Maleic Anhydride Market Trends

Growth Drivers

• Rising demand for unsaturated polyester resins (UPR): Maleic anhydride is an important precursor for UPR, with the largest use sector being automotive, marine, and construction. The continuing trend towards the use of lightweight composite materials, especially in electric vehicles (EVs), is driving demand for UPR. As a result, maleic anhydride usage is predicted to dramatically rise in the next few years.
   
• Growth in automotive and construction industries: The increase in global automotive production and construction activity is causing growth in the use of maleic anhydride-based products such as coatings, adhesives, and sealants. For instance, US spending on construction was approximately USD 1.99 trillion in 2023 - a 7.8% increase from the previous year. 

1. Vitality of Expanding Operational and Manufacturing Capacities

The growth of maleic anhydride (MA) will require increasing operating and manufacturing capacity. The projected demand in 2030 is USD 5,863.1 million at a CAGR of 4.2% - the application opportunities as an input for 1,4-butanediol, unsaturated polyester resins, and others are contributing to the growth. China estimates that butane-based MA plants are running at 50–60% capacity.  Organizations are exploring alternative sustainable technologies and process improvements to remain competitive in the current environment. The top producer companies' data are listed below:

Top Maleic Anhydride Producers by Capacity and Footprint

Maleic Anhydride Production Data Analysis (2019–2024)

2. Emerging Trade Dynamics and Future Market Prospects

The maleic anhydride market is projected to grow at a CAGR of 4.3% from 2024 to 2030, due to demand in the construction, automotive, and pharmaceutical industries. In 2023, Asia-Pacific held the largest revenue share with 52.2%, due to ongoing infrastructure development in China, India, and Japan. India was the top importer of maleic anhydride in 2022, with a total net import expenditure of approximately $128 million. The U.S. exported maleic anhydride worth $62.7 million in 2023, mainly to Mexico and Germany. The COVID-19 pandemic caused widespread disruption of supply chains, but global trade levels rebounded by the year 2022, with the Asia-Pacific region being the largest maleic anhydride market. Trade data has been mentioned below:

Global Maleic Anhydride Trade Overview

U.S. Maleic Anhydride Trade Data

Exports (2023):

Imports (2022):

European Union Maleic Anhydride Imports (2022)

India Maleic Anhydride Imports (2023)

3. Maleic Anhydride Market in Japan – Strategic Trends and Growth Insights

The maleic anhydride industry in Japan is growing in response to industrial modernization, environmental regulations, and demand for high-performance materials. The expansion in the automotive and electronics sectors, with a preference for lightweight and durable solutions, is driving the market. Japanese chemical producers increase R&D and invest in alternative bio-based and digital production technologies in line with global priorities surrounding sustainability. In terms of revenue, Japan's leading producers maintain their profit margins and capital productivity consistently higher than the global averages of 15% and 56%, respectively. Japan remains in a strong position in the global maleic anhydride industry. Composition data has been mentioned below:

Composition of Maleic Anhydride-Based Products Shipped (2018–2023)

Value of Maleic Anhydride Shipments by Manufacturing Industry (2018–2023)

R&D Expenses and Capital Investment Trends (¥ Billion)

Top Chemical Companies for Maleic Anhydride: Financial Performance (2023)

      Challenges

•  Infrastructure and logistical constraints: MA requires temperature-controlled storage (not exceeding 50°C) to prevent polymerization during transportation. Therefore, all MA shipments must consider temperature control, which will affect transport options and prices. For instance, the Suez Canal obstruction event of 2021 triggered a delayed shipment of their MA products. The impacts were then passed onto the European Markets, with price increases on anhydride derivatives of between 12% and 15%, particularly due to emergency freight costs. Transport would additionally be impacted by the bulk carriers, where rates have doubled from Q4 2023 to Q1 2024.
   
• Transition to bio-based alternatives: The rise of bio-based MA is directly linked to increased pressure for sustainable production methods that capitalize on renewable resources. Bio-based MA will have visible benefits to the environment, but it has certain barriers to commercialization that mostly deal with higher production costs and limited applications. In evaluating their market opportunities, producers continue to evaluate the demand for sustainable products in balance with their economics.