Maleic Anhydride Market | Key players operating in the market include Huntsman Corp, Changzhou Yabang Chemical, Shanxi Qiaoyou Chemical, Polynt-Reichhold Group, Zibo Qixiang Tengda Chemical

According to recent market research "Maleic Anhydride Market by Raw Material (n-butane and Benzene), Application (Unsaturated Polyester Resin (UPR), 1,4-butanediol (1,4-BDO), Lubricating Oil Additives, and Copolymers)), and Region - Global Forecast to 2026", The maleic anhydride market is projected to reach USD 3.4 billion by 2026, at a CAGR of 4.2% from USD 2.8 billion in 2021. Maleic anhydride is an organic compound produced by the vapor-phase oxidation of n-butane or benzene. It is a colorless solid with an acrid odor. Maleic anhydride acts as a chemical intermediate. It is used to manufacture various end-use products, such as Unsaturated Polyester Resins (UPR), 1,4-BDO, lubricating oil additives, and copolymers. Maleic anhydride can be derived from the raw materials such as n-butane and benzene. UPR is the largest application segment of the maleic anhydride market. Asia Pacific was the largest market for maleic anhydride in 2020, in terms of value. The growth of the market in Asia Pacific is primarily propelled by the growing building & construction and automotive industries. The growth of end-use industries, rapid industrialization, availability of feedstock, and improved living standards of people in Asia Pacific are among the factors driving the maleic anhydride market.

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The n-butane-based maleic anhydride accounted for the larger share, in terms of both volume and value, in 2020. This dominance is expected to continue during the forecast period, owing to its high demand from the growing building & construction and automotive industries. The n-butane segment is projected to witness higher growth, in terms of both volume and value, during the forecast period, owing to stringent policies and regulations on the use of benzene for maleic anhydride production.

The use of benzene to produce maleic anhydride has decreased considerably due to US EPA - 54 FR 38044 standards, which include national emission standards for hazardous air pollutants, benzene emissions from maleic anhydride plants, and other reasons, such as high production cost, complex operation, and costly process control, due to which, the n-butane-based maleic anhydride is being used by industries on a large scale.

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The maleic anhydride market size is estimated to be USD 2.8 billion in 2021 and is expected to reach USD 3.4 billion by 2026, at a CAGR of 4.2% during the forecast period. Factors such as increasing demand for UPR in the automotive industry, high growth in the construction and wind energy industries, and growing demand of 1,4-BDO in various end-use industries are major driving factors. Commercialization of bio-based maleic anhydride is the major growth opportunity for the market. However, growth in demand for hybrid vehicles, rising battery price parity, and increase in governmental regulations are the major restraining factors in this market. Fluctuation in crude oil prices still remains a challenge for the maleic anhydride market.

The key market players profiled in the report include Huntsman Corporation (US), Changzhou Yabang Chemical Co., Ltd. (China), Shanxi Qiaoyou Chemical Co., Ltd. (China), Polynt-Reichhold Group (Italy), Zibo Qixiang Tengda Chemical Co., Ltd. (China), Mitsubishi Chemical Corporation (Japan), Nippon Shokubai Co., Ltd.(Japan), LANXESS AG( Germany), Gulf Advanced Chemical Industries Co., Ltd. (Saudi Arabia), Ningbo Jiangning Chemical Co., Ltd. (China), China Bluestar Harbin Petrochemical Co, Ltd.(China), Nan Ya Plastics (Taiwan), Shijiazhuang Bailong chemical Co., Ltd.( China), Yongsan Chemical Co., Ltd.( South Korea), IG Petrochemicals Ltd.( India), MOL Plc( Hungary), PT Justus Sakti Raya (Indonesia ), Global Ispat Koksna Industrija d.o.o. Lukavac (Bosnia & Herzegovina), Tianjin Bohai Chemical industry group Co., Ltd.( China), Cepsa (Spain), Ruse Chemicals (Bulgaria), Yunnan Yunwei Company Limited (China), Shanxi Taiming Chemical Industry Co., Ltd.( China), Huanghua Hongcheng Business Corp., Ltd. (China), and Aekyung Petrochemical Co., Ltd. (South Korea).

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Huntsman Corporation was the largest player in the maleic anhydride market in 2020. It is a global manufacturer and supplier of various organic and inorganic chemical products. It develops and manufactures a diverse range of products, including high-value chemicals, liquid fuels, and low-carbon electricity. Huntsman, through its offerings, serves various industries, including automotive, plastics, chemical, paints & coatings, textile, construction, healthcare, and agriculture. The company operates its business through four segments: polyurethanes, performance products, advanced materials, and textile effects. It offers maleic anhydride through the performance products segment. It operates through its manufacturing, R&D, and administrative facilities in more than 30 countries worldwide. Huntsman has a geographic presence in North America, Europe, and Asia Pacific.

Polynt-Reichhold Group was another major player in the maleic anhydride market in 2020. It engages in the R&D, production, marketing, and sale of organic intermediates such as anhydrides (maleic, phthalic, trimellitic) and their derivatives, including plasticizers, dibasic acids such as fumaric and maleic, UPR, compounds & composites, and special esters. Polynt-Reichhold Group also engages in technology development used internally for production or licensed to the third party. The company has production and commercial sites in countries including Italy, China, Hong Kong, Poland, Germany, the UK, France, and Spain. The maleic anhydride production plant of the company is located at Ravenna (Italy) and Bergamo (Italy) and has a capacity of 66,000 and 36,000 tons per annum, respectively.

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