MALEIC ANHYDRIDE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Maleic Anhydride Market Size and Trends

The global maleic anhydride market is estimated to be valued at USD 4.56 Bn in 2024. The market is expected to reach USD 6.68 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.

Key Takeaways of the Maleic Anhydride Market:

• The n-butane segment is projected to represent 55.3% of the global maleic anhydride market share in 2024.
• The unsaturated polyester resins (UPR) segment is expected to account for 35.6% of the global maleic anhydride market share in 2024.
• Asia Pacific is expected to top the market with 53.8% share, followed by North America with 23.5% share in 2024.

Market Overview:

The market growth is primarily driven by the increasing applications of maleic anhydride in several end-use industries such as construction, automotive, and agriculture. This is attributed to the growing demand from end-use industries such as construction and automotive. Additionally, the demand for unsaturated polyester resins from emerging economies is also contributing to the market growth. Market players are investing in capacity expansion to cater to the rising product demand.

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Key Developments:

• In November 2023, Clariant announced its acquisition of Jiangsu Shenghong Petrochemical Co., Ltd., a prominent Chinese petrochemical company known for its advanced production capabilities and strong presence in the chemical industry. As part of this agreement, Clariant's SynDane 3142 LA catalyst will be utilized in the development of a new maleic anhydride (MA) production facility located in Lianyungang, China further enhancing the company's foothold in the market.
• In October 2023, Huntsman resumed maleic anhydride production at its Moers facility in Germany, following an unexpected maintenance shutdown that had temporarily halted operations. The Moers plant is recognized for its notable annual production capacity of 105,000 tons of maleic anhydride.
• In June 2023, PETRONAS Chemicals Group Berhad (PCG), a leading integrated chemicals producer in Southeast Asia known for its diversified portfolio and strong market presence, announced the acquisition of a 113-kilotonne-per-annum (ktpa) maleic anhydride (MAn) plant located in Gebeng, Malaysia. The facility was acquired from BASF PETRONAS Chemicals Sdn. Bhd. (BPC), a joint venture between BASF, a global chemical company renowned for its innovation, and PETRONAS, Malaysia’s national oil and gas corporation. This acquisition strengthens PCG's position in the maleic anhydride market and expands its production capabilities.

Top Strategies Followed by Global Maleic Anhydride Market Players

• Established Players: Leading companies in this market focus extensively on research and development to innovate high-performance products. They invest heavily in R&D to develop novel production techniques and maleic anhydride grades with improved properties.
• • For instance, Huntsman Corporation, a prominent player, has extensively invested in expanding its R&D capabilities over the years. It operates various research centers globally focused on developing sustainable and high-quality solutions for customers.
• Mid-Level Players: Mid-sized companies in the market adopt strategies focused on delivering quality, cost-competitive products targeting price-sensitive consumer segments. They aim to produce standardized as well as customized product grades at competitive prices.
  • For example, Polynt-Reichhold Group produces a wide range of high-quality unsaturated polyester and vinyl ester resins along with other specialty chemicals and composites at economical costs.
• Small-Scale Players: Small players cater to specific niche application areas and customer demands by offering unique product features or technologies. They precisely target specialized sectors like coatings, adhesives, etc. with innovative and customized solutions. Companies like Bartek Ingredients Inc. offer niche services like R&D collaborations and toll manufacturing to create product synergy for customers with specialized needs.

Emerging Startups - Global Maleic Anhydride Industry Ecosystem

• Innovative Technologies: Startups are contributing advanced technologies like smart sensors and AI-based process optimization solutions. For instance, Anthropic develops self-supervised AI safety techniques to enhance industrial processes efficiently and sustainably. Such innovations could enable real-time production monitoring and quality control, influencing market operations positively.
• Sustainable Solutions: Various startups offer eco-friendly alternatives. BioAmber produces bio-based maleic anhydride from renewable feedstocks like canola oil, reducing dependency on petroleum. Another startup, Cixi Bonsen Technology Co, develops greener production methods using environment-friendly catalyst systems. Their debut will boost sustainability and lower the industry's carbon footprint over time.
• Market Contribution: Emerging entities precisely address specific application segments. For example, Nemaura Medical focuses on the medical polymers market, developing biodegradable mal-polymers for implantable drug delivery systems. It fills an unmet need through collaborations with material science leaders.