Rising Construction Activities to Drive the Maleic Anhydride Market Growth

Introduction

Maleic anhydride is a colorless organic chemical compound, which is produced on a large scale in the industries mainly for the application of polymers and coatings. The demand for the product is increasing at a fast pace across the globe. As per the Statista, the global production capacity of maleic anhydride was around 3.2 million metric tons in 2018. In the same year, the global export of maleic anhydride was valued more the USD 409 million, which was USD 340 million in 2017. In 2018, the world’s top exporter for maleic anhydride was the U.S., China, South Korea, Malaysia, and Italy, contributing about 60% to the global exports.

Unsaturated Polyester Resins Dominating Application Segment

The unsaturated polyester resins (UPR) segment dominates the maleic anhydride market on account of its rising demand from the emerging countries such as India, South Korea, and China. Apart from this, increasing application of resins in various industries for its high-strength fiber-based properties bolsters the segment growth. Increasing demand for maleic anhydride in the construction of residential, commercial, and non-residential buildings in countries such as South Africa, Brazil, and Saudi Arabia drives the segment growth.

Competitive Players

1. Huntsman Corporation (US)
2. Changzhou Yabang Chemical Co., Ltd. (China)
3. Shanxi Qiaoyou Chemical Co., Ltd. (China)
4. Polynt-Reichhold Group (Italy)
5. Zibo Qixiang Tengda Chemical Co., Ltd. (China)
6. Mitsubishi Chemical Corporation (Japan)
7. Nippon Shokubai Co., Ltd. (Japan)
8. LANXESS AG (Germany)
9. Gulf Advanced Chemical Industries Co., Ltd. (Saudi Arabia)
10. Ningbo Jiangning Chemical Co., Ltd. (China)
11. China Bluestar Harbin Petrochemical Co, Ltd. (China)
12. Nan Ya Plastics (Taiwan) 
13. Shijiazhuang Bailong Chemical Co., Ltd. (China)
14. Yongsan Chemical Co., Ltd. (South Korea)
15. IG Petrochemicals Ltd. (India)

Recent Developments

• April 2024- A major player in the market for maleic anhydride, Huntsman Corporation, recently made an announcement regarding a strategic partnership with a leading chemical company. The purpose of this partnership is to improve the company's production capabilities and to expand its market presence. As a result of this new development, Huntsman Corporation intends to strengthen its position in the global market and meet the growing demand for maleic anhydride.
• May 2024- A new environmentally friendly production method for maleic anhydride was introduced by LANXESS AG, another significant player in the market for maleic anhydride. The process's primary goals are to lessen the negative impact on the environment and to encourage sustainable practices. LANXESS AG is now in a position to be a leader in environmentally conscious manufacturing processes as a result of this innovation, which is in line with the growing trend in the chemical industry toward environmentally friendly technologies and sustainable practices.

Segmentation

1. By Raw Material
   1. Benzene
   2. N-Butane
2. By Application
   1. 1,4-butanediol
   2. Co-polymers
   3. Others
   4. Additives
   5. Unsaturated polyester resins
3. By End-User
   1. Automotive
   2. Food & Beverage
   3. Others
   4. Pharmaceutical
   5. TextileConstruction