Maleic Anhydride Market

Market Synopsis:

The Global Maleic Anhydride Market was valued USD 2.08 Billion in 2022 and is anticipated to reach a value of USD 2.81 Billion by 2030. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 3.80% over the forecast period.

Maleic Anhydride is a white, colorless organic chemical generated when benzene or butane is oxidized in the presence of a vanadium oxide catalyst. It is widely utilized in the manufacture of unsaturated polyester resins (UPR). UPR is also used to make fiberglass reinforced polymers. It is used as a food preservative, flavor enhancer, and artificial sweetener after being converted to maleic or fumaric acid. It also has a minor role in pharmaceutics, agricultural products, and surfactants. Growing car accidents around the world are driving up demand for unsaturated polyester resin, which may be used to fix dents.

The rise in the automotive sector in developing and advanced countries, as well as the rise in the construction and wind energy industries, are projected to drive the expansion of the Maleic Anhydride Market. The increase in demand for hybrid vehicles, expanding battery price parity, and escalating governmental restrictions are expected to stifle the growth of the Maleic Anhydride Market over the forecast period. The rising demand for UPR and 1, 4- BDO, as well as the expansion of end-use industries in developing nations, are expected to drive the growth of the Maleic Anhydride Market. The commercialization of bio-based Maleic Anhydride, as well as changes in income streams due to megatrends in end-use sectors, will create further opportunities for the Maleic Anhydride Market to grow in the near future.

Market Segmentation:

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The Maleic Anhydride Market is segmented on the basis of Raw Material, Application, and Region. The market is further segmented into n-Butane and Benzene based on the segment Raw Material. Furthermore, the market is further segmented into UPR, 1- 4- BDO, Lubricating Oil Additives, Copolymers, and Other Applications on the basis of the Application segment.

Based on Raw Material

On the basis of raw material, the market is segmented as n-butane and Benzene. The n-butane segment dominates the Maleic Anhydride Market. The low-cost process with increased productivity, the minimal risk involved, and the less complex production process are the drivers driving the n-Butane- based Maleic Anhydride Market. It is also less damaging to the environment, making it preferable to benzene. The building and transportation industries are likely to stimulate demand for n-Butane- based Maleic Anhydride.

Based on Application

The UPR segment holds the largest share in the Maleic Anhydride Market. Maleic Anhydride is the basic ingredient used in the production of unsaturated polyester resins. These resins are mixed with various fillers and reinforcements before being cured using free radical initiators to produce thermoset objects with a wide range of chemical and mechanical qualities depending on the substance and other additives used. The major market for the reinforced polyester resin is construction and sanitary ware (composite materials). When cross-linked with a vinyl reactive monomer, most often styrene, UPR forms exceptionally durable structures and coatings. The rising demand for pipelines and tanks for chemical storage is a major driver driving up demand for UPR, fuelling the Maleic Anhydride Market in this segment.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. This expansion is ascribed to expanding domestic industries, rising end-use demand, and increased use of Maleic Anhydride in various applications such as agricultural chemicals and pharmaceuticals. One of the key factors driving Maleic Anhydride uses in the region is the growing building industry. The region's construction and plasticizer industries are likely to drive the majority of demand. Increasing construction spending in China, India, and Indonesia is likely to enhance product demand in the Asia Pacific (APAC) region further. The Indian and Chinese governments' favorable government measures are likely to promote the region's growth.