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Maleic Anhydride Market Trends, Top Companies, Share, Growth And Forecast 2033
Maleic Anhydride Market Trends
According to The Business Research Company's, The maleic anhydride market size has grown strongly in recent years. It will grow from $3.5 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to chemical manufacturing growth, polymer production, construction and infrastructure, automotive industry, furniture and appliances.
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Market Drivers and Trends:
The increasing construction industry is expected to propel the growth of the maleic anhydride market going forward. The construction industry encompasses a wide range of activities related to the planning, design, development, and construction of buildings, infrastructure, and various other physical structures. Maleic anhydride in construction materials helps enhance the performance and durability of various components and provides chemical resistance, corrosion resistance, easy maintenance, and thermal insulation while also offering design flexibility. For instance, in September 2021, according to Oxford Economics, a UK-based economic information services company, the global construction output by 2030 is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increasing construction industry is driving the growth of the maleic anhydride market.
Major companies operating in the maleic anhydride market are having investments to drive revenues in their market. For instance, in November 2021, the Indian Oil Corporation (IOC) announced that it would invest Rs 3,681 crore (49.72 million) to establish India's first mega-scale Maleic Anhydride Plant, which would produce value-added chemical goods. After stage 1 investment approval, the project will be put into service in 54 months. Maleic anhydride (MAH), which is needed to produce specialty goods such polyester resins and surface coatings, plasticizers, agrochemicals, and lubricant additives, is expected to be produced at a capacity of 120,000 tons annually by the planned project.
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Major Key Players of the Market:
Huntsman Corporation; Lanxess AG; Mitsubishi Chemical Corporation; HELM AG; Ningbo Jiangning Chemical Co. Ltd.; Nippon Shokubai Co. Ltd.; Ashland Global Holdings Inc.; Changzhou Shuguang Chemical Co. Ltd.; Bartek Ingredients Inc.; BASF SE; Cepsa Química S.L.U.; Polynt S.p.A.; Sasol Limited; Flint Hills Resources LP; Zibo Qixing Tengda Chemical Co. Ltd.; Yongsan Chemicals Inc.; Tianjin Bohai Chemicals; Thirumalai Chemicals Limited; Gulf Advanced Chemical Industries Co. Ltd.; MOL Group; Yunnan Yunwei Company Limited; Jiangyin Shunfei Fine Chemical Co. Ltd.; Jiangsu Zhongteng Chemical Co. Ltd.; Fuso Chemical Co. Ltd.; Mitsui Chemicals Inc.; Shandong Hongxin Chemical Co. Ltd.; Baotie Hebei Chemical Industry Co. Ltd.; Aekyung Petrochemical Co. Ltd.; DSM NV; Merck & Co. Inc.; Bluestar Harbin Petrochemical Corporation; INEOS; NAN YA PLASTICS CORPORATION; China National Chemical Corporation; Hexion Inc.; Lonza Group AG; Zibo Qixiang Tengda Chemical Co. Ltd.; Zhejiang Weishi Biotechnology Co. Ltd.; Zouping Qili Additives Co. Ltd.
Maleic Anhydride Market 2024 Key Insights:
• The maleic anhydride market size is expected to grow to $4.93 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Elevated Demand In The Construction Sector Fuels Growth In The Maleic Anhydride Market
• Elevated R&D Investments And Innovative Applications Drive Growth In The Maleic Anhydride Market
• Asia-Pacific was the largest region in the maleic anhydride market share in 2023 and is also expected to be the fastest-growing region in the forecast period.
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