Maleic Anhydride Market size is anticipated to surpass USD 23 billion by the end of 2035, growing at a CAGR of 10% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of maleic anhydride was USD 12 billion. The demand for Maleic Anhydride is directly linked to the growth of end-user industries such as construction, automotive, and consumer goods. The overall economic growth of regions like Asia-Pacific and the Middle East has a significant impact on the demand for Maleic Anhydride as these regions are key consumers of the chemical.
The cost of raw materials, such as benzene and butane, plays a vital role in determining the overall production cost and thus affects the pricing of Maleic Anhydride. Stringent environmental regulations on chemical production and emissions could impact the market by affecting manufacturing processes or limiting market access. Innovations and improvements in production technologies can influence market dynamics and competitiveness.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 12 Billion |
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Forecast Year Market Size (2035) |
~ USD 23 Billion |
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Regional Scope |
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Type (Molten, Solid)
The solid segment in the maleic anhydride market is estimated to gain the largest revenue share in the year 2035. Solid Maleic Anhydride can be used in different types of reactors and processes, making it a versatile option for chemical manufacturers. Solid Maleic Anhydride is often more cost-effective than molten Maleic Anhydride, contributing to its popularity among end-users.
Solid Maleic Anhydride finds applications in various industries, including unsaturated polyester resin production, additives and copolymers, agricultural chemicals, and lubricant components. According to industry reports and studies, the global unsaturated polyester resin sales was valued at over USD 12 billion in 2020, reflecting the significant demand for solid maleic anhydride in this application.
End User (Construction, Automotive, Chemical)
The automotive segment is expected to garner a significant share in the year 2035. The expansion of the global automotive industry leads to an increased demand for automotive coatings, adhesives, and sealants, all of which may use Maleic Anhydride-derived products. According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production reached approximately 92 million units in 2020, indicating the continued growth of the automotive industry.
Automakers are increasingly focusing on using lightweight materials to improve fuel efficiency and reduce emissions. Maleic Anhydride-derived products, such as unsaturated polyester resins, are used in lightweight composite materials for automotive parts.
Our in-depth analysis of the global market includes the following segments:
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Type |
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End User |
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APAC Market Forecast
The maleic anhydride market in the Asia Pacific region is projected to hold the largest market share of 38% by the end of 2035. The Asia Pacific region is experiencing rapid industrialization and urbanization, leading to increased demand for construction materials, automotive products, and consumer goods, all of which utilize Maleic Anhydride-derived products. According to the Asian Development Bank (ADB), the urban population in Asia is expected to increase from 2.6 billion in 2015 to nearly 3.5 billion by 2030, indicating the pace of urbanization and the potential demand for Maleic Anhydride applications.
North American Market Statistics
The maleic anhydride market in the North America region is projected to hold the second largest share during the forecast period. The North American region has a strong presence of industries such as construction, automotive, and consumer goods, which are major consumers of Maleic Anhydride-derived products. The growth and expansion of these industries drive the demand for Maleic Anhydride. The construction industry in North America has been witnessing steady growth due to infrastructure development projects and increasing demand for commercial and residential buildings. Maleic Anhydride is used in the production of unsaturated polyester resins for various construction materials.
Author Credits: Smruti Ranjan, Rajrani Baghel
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