Maleic Anhydride Market Growth, Global Report, Share & Forecast 2032

The globalmaleic anhydride markethas shown significant growth in recent years and continues to expand steadily due to rising demand across multiple industries. In 2024, the global maleic anhydride market was valued at USD 3.24 billion. It is expected to grow to USD 3.36 billion in 2025 and reach USD 4.59 billion by 2032, registering a CAGR of 4.6% during the forecast period from 2025 to 2032. Asia Pacific led the market in 2024, holding a dominant share of 68.21%.

Maleic anhydride, an organic compound, plays a crucial role in the production of unsaturated polyester resins (UPR), 1,4-butanediol (BDO), lubricants, plasticizers, coatings, and a range of other products. It is primarily manufactured by the oxidation of n-butane or benzene, though n-butane-based production has become increasingly preferred due to its cost-effectiveness and lower environmental impact.

Market Drivers

One of the primary drivers of maleic anhydride demand is its widespread application inunsaturated polyester resins (UPR). These resins are extensively used in construction, marine, transportation, and electrical industries due to their superior properties such as corrosion resistance, lightweight nature, and durability. The rising demand for composite materials in the automotive and aerospace sectorsespecially for lightweight and fuel-efficient vehicle components further fuels the UPR segment.

Another significant driver is the increasing use of1,4-butanediol (BDO), which is a critical intermediate in the production of plastics, elastic fibers, and solvents. As demand for biodegradable plastics, engineering polymers, and spandex fibers grows, so does the requirement for BDO and, consequently, maleic anhydride.

Furthermore, rising infrastructure development and urbanization across emerging economies are contributing to greater demand for construction materials, thereby pushing the consumption of maleic anhydride derivatives. This trend is particularly strong in countries such as China, India, Brazil, and Southeast Asian nations.

Regional Insights

• Asia Pacificdominates the global maleic anhydride market, accounting for nearly 6869% of the total share in 2024. The regions leadership can be attributed to rapid industrialization, a booming construction industry, and high automotive production, particularly in China and India. The availability of low-cost raw materials and labor, coupled with favorable government initiatives for manufacturing, makes Asia Pacific the most lucrative region for market players.
• North AmericaandEuropeare mature markets with stable growth. While demand in these regions is moderate, strict environmental regulations are driving innovation in sustainable and bio-based production processes. The North American market also benefits from technological advancements and a growing inclination toward lightweight and energy-efficient automotive components.
• Latin Americaand theMiddle East & Africaregions represent emerging markets. Growth in these areas is driven by increasing industrial activity, infrastructure expansion, and agricultural development, all of which indirectly influence demand for maleic anhydride-based products like coatings, adhesives, and resins.

Feedstock Trends

The two primary raw materials used in maleic anhydride production aren-butaneandbenzene. Over recent years, n-butane has emerged as the preferred feedstock due to its cost-efficiency, cleaner production process, and reduced environmental impact. Benzene-based production, on the other hand, has seen a decline due to high costs and rising health and environmental concerns associated with benzene handling and emissions.

The shift toward n-butane is also helping manufacturers reduce operational costs and meet stringent regulatory requirements related to emissions and occupational safety.

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Technological Advancements and Sustainability

Innovation is at the forefront of maleic anhydride production. Companies are increasingly investing in technologies that improve process efficiency, minimize waste, and lower energy consumption. The development of catalytic oxidation methods, advanced reactors, and continuous production systems is helping companies maintain competitiveness and sustainability.

There is also growing interest inbio-based maleic anhydride, which is derived from renewable sources through fermentation or biomass processing. This trend aligns with global sustainability goals and offers manufacturers an opportunity to address the demand for environmentally friendly and sustainable chemicals. Although still in the early stages of commercial development, bio-based alternatives are expected to gain traction over the coming years.

Challenges and Restraints

Despite positive growth prospects, the maleic anhydride market faces several challenges.Fluctuating raw material pricesespecially for n-butane and benzenecan significantly impact production costs and profit margins. Additionally,regulatory challengesassociated with the handling and transportation of maleic anhydride, which is a known irritant, require companies to adopt stringent safety measures, increasing operational complexity and costs.

Environmental concerns and pressure to reduce emissions also pose hurdles, especially for companies relying on traditional benzene-based manufacturing routes. Transitioning to cleaner, more sustainable production methods involves considerable capital investment and technological adaptation.

Key Market Players and Competitive Landscape

The global maleic anhydride market is highly competitive, with several major players actively investing in capacity expansion, strategic partnerships, and innovation. Leading companies in the sector focus on strengthening their global supply networks, enhancing product quality, and developing environmentally sustainable processes. The presence of both global and regional players ensures a dynamic and competitive market environment.

Chinese manufacturers play a significant role in global supply due to their large-scale production capabilities and cost advantages. However, companies worldwide are increasingly focusing on diversifying supply sources and enhancing local production to reduce dependency and ensure supply chain stability.

List of key maleic anhydride companies profiled

• Huntsman corporation (u.s.)
• Lanxess ag (germany)
• Nippon shokubai co., ltd. (japan)
• Mitsubishi chemical corporation (japan)
• Polynt-reichhold group (italy)
• Changzhou yabang chemical co., ltd. (china)
• Zibo qixiang tengda chemical (china)
• Ashland (u.s.)
• Basf se (germany)
• I G petrochemicals ltd. (india)

Key industry developments

• August 2024: BASF entered into a Memorandum of Understanding (MoU) with UPC Technology Corporation (UPC). This collaboration centers on developing plasticizer alcohols and catalysts for phthalic anhydride and maleic anhydride.
• November 2023: Jiangsu Shenghong Petrochemical Co., Ltd (Shenghong Petrochemical) acquired Clariants SynDane catalyst for its upcoming facility that will manufacture maleic anhydride for biodegradable plastics. The new plant, which is expected to begin operations in 2025, will have an annual production capacity of 200,000 tons, making it one of the largest maleic anhydride production plants globally.

The global maleic anhydride market is on a stable growth path, driven by strong demand across end-use industries and advancements in production technologies. The shift toward eco-friendly processes, coupled with increased usage in sustainable applications, is expected to further support market expansion. While challenges related to raw material volatility and regulatory compliance persist, strategic investments and innovations are positioning the market for long-term growth.