliance with stringent regulations may pose challenges for market players. Thus, companies are increasingly focusing on adopting cleaner and greener production methods to mitigate environmental impact and ensure long-term sustainability.

Despite the challenges, the maleic anhydride market is expected to grow steadily, driven by the increasing demand for unsaturated polyester resins and alkyd resins. Market players are striving to develop innovative products and technologies to cater to the evolving needs of end-use industries. The expansion of manufacturing capacities and strategic collaborations are also anticipated to contribute to the growth of the maleic anhydride market.

Regional Forecast:

1. North America:

The North American region holds a significant share in the Maleic Anhydride market. Factors such as the growing automotive industry and increasing construction activities drive the demand for Maleic Anhydride. The region is witnessing an upsurge in infrastructure development projects, leading to a rise in demand for construction materials and coatings.

2. Asia Pacific:

Asia Pacific is a prominent market for Maleic Anhydride, mainly due to its flourishing construction industry and rapid industrialization. Countries like China, India, and Japan are witnessing substantial growth in automotive and construction sectors, driving the demand for Maleic Anhydride. Additionally, increasing government initiatives for infrastructure development further stimulate market growth in this region.

3. Europe:

Europe also holds a considerable market share in the Maleic Anhydride industry. The region's well-established automotive and construction sectors drive the demand for high-quality coatings, adhesives, and resins, thereby fueling the market growth. Moreover, the stringent environmental regulations in Europe, promoting the use of environmentally-friendly products, contribute to the demand for Maleic Anhydride.

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