Maleic Anhydride Market Forecast: $7.36 Bn by 2029 with 6.6% CAGR

Maleic Anhydride Market Poised to Reach $7.36 Billion by 2029

The global maleic anhydride market is on a robust growth trajectory, with projections indicating a rise from USD 4.70 billion in 2022 to USD 7.36 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period. This surge is primarily driven by the escalating demand for unsaturated polyester resins (UPR), which are extensively utilized in the automotive, construction, and marine sectors.

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Competitive Landscape

The maleic anhydride market is characterized by the presence of several key players who are actively contributing to its growth through technological advancements and strategic initiatives. Notable companies in the sector include Huntsman Corporation, Lanxess AG, Ashland Global Holdings Inc., Flint Hills Resources, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd., Polynt-Reichhold Group, Zibo Qixiang Tengda Chemical Co., Ltd., Bartek Ingredients Inc., and Yongsan Chemicals, Inc. These companies are focusing on expanding their product portfolios and enhancing their global presence to meet the rising demand for maleic anhydride.

Regional Insights and Developments

United States: Growth in Maleic Anhydride Market

The United States has witnessed significant growth in the maleic anhydride market, driven by increasing applications in the automotive and construction industries. The demand for lightweight and durable materials has led to a surge in the use of unsaturated polyester resins (UPR), where maleic anhydride is a key component. Companies such as Huntsman Corporation and Ashland Global Holdings Inc. have been at the forefront, investing in research and development to innovate and meet the evolving market needs.

Asia Pacific: Opportunities in Maleic Anhydride Market

The Asia Pacific region is expected to be the largest market for maleic anhydride, attributed to rapid industrialization, construction activities, and an increase in demand for automobiles. Countries like China and India are leading this growth, with significant investments in infrastructure and manufacturing sectors. The region's robust consumer base has led to a surge in demand for maleic anhydride, with companies like Mitsubishi Chemical Corporation expanding their operations to cater to this growing market.

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Middle East and Africa: Trends in Maleic Anhydride Market

The Middle East and Africa (MEA) region are witnessing a growing interest in maleic anhydride applications, driven by the need for sustainable and efficient materials in construction and automotive sectors. The demand for maleic anhydride is growing and is expected to register higher growth in the Middle East & Africa than in other regions.Companies in the region are exploring opportunities to integrate advanced technologies and expand their product offerings to meet the rising demand.

Europe: Consolidation in the Maleic Anhydride Market

Europe is projected to be a significant regional market over the forecast period, with favorable government initiatives associated with reducing energy consumption anticipated to boost product demand. The recovering construction sector is also projected to contribute to market growth in the near future. Companies such as Lanxess AG and Polynt-Reichhold Group are actively engaging in mergers and acquisitions to strengthen their market position and expand their product portfolios.

Recent Developments

In November 2024, Flint Hills Resources announced the expansion of its maleic anhydride production capacity in the United States, aiming to meet the growing demand from the automotive and construction sectors.

In January 2025, Nippon Shokubai Co., Ltd. entered into a strategic partnership with Yongsan Chemicals, Inc. to develop innovative applications of maleic anhydride in the Asia Pacific region, focusing on sustainable and eco-friendly solutions.

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Market Segmentation: In-Depth Analysis:
by Raw Material

N-Butane
Benzene

The N-butane segment is anticipated to maintain its dominance during the projected period and contribute a significant revenue share to the global market based on raw materials. Maleic anhydride, ethylene, synthetic rubber, acetic acid, and its byproducts are all made using N-butane as a chemical intermediary. N-butane is a straightforward asphyxiant that has the potential to explode and catch fire.

by Application

UPR (unsaturated polyester resin)
1,4-BDO (Butanediol)
Additives
Copolymers
Others

The segment with the largest revenue share in the global market, according to application, is Unsaturated Polyester Resin. Depending on the choice of diacids, diols, cross-linking agents, initiators, and other additives, these resins are combined with a variety of fillers and reinforcements and cured using free radical initiators to produce thermoset objects with a wide range of chemical and mechanical properties.

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Learn about the top players driving innovation in the Market :

1.Ashland Inc.
2.Bartek Ingredients Inc.
3.Bluestar Harbin Petrochemical Corp.
4.Huntsman Corporation
5.Lanxess
6.Marathon Petroleum Corp.
7.Fuso Chemical Co.
8.Mitsubishi Chemical Corporation
9.Nan Ya Plastics Co.
10.Changzhou Yabang Chemical Co. Ltd
11.Helm AG
12.Polynt Group
13.Ningbo Jiangning Chemical
14.Nippon Shokubai Co. Ltd
15.Thirumalai Chemicals Ltd.

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