Maleic Anhydride Market: By Raw Material (Benzene, Butane), By Application (Unsaturated Polyester Resins (UPR), 1,4 BDO, Copolymers, Lubricating Oil Additives, Alkenyl Succinic Anhydrides, Malic Acid, Fumaric Acid, Agricultural Chemicals, and Others), By End-user Industry (Construction, Automobile, Food and Beverage, Oil Products, Electronics, Personal Care, Pharmaceuticals, and Agriculture), and Geography

Maleic Anhydride Market size was valued at USD 4,174.9 million in 2023 and is anticipated to grow at a CAGR of 4.6% over 2024-2030. The maleic anhydride market refers to the sector of the chemical industry focused on the production, distribution, and consumption of maleic anhydride, a compound with significant industrial applications. Maleic anhydride is an organic compound derived from butane, and it appears as a white crystalline solid with a pungent odor. It serves as a key intermediate in the synthesis of various products, including resins, coatings, polymers, and pharmaceuticals. The maleic anhydride market is primarily driven by the growing demand for unsaturated polyester resins. Maleic anhydride-derived unsaturated polyester resins find extensive use across sectors like construction, automotive, and marine due to their remarkable strength, durability, and ability to resist corrosion.

The growing requirement for these specific applications directly propels the need for maleic anhydride. Moreover, the construction industry's growth, especially in emerging economies, fuels the demand for materials like unsaturated polyester resins, which require maleic anhydride for their production. Infrastructure development, urbanization, and the need for corrosion-resistant materials further boost market growth. However, rising concerns related to the environmental and health can pose challenges to the growth of the maleic anhydride market. Meanwhile, there is a growing trend towards the development of bio-based production methods for maleic anhydride, utilizing renewable feedstocks, that aligns with sustainability goals and can open new avenues for the expansion of maleic anhydride market. Major manufacturers are embracing a range of strategies to create innovative and highly efficient solutions. They are also unveiling collaborations and acquisitions to meet the diverse demands of end-use industries, which play a pivotal role in propelling the continued expansion of the maleic anhydride market. For instances, in July 2022, Wanhua Chemical has purchased Clariant’s SynDane catalyst for its upcoming world-scale 200 KTA maleic anhydride plant and EnviCat N2O-S for nitrous oxide abatement.

Maleic Anhydride Market Key Developments:

• In November 2021, IndianOil Board announced the setting up of India’s first mega-scale Maleic Anhydride Plant to manufacture value-added chemical products at its Panipat Refinery and Petroleum Complex (PRPC).
• In July 2021, Thirumalai's US subsidiary announced to launch a plant to manufacture maleic anhydride and food ingredients at North America and Western Europe markets.